Asset Coverage Test Date definition

Asset Coverage Test Date means (a) each date on which a Material Acquisition or Material Disposition is consummated (after giving effect to such Material Acquisition or Material Disposition on such date) and (b) (i) prior to the First Priority Obligations Payment Date (A) each Redetermination Date, (B) each Mandatory Asset Coverage Test Date and (C) such other date during each calendar year, if any, as selected by the Administrative Agent at the request of any Lender and notified to the Borrower at least 30 days in advance, provided that the Administrative Agent shall select no more than one additional testing date during any calendar year and (ii) from and after the First Priority Obligations Payment Date, each May 1 and November 1 of each year, commencing with the first such date following the First Priority Obligations Payment Date.
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Asset Coverage Test Date means (1) the date of each Borrowing Base redetermination under the First Lien Credit Agreement, including all scheduled, interim and special redeterminations thereunder, (2) the date of any material acquisition or divestiture and (3) the date on which a redetermination of Total Proved PV-10 shall occur pursuant to Section 5.10(c). In addition to the dates set forth in the preceding sentence, the Administrative Agent shall at the request of, or may with the consent of, the Required Lenders, have the right to set one additional Asset Coverage Test Date per year.
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Asset Coverage Test Date means (a) the date of each Borrowing Base redetermination under the First Lien Credit Agreement, including all scheduled, interim and special redeterminations thereunder, (b) the last day of each fiscal quarter, commencing with the fiscal quarter ending April 30, 2014, (c) each other date on which the Loan Parties acquire or Dispose of (to the extent permitted hereby or otherwise consented to in accordance with the terms hereof) Oil and Gas Properties or any other Properties pursuant to Section 9.12(c) or Section 9.05(n) or otherwise with an aggregate NYMEX Value of total Proved Developed Reserves or fair market value, respectively, equal to $500,000 or more, and (d) the date on which any borrowing of First Lien Loans or any other credit extension is made under the First Lien Credit Agreement (including without limitation any issuance of a letter of credit thereunder).
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Examples of Asset Coverage Test Date in a sentence

  • The Borrower will not permit, as of any Asset Coverage Test Date, Asset Coverage Ratio to be less than 1.5 to 1.0.

  • On or before the tenth (10th) Business Day after each Asset Coverage Test Date, a certificate of a Financial Officer in the form set forth in Exhibit H setting forth, as of such Asset Coverage Test Date, a calculation in reasonable detail of the Asset Coverage Ratio as of such Asset Coverage Test Date.

  • For any such “Interim Redetermination” or Additional Asset Coverage Test Date, the Borrower shall provide such Reserve Report with an “as of” date, which shall be not more than 45 days prior to the date of delivery, as required by the Administrative Agent as soon as possible, but in any event no later than forty-five (45) days following the receipt of such request.

  • So long as the Second Lien Term Loan Agreement is in effect, the Borrower will not permit, as of any Asset Coverage Test Date, the ratio of (a) the NYMEX Value of the total Proved Developed Reserves of the Loan Parties as shown on the most recently delivered Reserve Report, to (b) Total Debt, to be less than 1.10 to 1.00.

  • Subject to the conditions precedent set forth in Section 4 hereof, each of the Lenders party hereto agrees to waive any Default or Event of Default existing pursuant to Section 9.01(c) of the Credit Agreement, but only as to the Asset Coverage Test Date of December 31, 2014.

  • The Borrower shall not, as of any Asset Coverage Test Date, permit the Asset Coverage Ratio to be less than 1.5 to 1.00.

  • The Borrower will not permit, as of any Asset Coverage Test Date, the ratio of (a) the NYMEX Value of the total Proved Developed Reserves of the Loan Parties as shown on the most recently delivered Reserve Report, to (b) Total Debt, to be less than 1.10 to 1.00.

  • The Borrower will not permit the ratio of, as of any Asset Coverage Test Date or Additional Asset Coverage Test Date, (i) Total Proved PV-10 to (ii) Total Debt, to be less than 1.50 to 1.00.


More Definitions of Asset Coverage Test Date

Asset Coverage Test Date means (i) the “as of” date for each Reserve Report delivered under Section 8.12 (a) or (b), (ii) the date of any Material Acquisition or Material Disposition or (iii) the date selected by the Administrative Agent pursuant to Section 8.13(c).
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Asset Coverage Test Date means (a) the date of each Borrowing Base redetermination pursuant to Section 2.07 or any other Borrowing Base Adjustment Provisions, including all scheduled, interim and special redeterminations, (b) the last day of each fiscal quarter, commencing with the fiscal quarter ending July 31, 2014, (c) each other date on which the Loan Parties acquire or Dispose of (to the extent permitted hereby or otherwise consented to in accordance with the terms hereof) Oil and Gas Properties or any other Properties pursuant to Section 9.12 or Section 9.05(n) or otherwise with an aggregate NYMEX Value of total Proved Developed Reserves or fair market value, respectively, equal to $500,000 or more, and (d) the date on which any Borrowing or any other extension of credit is made under this Agreement.
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Asset Coverage Test Date is the last date of each fiscal quarter of the Borrower, commencing with the first fiscal quarter ending after the Closing Date.
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