First Purchaser Reserve means, the aggregate amount of reserves established by the Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed by the Obligors.
First Purchaser Reserve means the aggregate amount of reserves (if any) established by the Co-ABL Collateral Agents from time to time in their Permitted Discretion in respect of First Purchase Crude Payables owed by the Borrowers or any of its Subsidiaries; it being understood that (i) in respect of the state of Oklahoma, such reserves shall be in an amount equal to 100% of the respective First Purchase Crude Payables, (ii) in respect of the states of Kansas, Colorado and North Dakota, such reserves initially shall be in an amount equal to 0% of the respective First Purchase Crude Payables; provided, however, (I) if either (x) the Consolidated Net Income (but, for this purpose, determined prior to provision for income taxes) of the Company and its Subsidiaries for the most recently ended Test Period is less than $0 or (y) at any time the remainder of (A) Excess Availability minus (B) 100% of the aggregate amount of all First Purchase Crude Payables of the Borrowers and their respective Subsidiaries due (and not just those in respect of the state of Oklahoma) and not otherwise subject to Reserves in the Borrowing Base is less than $60,000,000, the Co-ABL Collateral Agents shall be permitted to establish Reserves of up to 50% of the aggregate amount of the First Purchase Crude Payables owed by the Borrower or any of its Subsidiaries in respect of the state of Kansas, and (II) if there is any change in law or regulation (or any change in the interpretation or administration thereof, whether through any applicable judicial decision or otherwise) or any change in facts or circumstances in relation to the “first purchaser” Lien laws created under the laws of the state of Kansas, Colorado or North Dakota, the Co-ABL Collateral Agents may in their Permitted Discretion establish reserves in respect of the respective First Purchase Crude Payables of up to 100% and (iii) in respect of any other state in respect of such First Purchase Crude Payables, an amount of reserves established by the Co-ABL Collateral Agents in their Permitted Discretion from time to time in respect of such First Purchase Crude Payables.
First Purchaser Reserve means the aggregate amount of reserves (if any) established by the Collateral Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed by the Borrowers or any of its Subsidiaries; it being understood that (i) in respect of the state of Oklahoma, such reserves shall be in an amount equal to 100% of the respective First Purchase Crude Payables, (ii) in respect of the states of Kansas, Colorado and North Dakota, such reserves initially shall be in an amount equal to 0% of the respective First Purchase Crude Payables; provided, however, (I) if either (x) the Consolidated Net Income (but, for this purpose, determined prior to provision for income taxes) of the Company and its Subsidiaries for the most recently ended Test Period is less than $0 or (y) at any time the remainder of (A) Excess Availability minus (B) 100% of the aggregate amount of all First Purchase Crude Payables of the Borrowers and their respective Subsidiaries due (and not just those in respect of the state of Oklahoma) and not otherwise subject to Reserves in the Borrowing Base is less than $60,000,000, the Collateral Agent shall be permitted to establish Reserves of up to 50% of the aggregate amount of the First Purchase Crude Payables owed by the Borrowers or any of their Subsidiaries in respect of the state of Kansas, and (II) if there is any change in law or regulation (or any change in the interpretation or administration thereof, whether through any applicable judicial decision or otherwise) or any change in facts or circumstances in relation to the “first purchaser” Lien laws created under the laws of the state of Kansas, Colorado or North Dakota, the Collateral Agent may in its Permitted Discretion establish reserves in respect of the respective First Purchase Crude Payables of up to 100% and (iii) in respect of any other state in respect of such First Purchase Crude Payables, an amount of reserves established by the Collateral Agent in its Permitted Discretion from time to time in respect of such First Purchase Crude Payables.
Examples of First Purchaser Reserve in a sentence
First Purchaser Reserve — the aggregate amount of reserves established by Agent from time to time in its discretion in respect of amounts owed by a Borrower to a vendor of crude oil with a potential priming lien where such Borrower is the “first purchaser” directly from the wellhead.
More Definitions of First Purchaser Reserve
First Purchaser Reserve the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed, or which are reasonably expected to be owed, by a Borrower; provided, however, that, (a) so long as Availability is greater than $300,000,000 and the Leverage Ratio is less than 4.0 to 1.0 (but Availability is not greater than $400,000,000 and the Leverage Ratio is not less than 3.0 to 1.0), the First Purchaser Reserve shall be not greater than the amount by which the First Purchase Crude Payables exceed $50,000,000; and (b) so long as Availability is greater than $400,000,000 and the Leverage Ratio is less than 3.0 to 1.0, the First Purchaser Reserve shall be not greater than the amount by which the First Purchase Crude Payables exceed $100,000,000. "Fiscal Quarter" - each period of three months, commencing on the first day of a Fiscal Year. "Fiscal Year" - the fiscal year of Consolidated Parties for accounting and tax purposes, ending on December 31 of each year.
First Purchaser Reserve means the unpaid amount of any payable obligation related to the purchase of Petroleum Product by the Obligated Parties that the Agent determines may be secured by a First Purchaser Lien to the extent such payable obligation is not at the time in question covered by a Letter of Credit.
First Purchaser Reserve the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed, or which are reasonably expected to be owed, by a Borrower; provided, however, that, (a) so long as Availability is greater than $300,000,000 and the Leverage Ratio is less than 4.0 to 1.0 (but Availability is not greater than $400,000,000 and the Leverage Ratio is not less than 3.0 to 1.0), the First Purchaser Reserve shall be not greater than the amount by which the First Purchase Crude Payables exceed $50,000,000; and (b) so long as Availability is greater than $400,000,000 and the Leverage Ratio is less than 3.0 to 1.0, the First Purchaser Reserve shall be not greater than the amount by which the First Purchase Crude Payables exceed $100,000,000.
First Purchaser Reserve the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed by the Borrowers. Fiscal Quarter: each period of three months, commencing on the first day of a Fiscal Year. Fiscal Year: the fiscal year of Borrowers and Restricted Subsidiaries for accounting and tax purposes, ending on December 31 of each year.
First Purchaser Reserve means the aggregate amount of reserves (if any) established by the Collateral Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed by the Borrowers or any of its Subsidiaries; it being understood that (i) in respect of the state of
First Purchaser Reserve means the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed by the Loan Parties; provided, that so long as Excess Availability is greater than $250,000,000 and the Consolidated Leverage Ratio is less than 3.0 to 1.0 (but Excess Availability is not greater than $400,000,000 and the Consolidated Leverage Ratio is not less than 1.0 to 1.0), the First Purchaser Reserve shall be not greater than the amount by which the First Purchase Crude Payables exceed $100,000,000; provided, further, that so long as Excess Availability is greater than $400,000,000 and the Consolidated Leverage Ratio is less than 1.0 to 1.0, the First Purchaser Reserve shall be not greater than the amount by which the First Purchase Crude Payables exceed $200,000,000.
First Purchaser Reserve the aggregate amount of reserves jointly established by Administrative Agent and the Specified Agent-Related Persons from time to time, in their collective Credit Judgment in respect of First Purchaser Crude Payables owed by the Loan Parties; provided that at any time a Borrowing Base Adjustment Period is not in effect, the aggregate amount of such reserves shall be an amount determined by Administrative Agent which in any event is not greater than the amount, if any, by which such First Purchaser Crude Payables exceed $200,000,000.