Examples of Collateral Coverage Minimum in a sentence
In connection with each redetermination (but not any adjustment) of the Borrowing Base, the Borrower shall review the applicable Reserve Report, if any, and the list of current Mortgaged Properties, to ascertain whether the PV-9 of the Mortgaged Properties (calculated at the time of redetermination) meets the Collateral Coverage Minimum after giving effect to exploration and production activities, acquisitions, Dispositions and production.
The last sentence of Section 8.19 of the Credit Agreement is hereby amended to read in full as follows: “The PV-9 of the Mortgaged Properties equals or exceeds the Collateral Coverage Minimum, except during cure periods for Collateral Coverage Minimum shortfalls as permitted in accordance with Section 9.10(c).”.
On or prior to the date that is sixty (60) days following the Closing Date (or such later date as agreed to by the Administrative Agent), the Administrative Agent shall be reasonably satisfied that the Collateral Coverage Minimum is satisfied as of such date of determination.
The PV-9 of the Mortgaged Properties equals or exceeds the Collateral Coverage Minimum, except during cure periods for Collateral Coverage Minimum shortfalls as permitted in accordance with Section 9.10(c).