Reserve Test Failure definition

Reserve Test Failure means that, as of the date of any determination, (A) if such date of determination is on or after the first anniversary of the Initial Closing Date, the ratio of the Proved PV10 Amount to the Net Debt Amount as of such date is lower than the Required Proved PV10 Reserve Test Ratio, or (B) the ratio of the Proved and Probable PV10 Amount to the Net Debt Amount as of such date is lower than the Required Proved and Probable PV10 Reserve Test Ratio.
Sample 1

Examples of Reserve Test Failure in a sentence

  • If there was a Reserve Test Failure as of such date, the Officer’s Certificate shall be accompanied by a written offer to redeem the Principal in an amount equal to the Pro Rata Reserve Test Failure Amount (“Reserve Test Failure Redemption Offer”).

  • On any Payment Date on which a Liquidity Test Failure or a Future Funding Reserve Test Failure has occurred and is continuing, the Trustee, at the direction of the Collateral Manager, will release from the lien of the Indenture and deposit into the Suspense Account all amounts available distributed pursuant to Section 11.1(a)(37) until such Liquidity Test Failure is cured.

  • A Reserve Test Failure Redemption Offer shall be irrevocable by the Company.

  • In the event that the Company Publicly Discloses its Proved PV10 Amount or Net Debt Amount as of any date (other than the end of the period covered by a Periodic Report) and there is a Reserve Test Failure as of such date, the Company shall contemporaneously Publicly Disclose such Reserve Test Failure, as well as the Reserve Test Failure Amount as of the same date.

Related to Reserve Test Failure

  • Persistent Failure means any two (2) or more failures by the Supplier in any rolling period of twelve (12) months to comply with obligations in respect of the Contract Services under the Contract;

  • Delinquency Test means, for any Payment Date, a test that will be satisfied if

  • Test Fail has the meaning stated in Section 3.4(a).

  • Service Level Failure means a failure to perform the Software Support Services fully in compliance with the Support Service Level Requirements.

  • Reporting Failure has the meaning set forth in Section 2.4.

  • Supply Failure has the meaning given to it in Section 7.5.2 (Supply Failure).

  • Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;

  • Volume Failure means, with respect to a particular date of determination, the aggregate daily dollar trading volume (as reported on Bloomberg) of the Common Stock on the Principal Market on any Trading Days during the five (5) Trading Day period ending on the Trading Day immediately preceding such date of determination (such period, the “Volume Failure Measuring Period”), is less than $250,000 (as adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the Subscription Date). All such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such Volume Failure Measuring Period.

  • Transaction Failure means the failure to consummate a Business Combination within 18 months of the Effective Date (or 24 months after the Effective Date, if a letter of intent, agreement in principle or definitive agreement has been executed within 18 months after the Effective Date and the Business Combination relating thereto has not yet been consummated within such 18-month period).

  • Equity Conditions Failure means that on any applicable date the Equity Conditions have not been satisfied (or waived in writing by the Holder).

  • LCT Test Date shall have the meaning provided in Section 1.12(b).

  • Listing Failure Event means that:

  • Technical Failure means the discontinuation of Development or Commercialization of a Product for technical, scientific, medical or regulatory reasons, including, but, not limited to, unacceptable preclinical toxicity, demonstration of a side effect profile significantly worse than currently marketed products, or inability to manufacture in an acceptable purity or for an acceptable price.

  • Service Failure means a failure by the Contractor to provide the Services in accordance with any individual service level described above (measured on a monthly/quarterly/annual basis)

  • Minimum Weighted Average Spread Test means a test that will be satisfied on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 5.25%.

  • Epidemic Failure means a series of repeating failures or defects resulting in at least a 0.5% failure rate for the same Product or Material during any twelve-month period.

  • Two Times Test As to any Distribution Date, (i) the Aggregate Subordinate Percentage is at least two times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the aggregate of the Principal Balances of all Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six-month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Subordinate Certificates, does not equal or exceed 50%; and (iii) on or after the Distribution Date in January 2008, cumulative Realized Losses do not exceed 30% of the Original Subordinated Principal Balance or prior to the Distribution Date in January 2008, cumulative Realized Losses do not exceed 20% of the Original Subordinated Principal Balance.

  • Overcollateralization Deficiency For any Distribution Date will be equal to the amount, if any, by which (x) the Targeted Overcollateralization Amount for such Distribution Date exceeds (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after giving effect to the reduction on such Distribution Date of the aggregate Class Principal Balance of the Certificates resulting from the payment of the Principal Payment Amount on such Distribution Date, but prior to allocation of any Applied Loss Amount on such Distribution Date.