Required Reserve Value definition

Required Reserve Value means Proved Mineral Interests that have a Recognized Value of not less than eighty percent (80%) of the Recognized Value of all Proved Mineral Interests held by Borrower and its Subsidiaries.

Required Reserve Value means Proved Mineral Interests that have a Recognized Value of not less than 80% of the Recognized Value of all Proved Mineral Interests held by Borrower and its Restricted Subsidiaries.

Required Reserve Value means Proved Oil and Gas Properties that have a Recognized Value of not less than the lesser of (a) eighty percent (80%) of the Recognized Value of all Proved Oil and Gas Properties owned by Borrower and its Subsidiaries and the Affiliated Operators and (b) one hundred fifty percent (150%) of the portion of the Borrowing Base allocable to Oil and Gas Properties in effect from time to time, as determined by Administrative Agent.

Examples of Required Reserve Value in a sentence

• Administrative Agent shall have received title information as Administrative Agent may reasonably require satisfactory to Administrative Agent setting forth the status of title covering not less than the Required Reserve Value of the Proved Mineral Interests which are subject to Mortgages evaluated in the Reserve Report prepared as of December 31, 2017 and delivered to Administrative Agent.

• Administrative Agent shall be reasonably satisfied that the Mortgages (as amended and/or supplemented by such duly executed and notarized amendments and/or supplements as Administrative Agent may reasonably require) create first and prior Liens covering and encumbering not less than the Required Reserve Value of all Proved Mineral Interests owned by Borrower and its Subsidiaries evaluated in the Reserve Report prepared as of December 31, 2017 and delivered to Administrative Agent.

More Definitions of Required Reserve Value

Required Reserve Value means, with respect to any Aggregate Commitment, that portion of the Borrowing Base Properties that Administrative Agent has determined, in its sole discretion, is necessary to support such Aggregate Commitment.

Required Reserve Value means 85% of the Recognized Value of all Proved Oil and Gas Properties evaluated in the most recently-delivered Reserve Report.

Required Reserve Value means eighty percent (80%) of the Recognized Value of all Proved Mineral Interests held by the Loan Parties.

Required Reserve Value means both (a) Proved Mineral Interests that have a Recognized Value of not less than 85% of the Recognized Value of all Proved Mineral Interests held by Borrower and its Restricted Subsidiaries and (b) Proved Mineral Interests (without giving effect to clause (b) of the definition of Proved Undeveloped Mineral Interests) that have a Recognized Value of not less than 85% of the Recognized Value of all Proved Mineral Interests (without giving effect to clause (b) of the definition of Proved Undeveloped Mineral Interests) held by Borrower and its Subsidiaries.

Required Reserve Value means Borrowing Base Properties that have a Recognized Value of not less than eighty percent (80%) of the Recognized Value of all Borrowing Base Properties held by Borrower.

Required Reserve Value means Proven Reserves that have a Recognized Value of not less than eighty percent (80%) of the Recognized Value of all Proven Reserves held by Borrower and its Subsidiaries.

Required Reserve Value means, with respect to any Total Commitment, that portion of the oil and gas properties of Borrower and its Restricted Subsidiaries that Administrative Agent has determined, in its sole discretion, is necessary to support such Total Commitment, and which oil and gas properties shall, in all events, have a Recognized Value equal to not less than one hundred twenty-five percent (125%) of such Total Commitment.