回复@秃鹫投资: In its year-end 2015 filing, NRP management stated that its Oil & Gas segment may not be able to stay within the 3.5x leverage ratio required of its reserve-based credit facility. Management also cited “substantial doubt about the ability of NRP Oil and Gas to continue as a going concern through December 31, 2016.” The O&G segment’s credit facility was ~62% drawn at year-end ($85M on a $137M borrowing base), providing a reasonable cushion against the likelihood of a reduction in the borrowing base below the currently-drawn amount, in our opinion, and the segment was in compliance with lender’s covenants at year-end. However, the very appearance of “going concern” language, in itself, could qualify as a default trigger, bringing the entire balance due.