Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK at Borrower’s expense: (1) As soon as available, and in any event within 90 days after the end of each Fiscal Year, complete Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower), prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year; (2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of each Fiscal Year) , complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK; (3) At the time of submission of the financial statements described in (1) and (2) above, a report signed by the president or the chief financial officer of Borrower and of Guarantor: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance with, all of the financial covenants contained herein; (4) By March 31 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOK, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and (5) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 2002, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, . Borrower will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK USB at Borrower’s 's expense:
(1) As soon as available, and in any event within 90 120 days after the end of each Fiscal YearYear of Guarantor and Borrower, complete the audited Consolidated and the unaudited consolidating financial statements of Guarantor (together with a supplement showing and the complete unaudited financial statements of Borrower), prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK. These financial statements shall contain containing at least a statement of income, shareholders' equity and cash flow for each of Guarantor and Borrower for such Fiscal Year and a balance sheet for each of Guarantor and Borrower as of at the end of such Fiscal Year and a statement of earnings and cash flowYear, setting forth in comparative form the corresponding figures for the preceding Fiscal Year andYear, to in reasonable detail in accordance with GAAP, accompanied, in the extent they relate to case of Guarantor, shall be accompanied by an the related opinion of a firm of independent certified public accountants chosen by Guarantor and competent reasonably acceptable to perform accounting functions for a substantial public companyUSB, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position positions and the results of operations of for Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each of the first three Fiscal Quarter (excluding the last Fiscal Quarter Quarters of each Fiscal Year) Year of Guarantor and Borrower, complete the unaudited Consolidated and consolidating financial statements of Guarantor (together with a supplement showing and the complete unaudited financial statements of Borrower) Borrower for such Fiscal Quarter and for the then-current Fiscal Year, containing at least a statement of income, shareholders' equity and cash flow for each of Guarantor and Borrower for such Fiscal Quarter and for the Fiscal Year to date and a balance sheet for each of Guarantor and Borrower as at the end of such Fiscal Quarter, setting forth in comparative form the corresponding figures for the same Fiscal Quarter of the preceding Fiscal Year and for the preceding Fiscal Year to date, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report signed by the president or the chief financial officer of Borrower Guarantor and by the president or the chief financial officer of GuarantorBorrower: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, and (C) stating that whether, after reviewing the financial statements described above above, he has concluded that there did or did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, orand, if he did conclude that any such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s 's compliance or non-compliance with, all of the financial covenants contained herein;
(4) By March 31 By: (A) April 30 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKUSB, covering all oil and and/or gas properties and interests included or proposed to be included in the Borrowing Base Properties; and (B) October 31 of each year, commencing October 31, 2004, an engineering report and economic evaluation prepared by Borrower, covering all oil and/or gas properties and interests included or proposed to be included in the Borrowing Base Properties. Each such These engineering report reports shall be in form and substance reasonably satisfactory to BOK USB and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; andReports;
(5) As soon as available, and in any event within 60 days after At the end time of submission of each Fiscal Quarter, commencing with of the Fiscal Quarter ending December 31, 2002engineering reports described in Section 6.1(b)(4)(A) or (B) above, a report describingsetting forth, for each of the preceding six calendar month during such Fiscal Quartermonths, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing setting forth the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month; and
(6) Promptly upon their becoming available, copies of all reports, notices and proxy statements sent by Guarantor to its shareholders and all final registration statements, periodic reports and other statements and schedules filed by Guarantor with any securities exchange, the Securities and Exchange Commission or any similar governmental authority.
Appears in 1 contract
Samples: Credit Agreement (Infinity Inc)
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK BOTW at Borrower’s 's expense:
(1) As soon as available, and in any event within 90 120 days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2008, complete Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited audited consolidated and consolidating financial statements of Borrower), prepared by a recognized independent certified public accountant chosen by Borrower and reasonably acceptable to BOTW, in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing GAAP, and accompanied by BOKan unqualified opinion from such accountant. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement statements of earnings and cash flow, setting forth in comparative form form, where applicable, the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 45 days after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete commencing with the Fiscal Quarter ending September 30, 2008, unaudited Consolidated consolidated and consolidating financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) Borrower for such Fiscal Quarter and for the then-current Fiscal YearYear to date, prepared by Borrower in reasonable detail and in accordance with GAAP or with another accounting system agreed to and containing at least a balance sheet, statements of earnings and cash flow and a reconciliation of Borrower's equity, setting forth in writing by BOKcomparative form the corresponding figures for the same Fiscal Quarter of the preceding Fiscal Year;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit E attached hereto and made a part hereof, signed by the president or the chief financial officer of Borrower and of GuarantorBorrower: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s 's compliance or non-compliance with, all of the financial covenants contained herein;
(4) By March 31 April 1 of each year, commencing April 1, 2009, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKBOTW, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK BOTW and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(5) As soon as available, and in any event within 60 45 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31September 30, 20022008, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
(6) As soon as available, and in any event within 45 days after the end of each Fiscal Quarter, a certificate detailing swaps including market terms and xxxx-to-market value.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, . Borrower will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK Lenders at Borrower’s 's expense:
(1) As soon as available, and in any event within 90 days after the end of each Fiscal Year, complete Consolidated financial statements of Guarantor (Borrower, together with a supplement showing the complete unaudited financial statements of Borrower)all notes thereto, prepared in reasonable detail and in accordance with GAAP GAAP, together with an opinion, based on an audit using generally accepted auditing standards, by Xxxxxx Xxxxxxxx LLP or with another accounting system agreed to in writing by BOK. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of other independent certified public accountants chosen by Guarantor and competent reasonably acceptable to perform accounting functions for a substantial public companyLenders, which opinion shall be unqualified and shall state stating that said such Consolidated financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of each Fiscal Year) , complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK;
(3) At the time of submission of the financial statements described in (1) and (2) above, so prepared. Borrower shall also submit a report signed by the president chief financial officer or the chief financial accounting officer of Borrower and of Guarantor: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) Documents and further stating that after reviewing in making the examination and reporting on the Consolidated financial statements described above he has concluded that there did not exist any condition or event as of at the date end of such financial statements Fiscal Year or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event. These Consolidated financial statements shall contain a Consolidated balance sheet as of the end of such Fiscal Year and Consolidated statements of earnings, cash flows and changes in stockholders' equity, setting forth in comparative form the corresponding figures for the preceding Fiscal Year.
(D2) As soon as available and in any event within 45 days after the end of each Fiscal Quarter, complete Consolidated financial statements of Borrower, including at least a balance sheet and a statement of the earnings and cash flow of Borrower from the beginning of the then-current Fiscal Year to the end of such Fiscal Quarter, prepared in reasonable detail and in accordance with GAAP, together with a report showing the calculation ofof all applicable financial covenants and signed by the chief financial officer or the chief accounting officer of Borrower stating that he has read this Agreement and the Security Documents and further stating that in making the examination and reporting on the financial statements described above, he concluded that there did not exist any condition or event at the end of such Fiscal Quarter or at the time of his report which constituted an Event of Default or Default, or, if he did conclude that such condition or event existed, specifying the nature and Borrower’s period of existence of any such condition or event.
(3) As soon as available and Guarantor’s compliance within any event within 90 days after the end of each Fiscal Year, all an estimate of the financial covenants contained herein;Consolidated cash flow of Borrower for the then-current Fiscal Year in a form substantially similar to the form of such estimates heretofore provided by Borrower to Lenders.
(4) By March 31 Promptly upon their becoming available, copies of all financial statements, reports, notices and proxy statements sent by Borrower to its stockholders and all registration statements, periodic reports and other statements and schedules filed by Borrower with any securities exchange, the Securities and Exchange Commission or any similar governmental authority.
(5) By: (A) April 1 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by Xxxxx-Xxxxx Company, Netherland, Xxxxxx & Associates, Inc. or one or more other independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKLenders, covering concerning all oil and gas properties and interests included in the Borrowing Base Properties, and (B) October 1 of each year, an engineering report and economic evaluation prepared by Borrower, concerning all oil and gas properties and interests included in the Borrowing Base Properties. Each such These engineering report reports shall be in form and substance reasonably satisfactory to BOK Lenders and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and.
(56) As soon as available, At least 30 days prior to the date of any regularly-scheduled determination of the Borrowing Base pursuant to Section 3.2 above and in at any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 2002other time requested by Lenders, a report describing, for each calendar month during such Fiscal Quarter: (A) by lease or unit, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) during each of the three most recent calendar months for each such calendar month which data is available from the Borrowing Base PropertiesProperties and from all other properties owned by Borrower, and describing (B) the related ad valoremseverance taxes, severance and production other taxes and lease leasehold operating expenses attributable thereto and incurred for during each such calendar month, (C) the status of any and all drilling and development activities being carried out by Borrower during each such calendar month, and (D) Borrower's financial forecast for the ensuing four Fiscal Quarters of Borrower, including Borrower's estimates of production revenues, capital expenditures, operating expenses, other expenses, capital requirements and such other information as may be requested by Lenders.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, . Borrower will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK Norwest at Borrower’s 's expense:
(1) As as soon as available, and in any event within 90 120 days after the end of each Fiscal Year, complete Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements fiscal year of Borrower), a copy of the annual audit report of Borrower, with the unqualified opinion of a certified public accountant chosen by Borrower and acceptable to Norwest, prepared in reasonable detail and in accordance with GAAP or with another generally accepted accounting system agreed to in writing by BOK. These financial statements shall contain principles, containing at least a balance sheet as of the end of such Fiscal Year fiscal year of Borrower and a statement of income, retained earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion fiscal year of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal YearBorrower (Borrower's 10-K report);
(2) As as soon as available and in any event within 60 45 days after the end of each Fiscal Quarter (excluding of the last Fiscal Quarter first three quarters of each Fiscal Year) fiscal year of Borrower, complete an unaudited Consolidated financial balance sheet of Borrower as at the end of such quarter and related statements of Guarantor (together with a supplement showing the complete unaudited financial statements income, retained earnings and cash flow of Borrower) Borrower for such Fiscal Quarter quarterly period and for the then-current Fiscal Yearfiscal year to date, prepared in reasonable detail and stating in comparative form the figures for the corresponding periods in the previous year, all prepared in accordance with GAAP or with another generally accepted accounting system agreed to in writing by BOK;
principles (Borrower's 10-Q report); (3) At the time of submission of the financial statements described in (1) and (2) aboveupon written or telephonic request from Norwest, a report signed by in form satisfactory to Norwest disclosing with respect to the president or the chief financial officer month of Borrower and of Guarantorsuch request: (A) attesting the amount of oil, gas, and other hydrocarbon minerals produced from or allocated to each well included in the authenticity of such financial statements, Collateral; (B) stating that he has read this Agreement and the Security Documents, amount of such production per well attributable to Borrower's interest; (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as amount of the date actual proceeds from the sale of such financial statements oil, gas, and other hydrocarbon minerals per well and the amount of such proceeds attributable to Borrower's interest; (D) the amount of Borrower's share of: (i) the actual costs and expenses incurred to make such oil, gas and other hydrocarbon minerals marketable and to transport the same to the point or at points of delivery to the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or eventpurchaser, and (Dii) showing the calculation ofproduction, severance or other taxes required to be paid with respect to such production and sale, and Borrower’s (E) the amount actually received by Borrower from the sale of such oil, gas and Guarantor’s compliance with, all of the financial covenants contained herein;
other hydrocarbon minerals per well; and (4) By annually (by March 31 1 of each year, an engineering report and economic evaluation prepared as commencing March 1, 1996) until all of the preceding December 31 Notes are paid in full and this Agreement has been terminated, and at such other times as Norwest may reasonably request, a report in form satisfactory to Norwest, certified by one or more an independent petroleum engineers chosen by Borrower and reasonably acceptable engineer satisfactory to BOKNorwest, covering all setting forth the proven producing oil and gas properties and interests included reserves attributable to Borrower's interest in the Borrowing Base Properties. Each currently producing wells on the Collateral, together with a forecast of the rates of production therefrom and the estimated income to Borrower from such engineering report shall be production, calculated in form and substance reasonably a manner satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(5) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 2002, a report describingNorwest, for each calendar month during the estimated economic life of such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar monthproperties.
Appears in 1 contract
Samples: Secured Term Loan and Revolving Credit Agreement (Georesources Inc)
Books, Financial Statements and Records. Borrower AROC will at all times maintain full and accurate books of account and records, will maintain records and a standard system of accounting in accordance with GAAP accounting, and Borrower will furnish the following statements and reports to BOK Professional Bank at Borrower’s 's expense:
(1) As soon as available, and in any event: (a) within 120 days after the end of each fiscal year of AROC, complete financial statements of AROC, prepared in reasonable detail and in accordance with generally accepted accounting principles, containing at least a balance sheet as of the end of such fiscal year and a statement of income and cash flow, setting forth in comparative form the corresponding figures for the preceding fiscal year, and (b) by August 1, 1997, complete personal financial statements of Xxxxxxx Xxxxx and Xxxxx X. Xxxxx and complete financial statements of Guarantor, all prepared as of not earlier than June 30, 1997 and prepared in reasonable detail and in accordance with accounting principles acceptable to Professional Bank;
(2) As soon as available, and in any event within 90 days after the end of each Fiscal Yearfiscal quarter of AROC, complete Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower)AROC, prepared in reasonable detail and in accordance with GAAP or with another generally accepted accounting system agreed to in writing by BOK. These financial statements shall contain principles, containing at least a balance sheet as of the end of such Fiscal Year fiscal quarter and a statement of earnings income and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Yearfiscal year;
(23) As soon as available and in any event within 60 30 days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of each Fiscal Year) filing, complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report signed by the president or the chief financial officer of Borrower and of Guarantor: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence copies of any such condition or eventand all federal and state income tax returns (and any and all amendments thereto) of AROC, Guarantor, Xxxxxxx Xxxxx and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance with, all of the financial covenants contained hereinXxxxx X. Xxxxx;
(4) By March 31 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOK, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(5) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, calendar quarter (commencing with the Fiscal Quarter calendar quarter ending December 31September 30, 20021996), a report in a form satisfactory to Professional Bank describing, for each calendar month during such Fiscal Quartercalendar quarter, on a lease-by-lease basis, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each during such calendar month quarter from the Borrowing Base PropertiesCollateral, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each during such calendar monthquarter; and
(5) By July 1, 1997, an engineering report and economic evaluation prepared as of October 31, 1997 by one or more petroleum engineers chosen by Borrower and acceptable to Professional Bank, covering all oil and gas properties and interests included in the Collateral. This engineering report shall be in form and substance satisfactory to Professional Bank and shall contain information and analysis comparable in scope to that contained in the engineering report heretofore delivered by Borrower to Professional Bank covering the Collateral.
Appears in 1 contract
Books, Financial Statements and Records. Each of Borrower and Guarantor will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP or with another accounting system approved in writing by WFBW and will furnish the following statements and reports to BOK WFBW at Borrower’s expensethe expense of the furnishing party:
(1) As soon as available, and in any event within 90 days after the end of each Fiscal Year, complete audited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower), prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to approved in writing by BOKWFBW. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent that they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-then- current Fiscal Year, prepared by Guarantor in reasonable detail and in accordance with GAAP or with another accounting system agreed to approved in writing by BOKWFBW;
(3) At the time of submission of the any and all financial statements described in furnished pursuant to clause (1) and or (2) above, a report signed by the president or the chief financial officer of Borrower and of Guarantor: (A) attesting to , in the authenticity form of such financial statements, (B) stating that he has read this Agreement Exhibit E attached hereto and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or made a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance with, all of the financial covenants contained hereinpart hereof;
(4) Upon the request of WFBW, copies of any and all federal and state income tax returns filed by Borrower, including all schedules and amendments thereto;
(5) By March 31 of each year, commencing March 31, 2001, through the Maturity Date, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKWFBW, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK WFBW and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(56) As soon as available, and in any event within 60 days after the end of each Fiscal Quartercalendar quarter, commencing with the Fiscal Quarter calendar quarter ending December 31September 30, 20022000, a report describing, for each calendar month during such Fiscal Quartercalendar quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales, the prices so disclosed to be the average prices on a field-by-field basis) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
Appears in 1 contract
Books, Financial Statements and Records. Each Borrower will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK Lenders at Borrower’s Borrowers’ expense:
(1) As soon as available, and in any event within 90 120 days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2006, complete Consolidated and consolidating financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower)IMLLC, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed GAAP, which annual financial statements shall be audited by an independent certified public accountant reasonably acceptable to in writing by BOKAgent. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement of earnings earnings, cash flows and cash flowmembers’ equity, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, and shall provide detail on a statement of operations with respect to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of individual operations of Guarantor as of the end of IMLLC, IPMLLC, IPNMLLC and for such Fiscal YearIPWLLC;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding including without limitation the last Fiscal Quarter of each Fiscal Year) ), commencing with the Fiscal Quarter ending December 31, 2006, complete unaudited Consolidated and consolidating financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) IMLLC for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK(except for the absence of footnotes and normal year-end adjustments);
(3) At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit G attached hereto and made a part hereof, signed by the president an officer or the chief manager of each entity for which financial officer of Borrower and of Guarantorstatements are being submitted: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s Borrowers’ compliance or non-compliance with, all of the financial covenants contained hereinset forth in Sections 6.2(a), 6.2(b) and 6.2(c) below;
(4) By March 31 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOK, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(5) As soon as available, and in any event event: (A) by March 31, 2007, as to the Fiscal Quarter ending December 31, 2006, and (B) within 60 days after the end of each subsequent Fiscal Quarter, commencing with the Fiscal Quarter ending December March 31, 20022007, a report in the form of Exhibit I attached hereto and made a part hereof, describing, for each calendar month during such Fiscal Quarter, the gross volume of mineral production and sales attributable to mineral production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Propertiesmining operation of any Borrower, and describing the related ad valorem, severance and production taxes taxes, operating expenses and lease operating general and administrative expenses attributable thereto and incurred for each such calendar month;
(5) As soon as available and in any event within 30 days after filing, copies of any and all federal income tax forms filed by any Guarantor;
(6) As soon as available and in any event by March 30, 2007 and February 28 of each year thereafter, commencing February 28, 2008, Borrowers’ internally-prepared one-year, five-year and twenty-year mine plans, together with any related budgets, forecasts and financial statement projections for the mining operations of any and all Borrowers;
(7) Not later than March 30, 2007, an engineering report in form and substance reasonably acceptable to Agent, prepared by an independent mining engineer chosen by Borrowers and reasonably acceptable to Agent, containing an evaluation of all material Borrower Properties and showing the estimated rates of mineral production and sales therefrom and the estimated capital and operating costs to be incurred in connection therewith for at least the ensuing 15 years; and
(8) If so requested by Agent or Lenders, promptly upon their becoming available, copies of all mining or environmental forms or reports, registration statements, periodic reports and other statements and schedules filed by any Borrower with any local, state or federal governmental authority.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK BOTW at Borrower’s expense:
(1) As soon as available, and in any event within 90 days after the end of each Fiscal Year, commencing with the Fiscal Year ending August 31, 2007, complete audited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower), prepared by an independent certified public accountant chosen by Borrower and reasonably acceptable to BOTW, in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and statements of earnings and cash flow, setting forth in comparative form, where applicable, the corresponding figures for the preceding Fiscal Year;
(2) As soon as available and in any event within 45 days after the end of each Fiscal Quarter (except the last Fiscal Quarter of each Fiscal Year), commencing with the Fiscal Quarter ending February 28, 2007, unaudited Consolidated financial statements of Borrower for such Fiscal Quarter and for the then-current Fiscal Year, prepared by Borrower in reasonable detail and in accordance with GAAP and containing at least a statement balance sheet and statements of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of each Fiscal Year) , complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit E attached hereto and made a part hereof, signed by the president or the chief financial officer of Borrower and of GuarantorBorrower: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance or non-compliance with, all of the financial covenants contained herein;
(4) By March 31 December 1 of each year, commencing December 1, 2007, an engineering report and economic evaluation prepared as of the preceding December August 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKBOTW, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK BOTW and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(5) As soon as available, and in any event within 60 45 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31February 28, 20022007, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
Appears in 1 contract
Samples: Credit Agreement (Pyr Energy Corp)
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK at Borrower’s expense:
(1) As soon as available, and in any event within 90 120 days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2010, complete Consolidated audited consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower), prepared by an independent certified public accountant chosen by Guarantor and acceptable to BOK, in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement statements of earnings and cash flow, setting forth in comparative form form, where applicable, the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete commencing with the Fiscal Quarter ending June 30, 2010, unaudited Consolidated and unconsolidated financial statements of Borrower and consolidated, unaudited financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-current Fiscal Year, prepared by Borrower and Guarantor in reasonable detail and in accordance with GAAP or with another accounting system agreed to and containing at least a balance sheet, statements of earnings and cash flow and a reconciliation of Borrower’s and Guarantor’s equity, setting forth in writing by BOKcomparative form the corresponding figures for the preceding Fiscal Year;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit E attached hereto and made a part hereof, signed by the president or the chief financial officer of Borrower and of Guarantor: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance or non-compliance with, all of the financial covenants contained herein;
(4) By By: (A) March 31 1 of each year, commencing March 1, 2011, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent a petroleum engineers engineer chosen by Borrower and reasonably acceptable to BOK, covering all oil and gas properties and interests included in the Borrowing Base Properties, and (B) October 1 of each year, commencing October 1, 2010, an engineering report and economic evaluation prepared as of the preceding June 30 by Borrower, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form and substance reasonably satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and;
(5) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31June 30, 20022010, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month;
(6) By March 1 of each Fiscal Year, commencing March 1, 2011, a monthly cash flow budget for Borrower for that Fiscal Year in form and substance satisfactory to BOK; and
(7) At the time when each set of annual or quarterly financial statements is submitted by Borrower, commencing with the financial statements for the period ending June 30, 2010, a report describing Borrower’s hedging positions as of the end of such Fiscal Quarter or Fiscal Year, including without limitation a description of the commodity hedged, the derivative type, the volume, the strike price, the tenor and the counterparty, and, if Borrower had any outstanding hedging positions as of the end of such Fiscal Quarter or Fiscal Year, indicating Borrower’s compliance or non-compliance with Section 6.2(m) below.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all --------------------------------------- times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK USB at Borrower’s 's expense:
(1) As soon as available, and in any event within 90 120 days after the end of each Fiscal Year, complete audited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower), prepared by a firm of independent certified public accountants chosen by Borrower and reasonably acceptable to USB, in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) Borrower for such Fiscal Quarter and for the then-current Fiscal Year, prepared by Borrower in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report signed by the president or the chief financial officer of Borrower and of GuarantorBorrower: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s 's compliance with, all of the financial covenants contained herein;
(4) By March 31 Promptly upon their becoming available, copies of all financial statements, reports, notices and proxy statements sent by Borrower to its stockholders and all registration statements, periodic reports and other statements and schedules filed by Borrower with any securities exchange, the Securities and Exchange Commission or any similar governmental authority;
(5) By: (A) February 1 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKUSB, covering all oil and gas properties and interests included in the Borrowing Base Properties, and (B) August 1 of each year until the end of the Revolving Period, an engineering report and economic evaluation prepared by Borrower, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such These engineering report reports shall be in form and substance reasonably satisfactory to BOK USB and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(56) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31June 30, 20021999, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
Appears in 1 contract
Books, Financial Statements and Records. Borrower GeoPetro will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP in all material respects (except for the absence of footnotes and subject to year-end adjustments) and will furnish the following statements and reports to BOK at Borrower’s or GeoPetro’s expense:
(1) As soon as available, and in any event within 90 days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2008, complete audited Consolidated and consolidating financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of GeoPetro, Redwood and Borrower), prepared by Xxxx & Associates, LP or another independent certified public accountant chosen by GeoPetro and reasonably acceptable to BOK, in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP. These financial statements shall contain at least a balance sheet as of the end of such Fiscal Year and a statement statements of earnings and cash flow, setting forth in comparative form form, where applicable, the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor and competent to perform accounting functions for a substantial public company, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days days, after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete commencing with the Fiscal Quarter ending March 31, 2009, unaudited Consolidated and consolidating financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) GeoPetro, Redwood and Borrower for such Fiscal Quarter and for the then-—current Fiscal Year, prepared by GeoPetro in reasonable detail and in accordance with GAAP (not including option expensing or with another accounting system agreed footnotes, and subject to year—end adjustments) and containing at least a balance sheet, statements of earnings and cash flow and a reconciliation of GeoPetro’s, Redwood’s and Borrower’s equity, setting forth in writing by BOKcomparative form the corresponding figures for the preceding Fiscal Year;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit C attached hereto and made a part hereof, signed by the president or the president, chief financial officer or other senior executive of Borrower and of GuarantorGeoPetro: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrowereach Obligated Person’s and Guarantor’s compliance or non-compliance with, all of the financial covenants contained herein;
(4) Not later than five days prior to each Payment Date, a report showing Borrower’s calculation of the Supplemental Payment Amount payable on such Payment Date, with full details as to the method of such calculation and any backup information requested by BOK, which report may subsequently be amended as necessary;
(5) By March 31 May 1 of each year, an commencing May 1, 2009, a copy of the engineering report and economic evaluation of each Obligated Person’s properties prepared as of the preceding December 31 by one for SEC purposes;
(6) Not later than 25 days after the end of each calendar month, commencing with the calendar month ending December 31, 2008: (A) a report describing the hedging positions, if any, of GeoPetro and its Consolidated Affiliates as of the end of such calendar month, including without limitation a description of the commodity hedged, the derivative type, the volume, the strike price, the tenor and the counterparty, and, if GeoPetro or more independent petroleum engineers chosen by Borrower any of its Consolidated Affiliates had any outstanding hedging positions as of the end of such calendar month, indicating their compliance or non—compliance with Section 6.2(1) below; (B) during the time period that any of the Madisonville Gas Plants are being modified, a progress report on such modifications, including without limitation a description of the tasks completed, the schedule for completion of the remaining tasks, the estimated date of final completion of modifications of the plants, descriptions of the costs incurred during that month and the cumulative costs incurred to date, an estimate of the costs required for completion of the modifications and such other matters as BOK may reasonably acceptable to BOKrequest for inclusion; and (C) a report showing, covering all oil and separately for each of the Madisonville Gas Plants in which natural gas properties and interests included in was processed or treated during such calendar month, the Borrowing Base Properties. Each average inlet volume for such engineering report shall be in form and substance reasonably satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Reportplant for such calendar month; and
(57) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 20022008, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base PropertiesCollateral, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK Wells Fargo at Borrower’s expense's expenxx:
(1) As soon as available, and in any event within 90 days after the end of each Fiscal Year, complete audited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower), prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to approved in writing by BOKWells Fargo. These financial statements stxxxxxnts shall contain at least a balance sheet as of the end of such Fiscal Year and a statement of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year and, to the extent they relate to Guarantor, and shall be accompanied by an opinion of a firm of independent certified public accountants chosen by Guarantor Borrower and competent reasonably acceptable to perform accounting functions for a substantial public companyWells Fargo, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP or with another accounting system approved in writing by Wells Fargo and fairly present xx xxl material respects the financial position positions and the results of operations of Guarantor Borrower as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) Borrower for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to approved in writing by BOKWells Fargo. These xxxxxcial statements shall contain at least a balance sheet as of the end of such Fiscal Quarter and a statement of earnings and cash flow for the Fiscal Quarter and for the Fiscal Year to date, setting forth in comparative form the corresponding figures for comparable periods during the preceding Fiscal Year;
(3) At the time of submission of the any and all financial statements described in furnished pursuant to clause (1) and or (2) above, a report Compliance Certificate signed by the president or the chief financial officer of Borrower and of Guarantor: (A) attesting to the authenticity of such financial statementsBorrower, (B) stating that he has read this Agreement and the Security Documents, (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance with, all of the financial covenants contained herein;
(4) By March 31 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower and reasonably acceptable to BOK, covering all oil and gas properties and interests included in the Borrowing Base Properties. Each such engineering report shall be in form of Exhibit B attached hereto and substance reasonably satisfactory to BOK and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Reportmade a part hereof; and
(54) As soon as available, and in any event within 60 within.60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 20022001, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base PropertiesOil and Gas Interests, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
Appears in 1 contract
Books, Financial Statements and Records. Borrower will at all times maintain full and accurate books of account and records, . Borrower will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK Lender at Borrower’s 's expense:
(1i) As soon as available, and in any event within 90 105 days after the end of each Fiscal Year, complete Consolidated financial statements of Guarantor (Borrower, together with a supplement showing the complete unaudited financial statements of Borrower)all notes thereto, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK. These financial statements shall contain (containing at least a Consolidated balance sheet as of the end of such Fiscal Year and a Consolidated statement of earnings and cash flow, setting forth in comparative form the corresponding figures for the preceding Fiscal Year andYear), to the extent they relate to Guarantortogether with an opinion, shall be accompanied based on an audit using generally accepted auditing standards by an opinion of a firm of Coopers & Xxxxxxx or other independent certified public accountants chosen by Guarantor and competent reasonably acceptable to perform accounting functions for a substantial public companyLender, which opinion shall be unqualified and shall state stating that said such Consolidated financial statements have been prepared in accordance with GAAP and fairly present the financial position and the results of operations of Guarantor as of the end of and for such Fiscal Yearso prepared;
(2) As soon as available and in any event within 60 days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of each Fiscal Year) , complete unaudited Consolidated financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower) for such Fiscal Quarter and for the then-current Fiscal Year, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK;
(3ii) At the time of submission of the financial statements described in (1) and (2i) above, a report substantially in the form of Exhibit D attached hereto and made a part hereof, signed by the president or the chief financial officer of Borrower and of GuarantorBorrower: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security security Documents, (C) stating that after in preparing and reviewing the financial statements described above he has concluded that there did not exist any condition or event as of at the date end of such financial statements Fiscal Year or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s 's compliance with, all of the financial covenants contained herein;
(4iii) As soon as available and in any event within 105 days after the end of each Fiscal Year, an estimate of the revenues, expenses, cash receipts, disbursements, cash flow and the net income of Borrower for the ensuing year, in a form satisfactory to Lender;
(iv) As soon as available and in any event within 60 days after the end of each Fiscal Quarter except the Fiscal Quarter ending in November, a Consolidated and consolidating balance sheet of Borrower and a Consolidated and consolidating statement of the earnings of Borrower prepared in reasonable detail and in accordance with GAAP;
(v) At the time of submission of the financial statements described in (iv) above, a report substantially in the form of Exhibit D, signed by the chief financial officer of Borrower: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, (C) stating that in preparing and reviewing the financial statements described above he has concluded that there did not exist any condition or event at the end of such Fiscal Quarter or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower's compliance with, all of the financial covenants contained herein;
(vi) Promptly upon their becoming available, copies of all financial statements, reports, notices and proxy statements sent by any Obligated Person to its stockholders and all registration statements, periodic reports and other statements and schedules filed by any Obligated Person with any securities exchange, the Securities and Exchange Commission or any similar governmental authority;
(vii) By March 31 1 of each year, an engineering report and economic evaluation prepared as of the preceding December 31 by Xxxx Xxxxxxx & Associates, Inc. or one or more other independent petroleum engineers chosen by Borrower and reasonably acceptable to BOKLender, covering concerning all oil and gas properties and interests included in the Borrowing Base Properties. Each such This engineering report shall be in form and substance reasonably satisfactory to BOK Lender, shall be prepared as of the preceding December 1 and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and;
(5viii) By September 1 of each year, an engineering report and economic evaluation prepared by Borrower or an independent engineer acceptable to Lender, concerning all oil and gas properties and interests included in the Borrowing Base Properties. This engineering report shall be in form and substance satisfactory to Lender, shall be prepared as of the preceding June 1 and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report;
(ix) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 2002calendar month, a report describing, for each calendar month during such Fiscal Quarter, describing by lease or unit the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each during such calendar month from the Borrowing Base PropertiesProperties and from all other properties owned by Borrower, and describing the related ad valoremseverance taxes, severance other taxes, and production taxes and lease leasehold operating expenses attributable thereto and incurred for each during such calendar month; and
(x) As soon as available, and in any event within 60 days after the end of each Fiscal Quarter, legal descriptions in form and substance satisfactory to Lender of any and all oil and gas properties containing proved developed reserves owned by any Obligated Person which have been not previously been mortgaged to Lender.
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Books, Financial Statements and Records. Borrower Borrowers will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOK BOTW at Borrower’s Borrowers’ expense:
(1) As soon as available, and in any event within 90 120 days after the end of each Fiscal Year, complete commencing with the Fiscal Year ending December 31, 2008, the audited Consolidated and consolidating financial statements of Guarantor (together with a supplement showing the complete unaudited financial statements of Borrower)Parent, prepared in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOK. These financial statements shall contain containing at least a statement of income, shareholders’ equity and cash flow of Parent for such Fiscal Year and a balance sheet of Parent as of at the end of such Fiscal Year and a statement of earnings and cash flowYear, setting forth in comparative form the corresponding figures for the preceding Fiscal Year andYear, to the extent they relate to Guarantorin reasonable detail in accordance with GAAP, shall be accompanied by an opinion of a Chantrey Vellacott DFK or another firm of independent certified public accountants chosen by Guarantor Parent and competent acceptable to perform accounting functions for a substantial public companyBOTW, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the Consolidated financial position and the results of operations of Guarantor Parent as of the end of and for such Fiscal Year;
(2) As soon as available and in any event within 60 45 days after the end of each Fiscal Quarter (excluding except the last Fiscal Quarter of each Fiscal Year) ), complete commencing with the Fiscal Quarter ending September 30, 2008, the unaudited Consolidated and consolidating financial statements of Guarantor (together with Parent, containing at least a supplement showing the complete unaudited financial statements statement of Borrower) income, shareholders’ equity and cash flow of Parent for such Fiscal Quarter and for the then-current Fiscal YearYear to date and a balance sheet of Parent as at the end of such Fiscal Quarter, prepared setting forth in comparative form the corresponding figures for the same Fiscal Quarter of the preceding Fiscal Year and for the preceding Fiscal Year to date, in reasonable detail and in accordance with GAAP or with another accounting system agreed to in writing by BOKGAAP;
(3) At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit E attached hereto and made a part hereof, signed by the president or the chief financial an officer of Borrower and of GuarantorParent: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, and (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event, and (D) showing the calculation of, and Borrower’s and Guarantor’s compliance with, all of the financial covenants contained herein;
(4) By March 31 April 1 of each year, commencing April 1, 2009, an engineering report and economic evaluation prepared as of the preceding December 31 by one or more independent petroleum engineers chosen by Borrower Borrowers and reasonably acceptable to BOKBOTW, covering all oil and or gas properties and interests included in the Borrowing Base Properties. Each such These engineering report reports shall be in form and substance reasonably satisfactory to BOK BOTW and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and
(5) As soon as available, and in any event within 60 45 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31September 30, 20022008, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.
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