Determination of Reserves Sample Clauses

Determination of Reserves. The Parties have agreed that the determination of reserves of the mining title shall be made using the JORC methodology described in the Eighth Clause. CCP has designated Mr. BXXXX XXXXXXXX as a “Competent Person” under the definition of JORC, who is an internationally recognized Geologist accredited to issue the Certification of Reserves. In the case that the said person is unavailable CCP will designate another “Competent Person” with the same qualifications. Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Determination of Reserves. 6 V. Quantity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 VI. Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 VII. Delivery Point - Liability . . . . . . . . . . . . . . . . . . . . . . . . 14 VIII. Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 IX.
Sample 1
Determination of Reserves. 1. Seller shall, promptly after the execution hereof, make available to Buyer such basic noninterpretive information and data in Seller's possession as may reasonably be required by Buyer for the purpose of estimating the amount of Seller's reserves attributable to each well unit then subject to this Contract. Upon receipt of such information and data, Buyer shall promptly estimate the amount of such reserves attributable to each such well unit and shall furnish to Seller within thirty (30) days after receipt of said basic data a written statement thereof which, after agreement by Seller, shall constitute the original determination of reserves for such well unit for the purpose of computing the takes therefrom under this Contract. Seller shall also make available, upon request from Buyer, such information and data in Seller's possession as may reasonably be required by Buyer to estimate the amount of oil well gas available hereunder in each oil reservoir or pool covered by this 9
Sample 1
Determination of Reserves. 1. Seller shall, upon request from Buyer, and from time to time, make available to Buyer all factual information and data (excluding interpretation) in Seller's possession that may reasonably be needed by Buyer for the purpose of estimating the amount of reserves in any reservoir or pool in the Contract Area in which Seller may own an interest. Buyer recognizes that all information furnished by Seller to Buyer pursuant to this Section is confidential and constitutes the proprietary information of Seller, and Buyer shall not disclose or in any manner whatsoever divulge any such information to others without Seller's written permission, except as is required by the Michigan Public Service Commission or any other regulatory agency having jurisdiction to approve facilities construction. 2. Following execution of this Agreement, Seller shall promptly make available to Buyer such information an provided for in the preceding Section. 3. After the date of initial deliveries hereunder, Buyer may request and Seller shall make, at reasonable intervals, a redetermination of reserves in any one or more of the reservoirs or pools covered by this Agreement. When a new gas well is committed hereunder, either Seller or Buyer shall have the right to cause a redetermination of reserves to be made for the purpose of calculating reserves attributable to such new well; otherwise, neither Seller nor Buyer may 10 require that the reserves in any particular reservoir or pool be redetermined more frequently than once each year.
Sample 1
Determination of Reserves. 1. Seller shall forthwith furnish Buyer all information and data in Seller's possession which Seller deems nonconfidential that may be required by Buyer for the purpose of estimating the initial amount of reserves, and shortly after furnishing such information Seller shall also submit to Buyer a statement showing Seller's estimate of the initial amount of reserves and the amount of reserves in each gas well gas reservoir then covered hereunder. If Buyer does not object to all or any part of such statement within forty-five (45) days after receipt thereof, Seller's said statement shall be deemed correct for all purposes hereof. If Buyer objects to all or any part of such statement within said forty-five day period, the parties shall promptly meet to attempt to resolve their difference over those portions of such statement to which Buyer has objected. If the parties have not resolved all such portions within thirty (30) days after Buyer's said objection, then the parties shall submit those portions of the statement still in disagreement to arbitration as provided in Section 4 of this Article IV. The effective date of the initial determination of reserves pursuant to this Section 1 shall be the date of initial deliveries of gas hereunder or within one hundred twenty (120) days following the tender by Seller of gas reserves to Buyer, whichever is earlier. 2. From time to time after execution hereof, Seller may discover additional reserves on acreage committed to Buyer pursuant to the provisions hereof. Promptly after the time of each such discovery Seller shall furnish Buyer all available basic data required to estimate the gas reserves discovered and a statement showing the amount of such reserves and the amount of reserves in 3. After the initial determination of reserves hereunder, Buyer may make, or Seller may request Buyer to make, at reasonable intervals, a redetermination of the amount of reserves. Upon Buyer's making a redetermination or within thirty (30) days after a request for a redetermination, Buyer shall furnish Seller a statement showing Buyer's estimate of the amount of reserves and the amount of reserves in each gas well gas reservoir then covered hereby. If Seller does not object to all or any part of such statement within thirty (30) days after receipt thereof, Buyer's said statement shall be deemed correct for all purposes hereof. If Seller objects to all or any part of such statement within said thirty-day period, the parties shall prompt...
Sample 1
Determination of Reserves. 13 1.4 Gender of Words......................................................................... 13 1.5
Sample 1
Determination of Reserves. All determinations of amounts and types of reserves shall be made in accordance with Society of Petroleum Engineers definitions.
Sample 1
AutoNDA by SimpleDocs
Determination of Reserves. The Parties have agreed that the determination of reserves of the mining titles mentioned above will be carried out via the utilization of the JORC methodology. CCP has designated Mr. BXXXX XXXXXXXX as a “Competent Person”, who is an internationally recognized Geologist entitled to issue the Reserve Certificate. In the case that such persons services will not be available, CCP will assign another “Competent Person” who has the same qualifications. 7.1 The fees charged by Mx. XXXXXXXX will be fully paid by CCP, however, Mx. XXXXXX XXXXXX CXXXXXX BOTIA may nominate at his own cost a different “Competent Person” if he considers it necessary. 7.2 Once the program of exploration and the topographic and geological survey in the areas currently under exploitation are finalized, the “Competent Person” will prepare and deliver to the Parties its final report indicating the proven and probable reserves for each of the mining titles, which are the subject of the current agreement. Utilizing the geological information referred to herein, Mx. XXXXXX XXXXXX CXXXXXX BOTIA, in his capacity of Geologist with professional license No. 418 of the CPG, will simultaneously prepare a similar report of the probable and proven reserves. 7.3 If the difference in absolute value between the report of the “Competent Person” designated by CCP and the calculation prepared by Mx. XXXXXX XXXXXX CXXXXXX BOTIA does not exceed 5% of the value reported by the “Competent Person”, the value to be used will be the value of the “Competent Person”; otherwise the final value will be the arithmetic average of the values reported by each one of them. However, in this case, either of the Parties may request the involvement of an Independent Inspector that utilizes the same JORC methodology to prepare a new report of probable and proven reserves. This Independent Inspector will be chosen by mutual agreement and their fees will be paid by the party who requested the involvement. 7.4 If the difference in absolute value between the report of the Independent Inspector and of the Competent Person is equal to or less than 5% of the value reported by the Competent Person, the final value will be of the Competent Person; otherwise it will be the arithmetic average of the values reported by each of them.
Sample 1
Determination of Reserves. 8.1 Without prejudice to Sub-clauses 4.6.1, 4.6.2, 4.6.3, and 4.6.4:- (i) Either Buyer or Buyers, or, Sellers may, at any time or from time to time, by notice in writing to the other, require a redetermination of the Field Reserves. (ii) Field Reserves shall be redetermined in accordance with the requirements of this Article VIII and good oil and gas industry practice. The Field Reserves so redetermined shall become effective according to Clause 8.2 and shall be used to calculate the DCQ to be agreed between the Parties. (iii) Unless the Parties shall expressly agree to the contrary, no notice requiring a redetermination shall be given before the expiration of one (1) Year from the completion date of the previous redetermination. 8.2 If the Parties agree upon the result of such redetermination, the Party requesting such redetermination shall issue a notice of completion of redetermination specifying the new quantity of Field Reserves. If the Parties do not so agree, then within sixty (60) Days of the notice requiring the redetermination, either Buyer or Buyers or Sellers may require that a redetermination to be carried out by an expert appointed pursuant to Article XX, who shall be given access to all material data including raw data available to Sellers and Buyer or Buyers. The expert shall then issue a written report specifying the new quantity of the Field Reserves. The Field Reserves as so redetermined shall become effective for all purposes of this Agreement on the Day of the issuance of a notice of completion by the Party or the written report by the expert as the case may be. 8.3 For any redetermination conducted pursuant to Clauses 8.1 and 8.2, the Field Reserves shall contain all Proved Natural Gas Reserves and no more than twenty (20) percent of the total Field Reserves shall be Probable Natural Gas Reserves.
Sample 1

Related to Determination of Reserves

  • Determination of Amount In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Determination of Fair Market Value For purposes of this Section 10.2, “fair market value” of a Share (or Common Stock if the Shares have been converted into Common Stock) as of a particular date (the “Determination Date”) shall mean: (i) If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the Company’s Registration Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such offering. (ii) If the Conversion Right is not exercised in connection with and contingent upon a Public Offering, then as follows: (A) If traded on a securities exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the five trading days immediately prior to the Determination Date, and the fair market value of the Shares shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Series Preferred is then convertible; (B) If traded on the Nasdaq Stock Market or other over-the-counter system, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock over the five trading days immediately prior to the Determination Date, and the fair market value of the Shares shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each Share is then convertible; and (C) If there is no public market for the Common Stock, then fair market value shall be determined by the Board of Directors of the Company in good faith. In making a determination under clauses (A) or (B) above, if on the Determination Date, five trading days had not passed since the closing of the Company’s initial public offering of its Common Stock (“IPO”), then the fair market value of the Common Stock shall be the average closing prices or closing bid prices, as applicable, for the shorter period beginning on and including the date of the IPO and ending on the trading day prior to the Determination Date (or if such period includes only one trading day, the closing price or closing bid price, as applicable, for such trading day). If closing prices or closing bid prices are no longer reported by a securities exchange or other trading system, the closing price or closing bid price shall be that which is reported by such securities exchange or other trading system at 4:00 p.m. New York City time on the applicable trading day.

  • Determination of Gross-Up Payment Subject to sub-paragraph (c) below, all determinations required to be made under this Section 6, including whether a Gross-Up Payment is required and the amount of the Gross-Up Payment, shall be made by the firm of independent public accountants selected by the Company to audit its financial statements for the year immediately preceding the Change in Control (the "Accounting Firm") which shall provide detailed supporting calculations to the Company and the Executive within 30 days after the date of the Executive's termination of employment. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Executive may appoint another nationally recognized accounting firm to make the determinations required under this Section 6 (which accounting firm shall then be referred to as the "Accounting Firm"). All fees and expenses of the Accounting Firm in connection with the work it performs pursuant to this Section 6 shall be promptly paid by the Company. Any Gross-Up Payment shall be paid by the Company to the Executive within 5 days of the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion that failure to report the Excise Tax on the Executive's applicable federal income tax return would not result in the imposition of a penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"). In the event that the Company exhausts its remedies pursuant to sub-paragraph (c) below, and the Executive is thereafter required to make a payment of Excise Tax, the Accounting Firm shall promptly determine the amount of the Underpayment that has occurred and any such Underpayment shall be paid by the Company to the Executive within 5 days after such determination. Amended and Restated Change in Control Agreement

  • Determination of Realized Tax Benefit Section 2.1. Basis Adjustments and Section 704(c) Allocations; The LLC 754 Election.

  • Determination of Net Asset Value The net asset value per share of each class and each series of Shares of the Trust shall be determined in accordance with the 1940 Act and any related procedures adopted by the Trustees from time to time. Determinations made under and pursuant to this Section 2 in good faith and in accordance with the provisions of the 1940 Act shall be binding on all parties concerned.

  • Determination of Consideration For purposes of this Subsection 4.4, the consideration received by the Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows:

  • Determination of Eligibility The Plan Administrator shall determine the eligibility of each Employee for participation in the Plan based upon information provided by the Employer. Such determination shall be conclusive and binding on all individuals except as otherwise provided herein or by operation of law.

  • Determination of One-Month LIBOR Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the applicable Classes of Notes (including MAC Notes on which the Exchange Administrator has directed the Global Agent to make payments) for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration Limited (“ICE”) as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the “ICE Method”). ICE’s Interest Settlement Rates are currently displayed on Bloomberg L.P.’s page “BBAM.” That page, or any other page that may replace page BBAM on that service or any other service that ICE nominates as the information vendor to display the ICE’s Interest Settlement Rates for deposits in U.S. dollars, is a “Designated Page.” ICE’s Interest Settlement Rates currently are rounded to five decimal places. If ICE’s Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If ICE no longer sets an Interest Settlement Rate, Xxxxxxx Mac will designate an alternative index that has performed, or that Xxxxxxx Mac (or its agent) expects to perform, in a manner substantially similar to ICE’s Interest Settlement Rate.

  • Determination of LIBOR (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period. (b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (000) 000-0000. (c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!