Joint Interest Billing Statement Clause Samples
Joint Interest Billing Statement any statement received by the Borrower from an operator/driller of a well relating to a valid and enforceable Authorization for Expenditure with respect to a Borrower Property that requests the Borrower’s payment of the portion of the expenditures set forth in the statement that is equal to the Borrower’s “Working Interest” percentage with respect to the well.
Joint Interest Billing Statement. The Borrower will pay timely the amount that the Borrower is required to pay pursuant to each Joint Interest Billing Statement that it receives unless the Borrower is contesting all or a portion of the amount in good faith by appropriate action and for which adequate reserves are being maintained in accordance with GAAP and promptly gave the Lender written notice to the Lender that the Borrower would be contesting.