Records, Statements and Reports. Mortgagor shall keep proper books of record and account in which complete and correct entries shall be made of Mortgagor’s transactions in accordance with the method of accounting required in the Credit Agreement and shall furnish or cause to be furnished to Mortgagee the reports required to be delivered pursuant to the terms of the Credit Agreement.
Records, Statements and Reports. The Mortgagor will keep proper books of record and account in which complete correct entries will be made of the Mortgagor’s transactions in accordance with sound accounting principles consistently applied and will furnish or cause to be furnished to the Mortgagee (a) all reports required under the Loan Papers, and (b) such other information concerning the business and affairs and financial condition of the Mortgagor as the Mortgagee may from time to time reasonably request.
Records, Statements and Reports. Mortgagor will keep proper books of record and account in which complete and correct entries will be made of Mortgagor's transactions in accordance with generally accepted accounting principles and will furnish or cause to be furnished to each Secured Debt Representative such information concerning the business, affairs and financial condition of Mortgagor as required under the Secured Debt Documents. Without limiting the generality of the foregoing, Mortgagor shall furnish to Beneficiary and each Secured Debt Representative, but not more than every six (6) months: (a) reports prepared by a reputable national independent petroleum engineer regularly engaged by Mortgagor for such purposes or other engineering firm acceptable to the Credit Agreement Agent concerning (1) the quantity of Hydrocarbons recoverable from the Mortgaged Property, (2) the projected income and expense attributable to the Mortgaged Property, and (3) the expediency of any change in methods of treatment or operation of all or any wells productive of Hydrocarbons, any new drilling or development, axx xxthod of secondary recovery by repressuring or otherwise, or any other action with respect to the Mortgaged Property, the decision as to which may increase or reduce the quantity of Hydrocarbons ultimately recoverable or the rate of production thereof, and (b) reports for the prior period showing the gross proceeds from the sale of Hydrocarbons produced from the lands described in Exhibit A (including any thereof taken by Mortgagor for Mortgagor's own use), the quantity of such Hydrocarbons sold, the severance, gross production, occupation, or gathering taxes deducted from or paid out of such proceeds and the number of wells operated, drilled or abandoned.
Records, Statements and Reports. A. The Operator shall at all times maintain and keep true and correct records of the production and disposition of all Petroleum and of all Expenditures and disposition of Materials under the Concession Agreement and the Joint Operating Agreement, as well as all other data necessary or proper for the settlement of accounts between the Working Interest Owners hereto in connection with their rights and obligations under the Concession Agreement and the Joint Operating Agreement, and to enable the Working Interest Owners to comply with all applicable income tax and other laws. The Operator shall also establish and maintain a system of internal controls and prepare and present for approval of Working Interest Owners a statement of joint assets and liabilities. Such records shall be open at reasonable times for inspection and copying by authorized representatives of any Non-Operator and THE PRESIDENT.
B. The Operator shall submit to each Working Interest Owner and THE PRESIDENT each month, within thirty (30) Days after the close of the relevant month, accurate statements of the Expenditures incurred during such months, indicating by appropriate classification the nature thereof, the portion of such costs charged to each of the Working Interest Owners, the amount of funds advanced to the Operator by each of the Working Interest Owners, and the commitments and Expenditures made from such advances. These statements shall include a detailed statement of all charges and credits to the Joint Account, summarized by appropriate classification indicative of the nature thereof and the unusual charges and credits. All records kept, and reports made, shall be in Pakistan Rupees and in United States Dollars. Transactions incurred in currencies other that Pakistan Rupees or United States Dollars shall be converted at the appropriate official rates of exchange.
Records, Statements and Reports. The Mortgagor will keep proper books of record and account in which complete and correct entries will be made of the Mortgagor’s transactions in accordance with generally accepted accounting principles and will furnish or cause to be furnished to the Mortgagee such records and reports as required pursuant to the Credit Agreement and such other information concerning the business and affairs and financial condition of the Mortgagor as the Mortgagee may from time to time reasonably request.
Records, Statements and Reports. (a) Mortgagor shall at all times keep complete and accurate business records in conformity with generally accepted accounting principles consistently applied, and Lender may from time to time have access to and examine and copy such records.
(b) When and to the extent required by Lender, Mortgagor shall furnish to Lender:
(1) Within sixty days after the close of each fiscal year of Mortgagor, a copy of Mortgagor's annual audited financial statements, consisting of at least a balance sheet as of the close of the year, a statement of operations, a statement of cash flow, a statement of changes in shareholders' equity (if Mortgagor is a corporation), and a statement of contingent liabilities, signed by independent certified public accountants acceptable to Lender and accompanied by the accountants' opinion that the report fairly presents the financial condition of Mortgagor as of the close of the fiscal year and the results of its operations for the year; and
(2) Within forty-five days after the end of the first three fiscal quarters of each fiscal year of Mortgagor, a copy of Mortgagor's unaudited quarterly financial statements, consisting of at least a balance sheet, a statement of operations, a statement of cash flow, a statement of changes in shareholders' equity, and a statement of contingent liabilities, for the quarter and for the period from the beginning of the fiscal year to the close of the quarter; and
(3) Whenever requested by Lender (but not more than once a year), a report prepared by an independent petroleum engineer or engineering firm acceptable to Lender, prepared in accordance with the customary standards and procedures of the petroleum industry, estimating the quantity of Hydrocarbons recoverable from the Oil and Gas Property and the projected income and expense attributable to the Collateral, including without limitation, a description of reserves, net revenue interests and working interests attributable to the reserves, rates of production, gross revenues, operating expenses, ad valorem taxes, capital expenditures necessary to cause the Oil and Gas Property to achieve the rate of production set forth in the report, net revenues and present value of future net revenues attributable to the reserves and production therefrom, a statement of the assumptions upon which the determinations were made, and any other matters related to the operation of the Oil and Gas Property and the estimated income therefrom; and
(4) Monthly, a report on a leas...
Records, Statements and Reports. Borrower will keep proper books of record and account in which complete and correct entries will be made of Borrower's transactions in accordance with GAAP consistently applied.
Records, Statements and Reports. The Mortgagor will keep financial records and statements reflecting all of its business affairs and transactions in accordance with generally accepted accounting principles and will furnish or cause to be furnished to the Mortgagee such information concerning the business, affairs and financial condition of the Mortgagor as the Mortgagee may from time to time reasonably request.
Records, Statements and Reports. (a) Mortgagor shall at all times keep complete and accurate business records in conformity with generally accepted accounting principles consistently applied, and Lender may from time to time have access to and examine and copy such records.
(b) When and to the extent required by Lender, Mortgagor shall furnish to Lender such information concerning the business affairs and financial condition of Mortgagor as Lender may from time to time reasonably request.
(c) All financial information shall be in form, substance, and detail satisfactory to Lender in its sole and absolute discretion and, unless Lender consents in writing, shall be prepared in accordance with generally accepted accounting principles applied on a basis consistent with the preceding year and certified as accurately presenting the financial condition of Mortgagor by a certified public accountant or authorized officer or representative of Mortgagor, acceptable to Lender.
Records, Statements and Reports. Each of Borrower and the Guarantors will keep proper books of record and account in which complete and correct entries will be made of their respective transactions in accordance with GAAP consistently applied.
