Semiannual Engineering Reports Sample Clauses

Semiannual Engineering Reports. (a) Borrower shall deliver to Bank at Borrower's cost by each March 1 (effective no earlier than December 31 of the prior year) and September 1 (effective no earlier than June 30 of such year), commencing March 1, 2019, a petroleum engineering report from an a reputable third party petroleum engineer or engineering firm acceptable to Bank, which such report shall be in form and substance satisfactory to Bank, evaluating the proven producing oil and gas reserves attributable to Borrower's interest in the Mortgaged Property (as defined in subsection (b) below), together with the expenses attributable thereto. The engineering report furnished to Bank by or on behalf of Borrower shall be accompanied by such other information as shall be reasonably requested by Bank in order for it to make its independent determination of the Collateral Borrowing Base, and by a certificate of Borrower certifying that Borrower has good and defensible title to the Mortgaged Property valued and that payments are being received from purchasers of production with respect to said interests except for payments suspended for valid reasons. (b) The term "Mortgaged Property" shall refer only to such properties covered by the Mortgages (or a supplemental mortgage or deed of trust, duly executed, acknowledged and delivered by Borrower to Bank in form satisfactory to counsel for Bank) and which properties are, at the time:

Semiannual Engineering Reports. (a) Borrowers shall deliver to Agent at Borrowers' cost by each August 1 (effective no earlier than July 1 of such year) and February 1 (effective no earlier than January 1 of such year), commencing February 1, 2020, a reserve report in form, scope, and substance acceptable to the Agent evaluating the proven producing oil and gas reserves attributable to ELLC's aggregate interest in the Mortgaged Property (as defined in subsection (b) below), together with the expenses attributable thereto. Each reserve report must be prepared by a reputable independent petroleum engineer ("Independent Engineer") acceptable to the Agent; provided, however, that the Agent recognizes that Pinnace Energy Services (currently used by Borrower as the Independent Engineer) is acceptable to it. The reserve reports shall be accompanied by such other information as shall be reasonably requested by Agent in order for it to make its independent determination of the Collateral Borrowing Base, and by a certificate of ELLC certifying that ELLC has good and defensible title to the Mortgaged Property valued and that payments are being received from purchasers of production with respect to said interests except for payments suspended for valid reasons. (b) The term "Mortgaged Property" shall refer only to such properties covered by the Mortgage (or a supplemental mortgage or deed of trust, duly executed, acknowledged and delivered by ELLC to the Agent in form satisfactory to counsel for the Agent) and which properties are, at the time:

Semiannual Engineering Reports. (a) Borrowers shall deliver to Bank at Borrowers’ cost by each August 1 (effective no earlier than July 1 of such year) and February 1 (effective no earlier than January 1 of such year), commencing February 1, 2018, a reserve report in form, scope, and substance acceptable to the Bank evaluating the proven producing oil and gas reserves attributable to ELLC’s aggregate interest in the Mortgaged Property (as defined in subsection (b) below), together with the expenses attributable thereto. Borrowers may prepare the February reserve report internally, but the August reserve report must be prepared by a reputable independent petroleum engineer acceptable to the Bank. The reserve reports shall be accompanied by such other information as shall be reasonably requested by Bank in order for it to make its independent determination of the Collateral Borrowing Base, and by a certificate of ELLC certifying that ELLC has good and defensible title to the Mortgaged Property valued and that payments are being received from purchasers of production with respect to said interests except for payments suspended for valid reasons.

Semiannual Engineering Reports. (a) Commencing on March 31, 2024, Borrowers shall deliver to Bank at Borrowers' cost by each March 31 (effective no earlier than December 31 of such year) and September 30 (effective no earlier than June 30 of such year), such current data, reports and engineering information as is necessary or appropriate for any reputable independent petroleum engineer acceptable to Bank to compile and prepare by each March 31 and September 30, a report in form and substance satisfactory to Bank, evaluating the proven producing oil and gas reserves attributable to Borrowers aggregate interest in the Mortgaged Property (as defined in subsection (b) below), together with the expenses attributable thereto. The engineering data and information furnished to Bank by or on behalf of Borrowers shall be accompanied by such other information as shall be reasonably requested by Bank in order for it to make its independent determination of the Collateral Borrowing Base, and by a certificate of Borrowers certifying that Borrowers have good and defensible title to the Mortgaged Property valued and that payments are being received from purchasers of production with respect to said interests except for payments suspended for valid reasons. (b) The term "Mortgaged Property" shall refer only to such properties covered by the Mortgage (or a supplemental mortgage or deed of trust, duly executed, acknowledged and delivered by Borrowers to Bank in form satisfactory to counsel for the Bank) and which properties are, at the time:

Semiannual Engineering Reports. Borrowers shall deliver to Bank at Borrowers’ cost by each August 1 (effective no earlier than July 1 of such year) and February 1 (effective no earlier than January 1 of such year), commencing February 1, 2018, a reserve report in form, scope, and substance acceptable to the Bank evaluating the proven producing oil and gas reserves attributable to ELLC’s aggregate interest in the Mortgaged Property (as defined in subsection (b) below), together with the expenses attributable thereto. Borrowers may prepare the February reserve report internally, but the August reserve report must be prepared by a reputable independent petroleum engineer acceptable to the Bank. The reserve reports shall be accompanied by such other information as shall be reasonably requested by Bank in order for it to make its independent determination of the Collateral Borrowing Base, and by a certificate of ELLC certifying that ELLC has good and defensible title to the Mortgaged Property valued and that payments are being received from purchasers of production with respect to said interests except for payments suspended for valid reasons. (b) The term “Mortgaged Property” shall refer only to such properties covered by the Mortgage (or a supplemental mortgage or deed of trust, duly executed, acknowledged and delivered by ELLC to the Bank in form satisfactory to counsel for the Bank) and which properties are, at the time: (i) Particularly and adequately described under the Mortgage or other supplemental mortgage or deed of trust; (ii) Completed or developed (in the case of oil and gas leases) to the extent that value is being assigned to them by the Bank in connection with such evaluation and the Bank has determined that such properties are capable of producing oil and gas in commercial quantities; and (iii) Approved as to title to the satisfaction of the Bank.

Semiannual Engineering Reports. (a) The Borrower shall deliver to the Bank at the Borrower's cost by each February 28 and August 31, commencing August 31, 2004, an oil and gas reserve/reserve economics report in form, substance and scope acceptable to the Bank (each an "Engineering Report") as is necessary or appropriate for the Bank's engineers or any other independent petroleum engineer acceptable to the Bank to compile and prepare by each March 31 and September 30 (commencing September 30, 2004) an engineering report in form and substance satisfactory to the Bank, evaluating the proven producing oil and gas reserves attributable to the Borrower's aggregate interest in the Mortgaged Property (as defined in subsection (b) below), together with the expenses attributable thereto. Each Engineering Report delivered by the Borrower to the Bank by February 28 of each year shall be prepared by an independent petroleum engineer selected by the Borrower and acceptable to the Bank and in form, scope and substance acceptable to the Bank, the cost of which shall be borne solely by the Borrower. Each Engineering Report delivered by the Borrower to the Bank by August 31 of each year may, at the Borrower's election, be prepared internally from data furnished by the Borrower. Each Engineering Report furnished to the Bank by or on behalf of the Borrower shall be accompanied by such other information as shall be requested by the Bank in order for it to make its independent determination of the Collateral Borrowing Base, and by a certificate of the Borrower certifying that the Borrower has good and indefeasible title to the Mortgaged Property valued and that payments are being received from purchasers of production with respect to said interests except for payments suspended for valid reasons. At any time after thirty (30) days of the receipt of such Engineering Report and in no event later than each March 31 and September 30 (commencing September 30, 2004,) (each being a "Redetermination Date") and such other time or times as the Bank, at the Borrower's written request, may agree in writing, in its sole option and discretion, the Bank shall (i) make a determination of the present worth pursuant to the Bank's independent engineering analysis, using such pricing and discount factors (calculated on the basis of PW10 [present worth, discounted ten percent per annum]) as it deems appropriate pursuant to the Bank's then applicable energy lending policies, procedures and pricing parameters, of the future net re...