Semiannual Engineering Reports Sample Clauses

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, 2019, 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. Borrowers may prepare the reserve report due each August 1 internally, but the reserve report due each February must be prepared by a reputable independent petroleum engineer acceptable to the Agent. 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.
Sample 1
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Semiannual Engineering Reports. (a) Borrower shall deliver to Bank at Borrower’s cost by each June 1 (effective no earlier than March 31 of such year) and December 1 (effective no earlier than September 30 of such year), commencing December 1, 2018, 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 and Mortgagor Subsidiaries’ aggregate 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 and Mortgagor Subsidiaries 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.
Sample 1
Semiannual Engineering Reports. (a) Borrower shall deliver to Bank at Borrower's cost by each April 1 (effective no earlier than January 31 of such year) and October 1 (effective no earlier than July 31 of such year), commencing April 1, 2017, 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 May 1 and November 1, commencing May 1, 2017) a report in form and substance satisfactory to Bank, evaluating the proven producing oil and gas reserves attributable to Borrower's 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 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.
Sample 1
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.
Sample 1
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.
Sample 1
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. (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. (c) ELLC agrees that the Bank shall be entitled at all times to have the “Mortgaged Property”, as encumbered by the Mortgage or supplemental mortgages or deeds of trust, constitute an aggregate value equal to a percentage (initially set at eighty percent (80%) but subject to adjustment by the Bank from time to time due to changes implemented in the Bank’s energy lending criteria and policies) of the aggregate value of ELLC’s Proven Reserves. For the purpose of determining the Collateral Borrowing Base and compliance herewith, the term “Proven Reserves”, in addition to properties that qualify as “Mortgaged Property” pursuant to t...
Sample 1

Related to Semiannual Engineering Reports

  • Engineering Reports 45 Section 8.08

  • Engineering Report Lender shall have received a current Engineering Report with respect to the Property, which report shall be in form and substance reasonably satisfactory to Lender.

  • Progress Reports The Recipient shall submit to the OPWC, at the OPWC's request, summary reports detailing the progress of the Project pursuant to this Agreement and any additional reports containing such information as the OPWC may reasonably require.

  • Reserve Reports (a) On or before March 1st and September 1st of each year, the Borrower shall furnish to the Administrative Agent and the Lenders a Reserve Report as of the immediately preceding December 31 or June 30, as applicable. The Reserve Report as of December 31 of each year shall be prepared by one or more petroleum engineers reasonably acceptable to the Administrative Agent and the June 30 Reserve Report of each year shall be prepared by or under the supervision of the chief engineer of the Borrower who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding December 31 Reserve Report.

  • Annual Independent Accountants’ Report The Servicer shall cause a firm of nationally recognized independent certified public accountants (the "Independent Accountants"), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency, on or before October 31 (or 120 days after the end of the Servicer's fiscal year, if other than June 30) of each year, beginning on October 31, 1999, with respect to the twelve months ended the immediately preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate), a statement (the "Accountants' Report") addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and to the Insurer, to the effect that such firm has audited the books and records of AmeriCredit Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements of AmeriCredit Corp. and that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three randomly selected Servicer's Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer's Certificates were found.

  • Annual Accountants’ Reports The Manager shall furnish, or cause to be furnished to the Trustee, the Control Party, the Back-Up Manager (to the extent the Back-Up Manager is not providing such report) and the Rating Agencies, if any, within 120 days after the end of each fiscal year of the Manager, commencing with the fiscal year ending in December 2021, (i) a report of the Independent Auditors (who may also render other services to the Manager) or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures performed by the Independent Auditors or the Back-Up Manager with respect to compliance with the Quarterly Noteholders’ Reports for such fiscal year (or other period) with the standards set forth herein, and (ii) a report of the Independent Auditors or the Back-Up Manager to the effect that such firm has examined the assertion of the Manager’s management as to its compliance with its management requirements for such fiscal year (or other period), and that (x) in the case of the Independent Auditors, such examination was made in accordance with standards established by the American Institute of Certified Public Accountants and (y) except as described in the report, management’s assertion is fairly stated in all material respects. In the case of the Independent Auditors, the report will also indicate that the firm is independent of the Manager within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants (each, an “Annual Accountants’ Report”). In the event such Independent Auditors require the Trustee to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 3.3, the Manager shall direct the Trustee in writing to so agree as to the procedures described therein; it being understood and agreed that the Trustee shall deliver such letter of agreement (which shall be in a form satisfactory to the Trustee) in conclusive reliance upon the direction of the Manager, and the Trustee has not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.

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