Independent Reserves Report definition

Independent Reserves Report means a report prepared by the Independent Reserves Engineer, in form and substance reasonably satisfactory to the Technical Agent and the Majority Lenders, with respect to the Borrowing Base Assets. Without prejudice to the foregoing, the Independent Reserves Report shall (a) specify the location, quantity, and type of the Proved Reserves attributable to such Borrowing Base Assets, (b) contain a projection of the rate of production of such Borrowing Base Assets, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Borrowing Base Assets based on product price (following applicable international standards) and cost escalation assumptions provided by the Technical Agent, (d) take into account any “over-produced” status under gas balancing arrangements then in effect, and (e) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Technical Agent.
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Independent Reserves Report means a reserves report, prepared by the Independent Engineer, which includes estimated oil and gas Proved Reserves, Probable Reserves, PP Reserves and PU Reserves arising to the Borrower from the Borrowing Base Assets, production profiles and all costs related to the development and operations at the Borrowing Base Assets.
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Independent Reserves Report means a report prepared by the Independent Reserves Engineer, in form and substance reasonably satisfactory to the Technical Agent and the Majority Lenders, with respect to the Hydrocarbon Interests in Turkey which are included in the Borrowing Base. Without prejudice to the foregoing, the Independent Reserves Report shall (a) specify the location, quantity, and type of the Proved Reserves attributable to such Hydrocarbon Interests, (b) contain a projection of the rate of production of such Hydrocarbon Interests, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Proved Reserves based on product price and cost escalation assumptions provided by the Technical Agent, (d) take into account any “over-produced” status under gas balancing arrangements, (e) be prepared utilizing the price assumptions used by the Technical Agent at such time in evaluating its oil and gas loans generally and taking into account any Designated Hedge Agreement that is a Hydrocarbon Hedge Agreement (or any other Designated Hedge Agreement providing a Borrower or any of its Subsidiaries with protection against fluctuations in respect of the net operating revenues referred to in paragraph (c) of this definition) then in effect and the characteristics of the Hydrocarbons being produced from such Hydrocarbon Interests and (f) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Technical Agent.
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Examples of Independent Reserves Report in a sentence

  • The Technical Agent shall make available such Independent Reserves Report (or, as the case may be, a substantially final draft thereof) to the Lenders promptly following receipt thereof.

  • The Borrowers shall deliver to the Technical Agent an Independent Reserves Report in accordance with Section 3.2(a).

  • In connection with any redetermination of the Borrowing Base under this Section 3.3, the Borrowers shall provide the Technical Agent with such supporting information regarding the Borrowers’ business (including the Hydrocarbon Interests, the Proved Reserves, and production relating thereto) as the Technical Agent or any Lender may reasonably request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000 or more, an updated Independent Reserves Report.

  • On the Closing Date, the Borrowers shall deliver to the Technical Agent and each Lender an Internal Reserves Report, effective as of a date no earlier than June 30, 2013, and an Independent Reserves Report, effective as of a date no earlier than December 31, 2013, from the Independent Reserves Engineer.

  • Within ninety (90) days after December 31 in each year, commencing with December 31, 2009, the Borrowers shall deliver to the Technical Agent an Independent Reserves Report dated effective as of such December 31, and such other information as may be reasonably requested by the Technical Agent or any Lender with respect to the Hydrocarbon Interests included or to be included in the Borrowing Base.

  • The Technical Agent and the Lenders shall have received an Internal Reserves Report, effective as of a date no earlier than June 30, 2013, and an Independent Reserves Report, effective as of a date no earlier than December 31, 2013, from the Independent Reserves Engineer, each in form and substance satisfactory to them, in respect of the Borrowing Base Assets, together with such other information as may be reasonably requested by them with respect to the Borrowing Base Assets.

  • Within thirty (30) days after the Technical Agent’s receipt of such Independent Reserves Report and other information, the Technical Agent shall deliver to each Lender the Technical Agent’s recommendation for the redetermined Borrowing Base.

  • Concurrently with the delivery of each Independent Reserves Report to the Technical Agent, the Borrowers shall deliver a certificate of the Borrowers, signed by a Responsible Officer of the Borrowers, representing and warranting as to the truth, completeness and accuracy of the statements set forth in clauses (i) and (ii) of the immediately preceding sentence in respect of such matters as covered in such Independent Reserves Report.

  • The Borrowers shall deliver to the Technical Agent an Independent Reserves Report and Internal Reserves Report in accordance with Section 3.2(a).

  • Concurrently with the delivery of each Independent Reserves Report and Internal Reserves Report, the Borrowers shall also deliver to the Administrative Agent (with sufficient copies for each Lender) a Corporate Cashflow Projection effective as of the immediately upcoming Banking Case Date.


More Definitions of Independent Reserves Report

Independent Reserves Report means a report prepared by the Independent Reserves Engineer, in form and substance reasonably satisfactory to the Technical Agent and the Majority Lenders, with respect to the Borrowing Base Assets. Without prejudice to the foregoing, the Independent Reserves Report shall
Sample 1
Independent Reserves Report means a report prepared by Xxxx Petroleum Engineering Services, Inc. and approved by the Independent Reserves Engineer, in form and substance satisfactory to the Administrative Agent and the Majority Lenders, with respect to the Oil and Gas Properties. Without prejudice to the foregoing, the Independent Reserves Report shall (a) specify the location and estimated quantity of the Proved Reserves attributable to such Oil and Gas Properties, (b) contain a projection of the rate of production of Hydrocarbons from such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the sale of Hydrocarbons from such Proved Reserves based on product price and cost escalation assumptions provided by the Administrative Agent, (d) be prepared utilizing the price assumptions used by the Administrative Agent at such time in evaluating its oil and gas loans generally and taking into account any Designated Hedge Agreement that is a Hydrocarbon Hedge Agreement (or any other Designated Hedge Agreement providing the Borrower or any of its Subsidiaries with protection against fluctuations in respect of the net operating revenues referred to in clause (c) of this definition) then in effect and the characteristics of the Hydrocarbons being produced from the Oil and Gas Properties, and (e) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent.
Sample 1
Independent Reserves Report means the Hydrocarbon reserves report to be prepared by XxXxxxxx and XxxXxxxxxxx, or such other firm of independent petroleum engineers acceptable to the Administrative Agent, with respect to the Hydrocarbon Interests in Turkey owned by the Targets as of December 31, 2010.
Sample 1

Related to Independent Reserves Report

  • Independent Engineering Report means a report, in form and substance satisfactory to the Administrative Agent and each of the Lenders, prepared by an Independent Engineer, addressed to the Administrative Agent and the Lenders with respect to the Oil and Gas Properties owned by the Borrower or its Subsidiaries (or to be acquired by the Borrower or any of its Subsidiaries, as applicable) which are or are to be included in the Borrowing Base, which report shall (a) specify the location, quantity, and type of the estimated Proven Reserves attributable to such Oil and Gas Properties, (b) contain a projection of the rate of production of such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Proven Reserves based on product price and cost escalation assumptions specified by the Administrative Agent and the Lenders, and (d) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent or any Lender.

  • Initial Reserve Report means the report prepared by or under the supervision of the chief engineer of the Borrower with respect to certain Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as of December 31, 2018.

  • cost accountant means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

  • Section 404 Report means management’s report on “internal control over financial reporting” as defined by the SEC and the related attestation report of the independent certified public accountant as described in Section 3(A)(1).

  • Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent, setting forth, on the dates required in Section 8.12 (or such other date in the event of an Interim Redetermination) the oil and gas reserves attributable to the Oil and Gas Properties of the Credit Parties, together with a projection of the rate of production and future net income, taxes, operating expenses and capital expenditures with respect thereto as of such date, based upon the pricing assumptions consistent with the Administrative Agent’s lending requirements at the time.

  • Required Reserves at any time means the sum of (a) the Yield Reserve, plus (b) the Servicing Fee Reserve, plus (c) the greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Percentage and (ii) the Minimum Percentage, each as in effect at such time, multiplied by the Net Pool Balance on such date.

  • Phase I Report means, with respect to any Facility, a report that (i) conforms to the ASTM Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process, E 1527, (ii) was conducted no more than six months prior to the date such report is required to be delivered hereunder, by one or more environmental consulting firms reasonably satisfactory to Administrative Agent, (iii) includes an assessment of asbestos-containing materials at such Facility, (iv) is accompanied by (a) an estimate of the reasonable worst-case cost of investigating and remediating any Hazardous Materials Activity identified in the Phase I Report as giving rise to an actual or potential material violation of any Environmental Law or as presenting a material risk of giving rise to a material Environmental Claim, and (b) a current compliance audit setting forth an assessment of Holdings’, its Subsidiaries’ and such Facility’s current and past compliance with Environmental Laws and an estimate of the cost of rectifying any non-compliance with current Environmental Laws identified therein and the cost of compliance with reasonably anticipated future Environmental Laws identified therein.

  • Interim Report means a report identifying the contributions received and

  • Auditor’s Report means the auditor’s report on the Financial Report; “AEDT” means Australian Eastern Daylight Time.

  • Financial Monitoring Report or “FMR” means each report prepared in accordance with Section 4.02 of this Agreement;

  • Annual Accountant’s Report is defined in Section 3.04(a) of the Servicing Agreement.

  • Appraisal report A report setting forth the fair market value of a Mortgaged Property as determined by an appraiser who, at the time the appraisal was conducted, met the minimum qualifications of FNMA and FHLMC for appraisers of conventional residential mortgage loans.

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • Independent Accountant has the meaning set forth in Section 2.04(c)(iii).

  • Initial Engineering Report means the engineering report concerning Oil and Gas Properties of Loan Parties dated as of June 30, 2006 prepared by Netherland, Xxxxxx & Associates and XxXxxxxx & XxxXxxxxxxx.

  • GLJ Report means the independent engineering reserves evaluation of certain oil, NGL and natural gas interests of the Company prepared by GLJ dated February 11, 2022 and effective December 31, 2021.

  • Pick Up Report means the report detailing the number of sleeping rooms per day actually used out of the Program’s room block.

  • Required Reserve means, on any day during a Calculation Period, the product of (a) the greater of (i) the Required Reserve Factor Floor and (ii) the sum of the Loss Reserve, the Yield Reserve, the Dilution Reserve and the Servicing Reserve, times (b) the Net Pool Balance as of the Cut-Off Date immediately preceding such Calculation Period.

  • Physical Conditions Report means, with respect to the Property, a report prepared by a company satisfactory to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion, which report shall, among other things, (a) confirm that the Property and its use complies, in all material respects, with all applicable Legal Requirements (including, without limitation, zoning, subdivision and building laws) and (b) include a copy of a final certificate of occupancy with respect to all Improvements on the Property.

  • Independent Auditor has the meaning specified in subsection 7.01(a).

  • Quarterly Statement means the quarterly statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar authority) to be used for filing quarterly statutory financial statements and shall contain the type of financial information permitted by such insurance commissioner (or such similar authority) to be disclosed therein, together with all exhibits or schedules filed therewith.

  • ESDM Report means the Emission Summary and Dispersion Modelling Report, dated June 12, 2009, prepared in accordance with the Procedure Document by Golder Associated Ltd. and submitted in support of the application, and includes any amendments to the ESDM Report listed in Schedule A and all up-dated ESDM Reports prepared as required by the Documentation Requirements conditions of this Certificate.