Initial Reserve Report Clause Samples
The Initial Reserve Report clause establishes the requirement for the preparation and delivery of a detailed report outlining the estimated reserves associated with a particular asset or project at the outset of an agreement. Typically, this report is prepared by a qualified independent engineer or expert and includes data such as the quantity, quality, and value of the reserves, along with supporting technical and financial information. By mandating the creation and sharing of this report early in the contractual relationship, the clause ensures that all parties have a clear, agreed-upon understanding of the asset's baseline value, thereby reducing the risk of future disputes and facilitating informed decision-making.
Initial Reserve Report. The Administrative Agent shall have received (i) the Initial Reserve Report and (ii) a Reserve Report Certificate with respect to the Oil and Gas Properties covered by the Initial Reserve Report and covering only the matters described in Section 8.12(d)(A), Section 8.12(d)(B), Section 8.12(d)(C) and Section 8.12(d)(E) with respect thereto.
Initial Reserve Report. The Global Administrative Agent and the Lenders shall have received and shall be satisfied with the contents, results and scope of the Initial Reserve Report.
Initial Reserve Report. The Administrative Agent shall have received the Initial Reserve Report.
Initial Reserve Report. The Lenders shall have received the Initial Reserve Report.
Initial Reserve Report. A true and correct copy of the Initial Reserve Report;
Initial Reserve Report. The Company has heretofore delivered to the Lenders a true and complete copy of (x) reserve reports, each dated effective as of July 1, 2014 prepared by the Company (the “Initial Reserve Report”) relating to an evaluation of the Oil and Gas attributable to the Oil and Gas Properties described therein. To the knowledge of the Company, (a) the assumptions stated or used in the preparation of the Initial Reserve Report are reasonable, (b) all information furnished by the Company for use in the preparation of the Initial Reserve Report, was accurate in all material respects, (c) there has been no material adverse change in the amount of the estimated Oil and Gas shown in the Initial Reserve Report since the date thereof, except for changes which have occurred as a result of production in the ordinary course of business, and (d) the Initial Reserve Report does not omit any material statement or information necessary to cause the same not to be misleading to the Lenders.
Initial Reserve Report. Agent shall have received a Reserve Report with respect to the Oil and Gas Properties of the Loan Parties and their Subsidiaries, covering such period and otherwise in such form and substance as may be reasonably acceptable to Agent and the Lenders.
Initial Reserve Report. Borrower has heretofore delivered to Administrative Agent true and complete copies of the Joint Resources Reserve Report, together with a report prepared by ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ & Associates dated as of December 31, 2005 (collectively, the "Initial Reserve Reports") relating to an evaluation of the Oil and Gas attributable to the Oil and Gas Properties described therein. To the knowledge of Borrower, (i) the assumptions stated or used in the preparation of the Initial Reserve Reports were reasonable as of such date, (ii) all information furnished by Borrower to ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ & Associates taken as a whole, for use in the preparation of the Initial Reserve Reports was accurate in all material respects, (iii) there has been no material adverse change in the amount of the estimated Oil and Gas shown in the Initial Reserve Reports since the date thereof, except for changes which have occurred as a result of production in the ordinary course of business, and (iv) the Initial Reserve Reports do not omit any statement or information necessary to cause the same not to be misleading to Administrative Agent and the Banks in any material respect.
Initial Reserve Report. The Company has heretofore delivered to the Lenders a true and complete copy of (x) a report, dated effective as of December 31, 2006, prepared by Netherland, ▇▇▇▇▇▇ and Associates, Inc. (collectively, the “Initial Reserve Reports”) relating to an evaluation of the Oil and Gas attributable to certain of the Mortgaged Properties described therein. To the knowledge of the Company, (a) the assumptions stated or used in the preparation of the Initial Reserve Report are reasonable, (b) all information furnished by the Company to Netherland, ▇▇▇▇▇▇ and Associates, Inc. (the “Independent Engineer”) for use in the preparation of the Initial Reserve Report, was accurate in all material respects, (c) there has been no material adverse change in the amount of the estimated Oil and Gas shown in the Initial Reserve Report since the date thereof, except for changes which have occurred as a result of production in the ordinary course of business, and (d) the Initial Reserve Report do not omit any material statement or information necessary to cause the same not to be misleading to the Lenders.
Initial Reserve Report. The Agent (for delivery to the Holders) shall have received a copy of the Initial Reserve Report in a form reasonably satisfactory to the Requisite Holders.