Common use of Agreement to Pledge Clause in Contracts

Agreement to Pledge. The Borrower shall, and shall cause each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Subsidiary now owned or hereafter acquired promptly after receipt of a written request from the Administrative Agent; provided that, unless an Event of Default has occurred and is continuing, the Administrative Agent shall not be permitted to request nor shall the Borrower be required to (a) grant an Acceptable Security Interest in Oil and Gas Properties in excess of 80% (by value) of all of the Borrower’s and its Subsidiaries’ Proven Reserves and Oil and Gas Properties, (b) other than the filing of financing statements, take any action to perfect a Lien in any Excluded Perfection Assets, or (c) xxxxx x Xxxx in any Excluded Property.

Agreement to Pledge. The Borrower shall, and shall cause each Restricted Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Restricted Subsidiary now owned or hereafter acquired promptly after receipt of a written request from the Administrative Agent; provided that, unless an Event of Default has occurred and is continuing, the Administrative Agent shall not be permitted to request nor that (a) in no event shall the Borrower be required to (a) grant an Acceptable Security Interest in any Oil and Gas Properties in excess that exceeds 90% of 80% (by value) the PV-9 value of all of the Borrower’s and its Restricted Subsidiaries’ Proven Reserves and Oil and Gas Properties and (b) the Borrower shall cause the Administrative Agent to, at all times and without any requirement of a written request from the Administrative Agent, have an Acceptable Security Interest in at least 90% of the PV-9 value of all of the Borrower’s and its Restricted Subsidiaries’ Proven Reserves and Oil and Gas Properties, (b) other than the filing of financing statements, take any action to perfect a Lien in any Excluded Perfection Assets, or (c) xxxxx x Xxxx in any Excluded Property.

Agreement to Pledge. The Borrower shall, and shall cause each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Subsidiary of its Subsidiaries now owned or hereafter acquired acquired, including Oil and Gas Properties, promptly after receipt of a written request from the Administrative Agent; provided that, unless an so long as no Default or Event of Default has shall have occurred and is be continuing, the Administrative Agent shall not be permitted to request nor shall obligation of the Borrower be required and its Subsidiaries to (a) grant an Acceptable Security Interest in its Oil and Gas Properties in excess of 80shall be limited to 90% (by value) of all such Oil and Gas Properties (but in no event shall the Administrative Agent have an Acceptable Security Interest in less than 90% (by value) of the Borrower’s and its Subsidiaries’ Proven Reserves and all such Oil and Gas Properties, (b) other than the filing of financing statements, take any action to perfect a Lien in any Excluded Perfection Assets, or (c) xxxxx x Xxxx in any Excluded Property).