Common use of DISPOSITION LIMIT Clause in Contracts

DISPOSITION LIMIT. In addition to the Borrower's covenants found in Schedule A hereto, the Borrower will not sell, convey or otherwise dispose of any of its Proved Producing Reserves or related facilities, other than in the normal course of business and on arm's length terms, provided that, if cumulative proceeds of all dispositions to be received by the Borrower exceed $1,000,000 in any calendar year, such proceeds will be used to permanently repay the Principal Indebtedness, unless other arrangements are made with CIBC.

DISPOSITION LIMIT. In addition to the Borrower's ’s covenants found in Schedule A hereto, the Borrower will not sell, convey or otherwise dispose of any of its Proved Producing Reserves or related facilities, other than in the normal course of business and on arm's ’s length terms, provided that, if cumulative proceeds of all dispositions to be received by the Borrower exceed $1,000,000 in any calendar year10% of the Borrowing Base since the last Borrowing Base determination, such proceeds will be used to permanently repay the Principal Indebtedness, unless other arrangements are made with CIBC.

DISPOSITION LIMIT. In addition to the Borrower's covenants found in Schedule A hereto, the Borrower will not sell, convey or otherwise dispose of any of its Proved Producing Reserves or related facilities, other than in the normal course of business and on arm's length terms, provided that, if cumulative proceeds of all dispositions to be received by the Borrower exceed $1,000,000 in any calendar year10% of the Borrowing Base since the last Borrowing Base determination, such proceeds will be used to permanently repay the Principal Indebtedness, unless other arrangements are made with CIBC.