Gas Contracts. Neither the Borrower nor any of the Guarantors, as of the date hereof, (a) is obligated in any material respect by virtue of any prepayment made under any contract containing a “take-or-pay” or “prepayment” provision or under any similar agreement to deliver hydrocarbons produced from or allocated to any of the Borrower’s and its Subsidiaries’ Oil and Gas Properties at some future date without receiving full payment therefor at the time of delivery, or (b) except as has been disclosed to the Administrative Agent, has produced gas, in any material amount, subject to, and none of the Borrower’s and the Guarantors’ Oil and Gas Properties is subject to, balancing rights of third parties or subject to balancing duties under governmental requirements.
Appears in 4 contracts
Samples: Credit Agreement (Cano Petroleum, Inc), Subordinated Credit Agreement (Cano Petroleum, Inc), Credit Agreement (Cano Petroleum, Inc)
Gas Contracts. Neither the Borrower nor any of the Guarantors, as of the date hereof, : (a) is obligated in any material respect by virtue of any prepayment made under any contract containing a “take-or-pay” or “prepayment” provision or under any similar agreement to deliver hydrocarbons produced from or allocated to any of the Borrower’s and its Subsidiaries’ Oil and Gas Properties at some future date without receiving full payment therefor at the time of delivery, or (b) except as has been disclosed to the Administrative Agent, has produced gas, in any material amount, subject to, and none of the Borrower’s and the Guarantors’ Oil and Gas Properties is subject to, balancing rights of third parties or subject to balancing duties under governmental requirements.
Appears in 3 contracts
Samples: Second Lien Credit Agreement (Crusader Energy Group Inc.), Credit Agreement (Crusader Energy Group Inc.), Subordinated Credit Agreement (Crusader Energy Group Inc.)
Gas Contracts. Neither the Borrower nor any of the Guarantors, as of the date hereof, (a) is obligated in any material respect by virtue of any prepayment made under any contract containing a “"take-or-pay” " or “"prepayment” " provision or under any similar agreement to deliver hydrocarbons produced from or allocated to any of the Borrower’s 's and its Subsidiaries’ the Guarantors' Oil and Gas Properties at some future date without receiving full payment therefor at the time of delivery, or (b) except as has been disclosed to the Administrative Agent, has produced gas, in any material amount, subject to, and none of the Borrower’s 's and the Guarantors’ ' Oil and Gas Properties is subject to, balancing rights of third parties or subject to balancing duties under governmental requirements.
Appears in 2 contracts
Samples: Credit Agreement (Ram Energy Inc/Ok), Credit Agreement (RLP Gulf States LLC)