Common use of Leases and Contracts; Performance of Obligations Clause in Contracts

Leases and Contracts; Performance of Obligations. Borrower has not received a written notice of default under any leases, contracts, and other agreements that remains uncured that could reasonably be expected to result in a Material Adverse Effect. Except for any rents, royalties and other payments that in the aggregate do not exceed $1,000,000 or are being contested in compliance with Section 6.04, all rents, royalties and other payments due and payable under such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any Midstream Assets, have been properly and timely paid. No Credit Party has received written notice of a default that remains uncured with respect to its obligations (and no Credit Party has received written notice of any default by any third party with respect to such third party’s obligations) under any such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any part of the Midstream Assets, where such default could reasonably be expected to materially and adversely affect the ownership or operation of such Midstream Assets. No Credit Party is currently accounting for any royalties, or overriding royalties or other payments out of production, on a basis (other than delivery in kind) less favorable to such Credit Party than proceeds received by such Credit Party (calculated at the well) from sale of production, and no Credit Party has any liability (or alleged liability) to account for the same on any such less favorable basis that could reasonably be expected to result in a Material Adverse Effect.

Appears in 2 contracts

Samples: Credit Agreement (ANTERO RESOURCES Corp), Credit Agreement (Antero Resources Midstream LLC)

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Leases and Contracts; Performance of Obligations. To the best of each Borrower’s knowledge, the leases, contracts, servitudes and other agreements forming a part of the Borrowing Base Properties are in full force and effect. No Borrower has not received a written notice of default under any leases, contracts, and other such contracts or agreements that remains uncured that could reasonably be expected to result in a Material Adverse Effect. Except for any rents, royalties and other payments that in the aggregate do not exceed $1,000,000 or are being contested in compliance with Section 6.04, all rents, royalties and other payments due and payable under such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any Midstream AssetsOil and Gas Interests, have been properly and timely paid. No Credit Party has received written notice of a default that remains uncured with respect to its obligations (and no Credit Party has received written notice of any default by any third party with respect to such third party’s obligations) under any such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any part of the Midstream AssetsBorrowing Base Properties, where such default could reasonably be expected to materially and adversely affect the ownership or operation of such Midstream AssetsBorrowing Base Properties. No Credit Party is currently accounting for any royalties, or overriding royalties or other payments out of production, on a basis (other than delivery in kind) less favorable to such Credit Party than proceeds received by such Credit Party (calculated at the well) from sale of production, and no Credit Party has any liability (or alleged liability) to account for the same on any such less favorable basis that could reasonably be expected to result in a Material Adverse Effect.

Appears in 2 contracts

Samples: Credit Agreement (Antero Resources LLC), Credit Agreement (Antero Resources Finance Corp)

Leases and Contracts; Performance of Obligations. Borrower has not received a written notice Each lease, deed, or other agreement forming any part of default under any leases, contracts, the Oil and other agreements that remains uncured that could reasonably be expected Gas Properties of the Credit Parties to result which Proved Reserves are attributed in a Material Adverse Effecteach Engineering Report is in full force and effect. Except for any rents, royalties and other payments that in the aggregate do not exceed $1,000,000 or are being contested in compliance with Section 6.04, all All rents, royalties and other payments due and payable under such leases, contractsdeeds, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any Midstream Assets, agreements have been properly and timely paidpaid with respect to all Oil and Gas Properties operated by a Credit Party (and to the knowledge of the Credit Parties with respect to all Oil and Gas Properties not operated by a Credit Party) except to the extent such nonpayment could not reasonably be expected to cause the loss or forfeiture of any such Proved Reserves or result in a Material Adverse Change. No Credit Party has received written notice of a is in default that remains uncured with respect to its obligations (and no Credit Party has received written notice is aware of any default by any third party with respect to such third party’s obligations) under any such leases, contractsdeeds, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any part of the Midstream Assets, where Oil and Gas Properties except to the extent such default could not reasonably be expected to materially and affect adversely affect the ownership or operation of the Oil and Gas Properties to which any such Midstream AssetsProved Reserves are attributed or result in a Material Adverse Change. No Except as reflected in the most recently delivered Engineering Report, no Credit Party is currently accounting for any royalties, or overriding royalties or other payments out of production, production on a basis (other than delivery in kind) that is less favorable to such Credit Party than proceeds received by such Credit Party (calculated at the well) from the sale of such production, and no Credit Party has any liability (or alleged liability) to account for the same on any such less favorable basis that could reasonably be expected to result in a Material Adverse Effectbasis.

Appears in 1 contract

Samples: Credit Agreement (NiMin Energy Corp.)

Leases and Contracts; Performance of Obligations. Borrower has not received a written notice of default under any leases, contracts, and other agreements that remains uncured that could reasonably be expected to result in a Material Adverse Effect. Except for any rents, royalties and other payments that in the aggregate do not exceed $1,000,000 or are being contested in compliance with Section 6.04, all rents, royalties and other payments due and payable under such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any Midstream MidstreamWater Assets, have been properly and timely paid. No Credit Party has received written notice of a default that remains uncured with respect to its obligations (and no Credit Party has received written notice of any default by any third party with respect to such third party’s obligations) under any such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any part of the Midstream MidstreamWater Assets, where such default could reasonably be expected to materially and adversely affect the ownership or operation of such Midstream MidstreamWater Assets. No Credit Party is currently accounting for any royalties, or overriding royalties or other payments out of production, on a basis (other than delivery in kind) less favorable to such Credit Party than proceeds received by such Credit Party (calculated at the well) from sale of production, and no Credit Party has any liability (or alleged liability) to account for the same on any such less favorable basis that could reasonably be expected to result in a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (ANTERO RESOURCES Corp)

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Leases and Contracts; Performance of Obligations. To the best of Borrower’s knowledge, the leases, contracts, servitudes and other agreements forming a part of the Borrowing Base Properties are in full force and effect. No Borrower has not received a written notice of default under any leases, contracts, and other such contracts or agreements that remains uncured that could reasonably be expected to result in a Material Adverse Effect. Except for any rents, royalties and other payments that in the aggregate do not exceed $1,000,000 or are being contested in compliance with Section 6.04, all rents, royalties and other payments due and payable under such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any Midstream AssetsOil and Gas Interests, have been properly and timely paid. No Credit Party has received written notice of a default that remains uncured with respect to its obligations (and no Credit Party has received written notice of any default by any third party with respect to such third party’s obligations) under any such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any part of the Midstream AssetsBorrowing Base Properties, where such default could reasonably be expected to materially and adversely affect the ownership or operation of such Midstream AssetsBorrowing Base Properties. No Credit Party is currently accounting for any royalties, or overriding royalties or other payments out of production, on a basis (other than delivery in kind) less favorable to such Credit Party than proceeds received by such Credit Party (calculated at the well) from sale of production, and no Credit Party has any liability (or alleged liability) to account for the same on any such less favorable basis that could reasonably be expected to result in a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (ANTERO RESOURCES Corp)

Leases and Contracts; Performance of Obligations. To the best of each Borrower's knowledge, the leases, contracts, servitudes and other agreements forming a part of the Borrowing Base Properties are in full force and effect. No Borrower has not received a written notice of default under any leases, contracts, and other such contracts or agreements that remains uncured that could reasonably be expected to result in a Material Adverse Effect. Except for any rents, royalties and other payments that in the aggregate do not exceed $1,000,000 or are being contested in compliance with Section 6.04, all All rents, royalties and other payments due and payable under such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any Midstream AssetsOil and Gas Interests, have been properly and timely paid. No Credit Party has received written notice of a default that remains uncured with respect to its obligations (and no Credit Party has received written notice of any default by any third party with respect to such third party’s 's obligations) under any such leases, contracts, servitudes and other agreements, or under any Permitted Liens, or otherwise attendant to the ownership or operation of any part of the Oil and Gas Interests or the Midstream Assets, where such default could reasonably be expected to materially and adversely affect the ownership or operation of such Midstream AssetsBorrowing Base Properties. No Credit Party is currently accounting for any royalties, or overriding royalties or other payments out of production, on a basis (other than delivery in kind) less favorable to such Credit Party than proceeds received by such Credit Party (calculated at the well) from sale of production, and no Credit Party has any liability (or alleged liability) to account for the same on any such less favorable basis that could reasonably be expected to result in a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (Antero Resources Finance Corp)

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