Nature of Business; International Operations. Each Loan Party will not allow any material change to be made in the character of its business as an independent oil and gas exploration and production company with midstream assets. Each Loan Party will not engage in the business of trading Hydrocarbons. From and after the date hereof, each Loan Party and each Subsidiary will not acquire or make any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to any Oil and Gas Properties not located within the geographical boundaries of the United States including the outer continental shelf thereof.
Appears in 3 contracts
Samples: Credit Agreement (Resolute Energy Corp), Secured Term Loan Agreement (Resolute Energy Corp), Credit Agreement (Resolute Energy Corp)
Nature of Business; International Operations. Each No Loan Party will not allow any material change to be made in the character of its business as an independent oil and gas exploration and production company with midstream assets. Each Loan Party will not engage in the business of trading Hydrocarbonscompany. From and after the date hereof, each no Loan Party and each Subsidiary will not acquire or make any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to to, any Oil and Gas Properties not located within the geographical boundaries of the United States including or Canada in excess of $15,000,000 in the outer continental shelf thereofaggregate.
Appears in 2 contracts
Samples: Credit Agreement (SM Energy Co), Credit Agreement (SM Energy Co)
