Ownership of Properties Except as set forth on Schedule 2, on the date of this Agreement, the Borrower and its Subsidiaries will have good title, free of all Liens other than those permitted by Section 6.15, to all of the Property and assets reflected in the Borrower's most recent consolidated financial statements provided to the Agent as owned by the Borrower and its Subsidiaries.
Operation of Properties The Borrower will and will cause each Subsidiary to operate its Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements.
Sale of Properties The Borrower will not, and will not permit any of the Guarantors to, sell, assign, farm-out, convey or otherwise transfer any Property except for: (a) the sale of Hydrocarbons in the ordinary course of business; (b) farmouts of undeveloped acreage and assignments in connection with such farmouts; (c) the sale or transfer of equipment that is no longer necessary for the business of the Borrower or such Subsidiary or is replaced by equipment of at least comparable value and use; (d) sales or other dispositions (excluding Casualty Events) of Oil and Gas Properties or any interest therein or Subsidiaries owning Oil and Gas Properties; provided that (i) 100% of the consideration received in respect of such sale or other disposition shall be cash and/or publicly traded securities, (ii) the consideration received in respect of such sale or other disposition shall be equal to or greater than the fair market value of the Oil and Gas Property, interest therein or Subsidiary subject of such sale or other disposition (as reasonably determined by the board of directors of the Borrower and, if requested by the Administrative Agent, the Borrower shall deliver a certificate of a Responsible Officer of the Borrower certifying to that effect), (iii) if such sale or other disposition of Oil and Gas Property or Subsidiary owning Oil and Gas Properties included in the most recently delivered Reserve Report during any period between two successive Scheduled Redetermination Dates has a fair market value (as determined by the Administrative Agent), individually or in the aggregate, in excess of $5,000,000, the Borrowing Base shall be reduced, effective immediately upon such sale or disposition, by an amount equal to the value, if any, assigned such Property as determined by the Required Lenders assigned such Property in the most recently delivered Reserve Report and (iv) if any such sale or other disposition is of a Subsidiary owning Oil and Gas Properties, such sale or other disposition shall include all the Equity Interests of such Subsidiary; and (e) sales and other dispositions of Properties not regulated by Section 9.12(a) to (d) having a fair market value not to exceed $250,000 during any 12-month period.
Ownership of Properties; Liens Each Loan Party owns good and, in the case of real property, marketable title to all of its properties and assets, real and personal, tangible and intangible, of any nature whatsoever (including patents, trademarks, trade names, service marks and copyrights), free and clear of all Liens, charges and claims (including infringement claims with respect to patents, trademarks, service marks, copyrights and the like) except as permitted by Section 11.2.
PARTICULARS OF PROPERTY MASTER TITLE NO. AND LOT PT NO. : Master Title No. H.S.(M) 18672, Parent Lot No. PT 31376 SECTION/TOWN/DISTRICT/STATE : Mukim of Batu, District of Gambak, Selangor Darul Ehsan APPROXIMATE FLOOR AREA : 486.53 sq. feet. (45.20 sq. metres.) TENURE : Leasehold DEVELOPER / REGISTERED PROPRIETOR : Xxxx Xxxx Properties Berhad ENCUMBRANCE : Assigned to MALAYSIA BUILDING SOCIETY BERHAD The subject property is a Two (2) Bedroom Low Cost Flat identified as Parcel No. G-1-15, Storey No. 1, Building No. G Bandar Baru Selayangandbearing postal address at No. G-000, Xxxx X, Apartment Xxxxx, Xxxxx 0/0, Xxxxxx Xxxx Xxxxxxxx, 00000 Xxxx Xxxxx, Xxxxxxxx. The property will be sold on an “as is where is” basis and subject to a reserve price of RM 60,000.00 (RINGGIT MALAYSIA SIXTY THOUSAND ONLY), subject to the Conditions of Sale as printed in the Proclamation of Sale by way of an Assignment from the above Assignee/Lender subject to necessary confirmations/consent being obtained by the successful bidder (“the Purchaser”) from the Developer and/or other relevant authorities. Any arrears of quit rent, assessment, taxes, rates, maintenance charges and all other outgoing charges which are lawfully and rightfully due and payable to the Developer and/or other relevant authorities up to the date of the auction sale shall be paid out of the purchase money. All intending bidders are required to deposit with the Auctioneer 10% of the fixed reserve price for the said property by BANK DRAFT or CASHIER’S ORDERonly in favour of MALAYSIA BUILDING SOCIETY BERHADbefore the commencement of the auctionprior to the auction sale and pay the difference between the initial deposit and the sum equivalent to 10% of the successful bid price either in cash or bay way of credit card (Master / Visa) or bank draft or cashier’s orderand the balance of the purchase price (90%) shall be paid within one hundred and twenty (120) days from the date of the auction sale. For further particulars, please contact Messrs. Xxxx Xxxxxx & AssociatesSolicitors for the Assignee/Lender at Unit No. B-11-12, Blk B, 11th Floor, Xxxx 00, Xxxxx Xxxxxx XX, Xx. 00, Xxxxx Xxx Xxxx Xxxx, 50450 Kuala Lumpur.. Tel: 03-27155119Fax: 03-27157119 (Ref: Penang Office (Main): Xx. 000, Xxxxx Xxxxxx Xxxxxx, 00000 Xxxxxx. KL Office: No. B-3A-0, Xxxxx Xxxxxx XX, Xxxxx Xxx Xxxx Xxxx, 50450 Kuala Lumpur. Tel. No.: (PG): 00-000 0000, (KL) 00-0000 0000, H/P: 000-000 0000 / 000-000 0000 Fax No.: (PG): 00-000 0000 / (KL): 00-0000 0000 Email: xxxxx@xxx.xxx.xx Ref. No.: MNP/MBSB/KL/APR15/4 Licensed Auctioneer Menurut kuasa xxx xxx xxxx telah diberikan kepada Pihak Pemegang Xxxxx Xxx/Pemberi Pinjaman di bawah Perjanjian Pinjaman, Suratikatan Penyerahhakkan Xxx Surat Kuasa Wakil Kesemuanya Bertarikh 6hb Ogos 2001di antara Pihak Pemegang Xxxxx Xxx/Pemberi Pinjaman xxx Pihak-Pihak Penyerah Hak/Peminjam xxx berkenaan dengan Perjanjian Jual Beli di antara (“Penjual”) xxx Pihak-Pihak Penyerahhak/Peminjam yang bertarikh19hb Mei 1995adalah dengan ini diisytiharkan bahawa Pihak Pemegang Xxxxx Xxx/Pemberi Pinjaman tersebut dengan bantuan Pelelong yang tersebut di bawah NOTA:-Xxxxx-xxxxx pembeli adalah dinasihatkan agar:- (i) meminta nasihat bebas daripada Pihak Xxxxxx mengenai Syarat-Syarat Jualan di sini (ii) memeriksa hartanah tersebut (iii) membuat pertanyaan sekiranya hakmilik individu xxx hakmilik strata telah dikeluarkan (iv) membuat carian hakmilik secara rasmi di Pejabat Tanah xxx/atau Pihak Berkuasa yang lain (v) membuat pertanyaan yang diperlukan dengan pihak Pemaju xxx/atau Pemilik xxx/atau Pihak Berkuasa Negeri, xxx/atau badan-badan yang berkenaan mengenai pengesahan-pengesahan / terma-terma kebenaran yang diperlukan untuk jualan sebelum jualan lelong (Vi) membuat xxx bergantung pada carian sendiri, pertanyaan, penyiasatan xxx penentusahan mengenai ketepatan xxx kebenaran butir-butir xxx maklumat yang dikemukakan. Xxxxx-Xxxxx pembeli adalah dinasihatkan bahawa pergantungan tidak boleh dibuat pada kenyataan- kenyataan atau representasi-representasi yang dibuat pada Perisytiharan Jualan ini atau oleh Pelelong pada masa lelongan berkenaan dengan hartanah yang diperihalkan xxx mana-mana bakal pembeli yang memilih untuk bergantung pada kenyataan-kenyataan atau representasi-representasi tersebut berbuat demikian atas risiko sendiri. Penawar yang 2erjaya (”Pembeli”) sebaik sahaja selepas jualan mengaku janji untuk memohon xxx mendapatkan pengesahan/kebenaran yang diperlukan untuk pindahmilik atau xxxxx xxx (jika ada) daripada Pemaju xxx/atau Pemilik xxx/atau Pihak Berkuasa Negeri xxx/atau badan-badan yang berkenaan. NO. HAKMILIK XXXXXXX XXX NO. LOT : Master Title No. H.S.(M) 18672, Parent Lot No. PT 31376 SEKSYEN/BANDAR/DAERAH/NEGERI : Mukim Batu, Daerah Gombak, Selangor Darul Ehsan KELUASAN LANTAI : 486.53 kaki persegi (45.20 meter persegi) PEGANGAN Pajakan PEMAJU/PEMILIK BERDAFTAR : Shah Alam Properties Berhad BEBANAN : Diserahhak kepada MALAYSIA BUILDING SOCIETY BERHAD Harta tersebut adalah sebuah Rumah Pangsa Kos Rendah Dua (2) Bilik yang dikenali sebagaiPetak No. G-1-15, Tingkat No. 1, Bangunan No. G Bandar Baru Selayangdan beralamat No. G-000, Xxxx X, Apartment Xxxxx, Xxxxx 0/0, Xxxxxx Xxxx Xxxxxxxx, 00000 Xxxx Xxxxx, Xxxxxxxx.
Ownership of Property; Liens Each of the Borrower and each Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.
Condition of Properties All facilities, machinery, equipment, fixtures and other properties owned, leased or used by the Company are in reasonably good operating condition and repair, subject to ordinary wear and tear, and are adequate and sufficient for the Company’s business.
Identity Of Property a. The Purchaser shall admit the identity of the Property purchased with that described in the Proclamation of Sale and such other documents such as muniments offered by the Auctioneer as to the title to the Property upon the evidence afforded by the comparison of the description in the particulars and muniments respectively and with that described in the Security Documents without requiring any further proof. b. The Purchaser shall accept the area shown in the particulars of the Proclamation of Sale or Conditions of Sale or Memorandum. The Assignee shall not be liable to the Purchaser for any discrepancy(ies) appearing after the sale concerning the identity of the Property purchased or the area shown in the particulars of the Conditions of Sale. c. Upon issuance of the strata/individual title to the Property, if the land or floor area is found to exceed that as described and additional payment is imposed for the excess area by the Developer and/or relevant authorities, then such additional payment shall be borne and paid solely by the Purchaser. d. If the land or floor area of the Property is found to be less then that as described, any claim for the reduced area shall be undertaken solely by the Purchaser against the Developer and/or such other party and the auction sale herein shall not be annulled and neither the Assignee, the Assignee’s Solicitors nor the Auctioneer shall be liable thereof for such claim.
Ownership of Property; Liens; Investments (a) Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. (b) Schedule 5.08(b) sets forth a complete and accurate list of all Liens on the property or assets of each Loan Party and each of its Subsidiaries, showing as of the date hereof the lienholder thereof, the principal amount of the obligations secured thereby and the property or assets of such Loan Party or such Subsidiary subject thereto. The property of each Loan Party and each of its Subsidiaries is subject to no Liens, other than Liens set forth on Schedule 5.08(b), and as otherwise permitted by Section 7.01. (c) Schedule 5.08(c) sets forth a complete and accurate list of all real property owned by each Loan Party and each of its Subsidiaries, showing as of the date hereof the street address, county or other relevant jurisdiction, state, record owner and book and estimated fair value thereof. Each Loan Party and each of its Subsidiaries has good, marketable and insurable fee simple title to the real property owned by such Loan Party or such Subsidiary, free and clear of all Liens, other than Liens created or permitted by the Loan Documents. (d) (i) Schedule 5.08(d)(i) sets forth a complete and accurate list of all leases of real property under which any Loan Party or any Subsidiary of a Loan Party is the lessee, showing as of the date hereof the street address, county or other relevant jurisdiction, state, lessor, lessee, expiration date and annual rental cost thereof. Each such lease is the legal, valid and binding obligation of the lessor thereof, enforceable in accordance with its terms.
Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.
