Production Burdens, Taxes, Expenses and Revenues. All rentals, royalties, shut-in royalties and other similar payments due under or with respect to the Oil and Gas Properties have been properly and timely paid except for (i) such rentals, shut-in royalties and other similar payments which are being contested in good faith by appropriate proceedings and for which reserves shall have been made therefor and (ii) such rentals, shut-in royalties and other similar payments the nonpayment of which could not reasonably be expected to result in a reduction in the present value, using a ten percent (10%) discount rate, of Mortgagor’s proved reserves in an amount equal to or greater than $2,000,000. To the extent required by Section 5.04 of the Credit Agreement, all taxes have been properly and timely paid. All expenses payable under the terms of the Contracts have been properly and timely paid except for such expenses being contested in good faith by appropriate proceedings, and for which reserves shall have been made therefore and except for such expenses as are being currently paid prior to delinquency in the ordinary course of business. Except for Mortgagor’s interests in certain Oil and Gas Properties, which Mortgagor represents do not constitute a material portion (with 2% being deemed material) of the value of the Collateral and all other Properties of Mortgagor securing the Obligations, all of the proceeds from the sale of Hydrocarbons produced from the Realty Collateral are being properly and timely paid to Mortgagor by the purchasers or other remitters of production proceeds without suspense. [Mortgagor’s ownership of the Hydrocarbons and the undivided interests therein as specified on attached Exhibit A (i) will, after giving full effect to all Liens permitted hereby and after giving full effect to the agreements or instruments set forth on Exhibit A and any other instruments or agreements affecting Mortgagor’s ownership of the Hydrocarbons, afford Mortgagor not less than those net interests (expressed as a fraction, percentage or decimal) in the production from or which is allocated to such Hydrocarbons specified as net revenue interest on Exhibit A hereto and (ii) will cause Mortgagor to bear not more than that portion (expressed as a fraction, percentage or decimal), specified as working interest on Exhibit A hereto, of the costs of drilling, developing and operating the wxxxx identified on Exhibit A.]5 5 Delete for MERI mortgage Exhibit D — Form of Mortgage
Production Burdens, Taxes, Expenses and Revenues. All payments due under or with respect to the Properties have been properly and timely paid when due, or funds have been set aside for such purpose. All ad valorem, property, production, severance and other taxes based on or measured by such Seller’s ownership of those Properties or the production of hydrocarbons, including coalbed methane gas or natural gas, as applicable, therefrom have been properly and timely paid when due. All expenses payable under the terms of the Contracts attributable to such Seller have been properly and timely paid when due, except for such expenses as are being currently paid prior to delinquency in the ordinary course of business. All of the proceeds from the sale of any hydrocarbons, including coalbed methane gas or natural gas, as applicable, are being properly and timely paid when due to such Seller, as appropriate, by the purchasers of production without suspension or indemnity other than standard division order indemnities. To the best of such Seller’s knowledge, there were no gas imbalances relating to the Properties to be transferred and assigned as of the Effective Date.
Production Burdens, Taxes, Expenses and Revenues. All rentals, royalties, excess royalty, overriding royalty interests and other payments due under or with respect to the Oil and Gas Properties (“Production Burdens”) have been properly and timely paid and no royalties are currently being held in suspense. All ad valorem, property, production, severance and other taxes based on or measured by the ownership of the Properties or the production of Substances from the Oil and Gas Properties have been properly and timely paid. All expenses payable under the terms of the Contracts have been properly and timely paid except for such expenses as are being currently paid prior to delinquency in the ordinary course of business. All of the proceeds from the sale of Substances are being properly and timely paid to each Seller by the purchasers of production without suspension or indemnity other than standard division order indemnities.
Production Burdens, Taxes, Expenses and Revenues. All payments due ------------------- under or with respect to the Gas Proper-ties have been properly and timely paid or funds set aside in escrow for such purpose. All ad valorem, property, production, severance and other taxes based on or measured by the owner-ship of the Gas Properties or the production of Substances there-from have been properly and timely paid. All expenses pay-able under the terms of the Con-tracts have been properly and timely paid except for such expenses as are being currently paid prior to delinquency in the ordinary course of business. All of the proceeds from the sale of Substances are being properly and timely paid to Seller by the purchasers of production without suspension or indemnity other than standard division order indemnities. Seller has not nor will Seller be obligated by virtue of any prepayment made under any production sales contract or any other contract containing a "take or pay" clause, or under any arrangement, to deliver oil, gas or other minerals produced from or allocated to any of the Gas Properties at some future time without receiving full payment therefor at the time of delivery. Seller has conducted all sales of gas which is subject to the balancing rights of third parties in accordance with the operating agreement and gas balancing agreement covering the specific Gas Property. Seller will clear all imbalances as of the Effective Date.
Production Burdens, Taxes, Expenses and Revenues. All rents, royalties, excess royalty, overriding royalty interests and other payments due under or with respect to the Oil and Gas Properties have been properly and timely paid; and all ad valorem, property, production, severance and other taxes based on or measured by the ownership of the Properties or the production of Substances therefrom, have been properly and timely paid. All expenses due and payable as of the date hereof under the terms of the Contracts have been properly and timely paid. All of the proceeds from the sale of Substances have been properly and timely paid to the Company by the purchasers of production without suspense or indemnity other than standard division order indemnities.
Production Burdens, Taxes, Expenses and Revenues. To the best of Sellers' knowledge and belief, all rentals, royalties, excess royalty, overriding royalty interests and other payments due under or with respect to the Properties have been properly and timely paid. All ad valorem taxes, property taxes, production taxes, severance taxes and other taxes based on or measured by the ownership of the Properties or the production of Hydrocarbons therefrom have been properly and timely paid. All expenses payable under the terms of the Contracts and attributable to the Properties have been properly and timely paid except for such expenses as are being currently paid prior to delinquency in the ordinary course of business. All of the proceeds from the sale of Hydrocarbons are being properly and timely paid to Sellers by the purchasers of production without suspense.
Production Burdens, Taxes, Expenses and Revenues. All rentals, royalties, excess royalty, overriding royalty interests, and other payments due under or with respect to the Properties have been properly and timely paid. All ad valorem, property, production, severance, and other taxes based on or measured by the ownership of the Properties or the production from the Properties have been properly and timely paid. All expenses payable under the terms of the contracts identified in Exhibit G have been properly and timely paid except for expenses currently paid, prior to delinquency, in the ordinary course of business. All proceeds from the sale of production are being properly and timely paid to Seller by the purchasers of production, without suspense.
Production Burdens, Taxes, Expenses and Revenues. To the best of Seller's knowledge, (a) all rentals, royalties, excess royalty, overriding royalty interests and other payments due under or with respect to the Properties have been properly and timely paid, (b) all ad valorem, property, production, severance and other taxes based on or measured by the ownership of the Properties or the production of Hydrocarbons from the Properties have been properly and timely paid, (c) all expenses payable by Seller under the terms of the Material Contracts have been properly and timely paid except for such expenses as are being currently paid prior to delinquency or are being contested in good faith in the ordinary course of business and (d) all of the proceeds from the sale of Hydrocarbons are being properly and timely paid to Seller by the purchasers of production without suspension or indemnity other than standard division order indemnities.
Production Burdens, Taxes, Expenses and Revenues. Except as otherwise permitted under, or as qualified by, the Credit Agreement, (i) all rentals, royalties, overriding royalties, shut-in royalties and other payments due under or with respect to the Oil and Gas Properties have been properly and timely paid, (ii) all taxes have been properly and timely paid, (iii) all expenses payable under the terms of the Contracts have been properly and timely paid, and (iv) all of the proceeds from the sale of Hydrocarbons produced from the Realty Collateral are being properly and timely paid to Mortgagor by the purchasers or other remitters of production proceeds without suspense. Mortgagor’s ownership of the Hydrocarbons and the undivided interests therein as specified on attached Exhibit A will, after giving full effect to all Liens permitted hereby and after giving full effect to the agreements or instruments set forth on attached Exhibit A, and any other instruments or agreements affecting Mortgagor’s ownership of such Hydrocarbons, afford Mortgagor not less than those net interests (expressed as a fraction, percentage or decimal) in the production from or which is allocated to such Hydrocarbons specified as net revenue interest on attached Exhibit A and will cause Mortgagor to bear not more than that portion (expressed as a fraction, percentage or decimal), specified as working interest on attached Exhibit A, of the costs of drilling, developing and operating the xxxxx identified on Exhibit A.
Production Burdens, Taxes, Expenses and Revenues. All rentals, royalties, excess royalty, overriding royalty interests, and other payments due under or with respect to the Properties have been properly and timely paid. All ad valorem, property, production, severance, and other taxes based on or measured by the ownership of the Properties or the production from the Properties have been properly and timely paid. All federal, state and local tax returns and tax reports required to be filed by Seller on or before the Closing Date with respect to the business and assets of Seller have been filed by Seller with the appropriate governmental agency or agencies in all jurisdictions in which such returns and reports are required to be filed and all of the foregoing are true, correct and complete in all material respects. All expenses payable under the terms of the Contracts have been properly and timely paid except for expenses currently paid, prior to delinquency, in the ordinary course of business. All proceeds from the sale of production are being properly and timely paid to Seller by the purchasers of production, without suspense.
