Common use of Sale of Oil and Gas Properties Clause in Contracts

Sale of Oil and Gas Properties. The Obligors will not Transfer any Oil and Gas Property or any interest in any Oil and Gas Property for which value was given in the most recent Borrowing Base redetermination to any Person other than Obligors, provided, for so long as no Default exists, Obligors may Transfer Oil and Gas Property assets with a market value of up to $2,000,000 in the aggregate during any Borrowing Base Period. Upon any Transfer of Oil and Gas Properties as permitted herein, the Borrowing Base shall be automatically reduced by the current Oil and Gas Collateral Value attributable to such Oil and Gas Properties under current Borrowing Base determination.

Sale of Oil and Gas Properties. The Obligors will not Transfer any Oil and Gas Property or any interest in any Oil and Gas Property for which value was given in the most recent Borrowing Base redetermination to any Person other than Obligors, provided, for so long as no Default exists, Obligors may Transfer up to $500,000 in the aggregate of such Oil and Gas Property assets with a market value of up to $2,000,000 in the aggregate Assets during any Borrowing Base Period. Upon any Transfer of Oil and Gas Properties as permitted herein, the Borrowing Base shall be automatically reduced by the current Oil and Gas Collateral Value attributable to such Oil and Gas Properties under current Borrowing Base determination.

Sale of Oil and Gas Properties. The Obligors will not Transfer any Oil and Gas Property or any interest in any Oil and Gas Property for which value was given in the most recent Borrowing Base redetermination to any Person other than Obligors, provided, for so long as no Default exists, Obligors may Transfer Oil and Gas Property assets with a market value of up to $2,000,000 in the aggregate of such Oil and Gas Property Assets during any Borrowing Base Period. Upon any Transfer of Oil and Gas Properties as permitted herein, the Borrowing Base shall be automatically reduced by the current Oil and Gas Collateral Value attributable to such Oil and Gas Properties under current Borrowing Base determination.