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

Sale of Oil and Gas Properties. The Obligors will not, ------------------------------ and will not permit any Subsidiary to 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 in excess of $500,000 in the aggregate, unless, to the extent necessary, the net proceeds received by any Obligor from any such Transfer are sufficient to and used to eliminate any Borrowing Base Deficiency pursuant to Section 2.07(b) (iii) and no Default exists or would result therefrom.

Sale of Oil and Gas Properties. The Obligors will not, ------------------------------ and will not permit any Subsidiary to 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 in excess of $500,000 1,000,000 in the aggregate, unless, to the extent necessary, the net proceeds received by any Obligor from any such Transfer are sufficient to and used to eliminate any Borrowing Base Deficiency pursuant to Section 2.07(b) (iii) aggregate and no Default exists or would result therefrom.

Sale of Oil and Gas Properties. The Obligors will not, ------------------------------ and will not permit any Subsidiary to 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 in excess of $500,000 5,000,000 in the aggregate, unless, to the extent necessary, the net proceeds received by any Obligor from any such Transfer are sufficient to and used to eliminate any Borrowing Base Deficiency pursuant to Section 2.07(b) (iii) aggregate and no Default exists or would result therefrom.

Sale of Oil and Gas Properties. The Obligors will not, ------------------------------ and will not permit any Subsidiary to 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 in excess of $500,000 10,000,000 in the aggregate, unless, to the extent necessary, the net proceeds received by any Obligor from any such Transfer are sufficient to and used to eliminate any aggregate of cash or cash equivalent sales during each Borrowing Base Deficiency pursuant to Section 2.07(bPeriod; provided, that, (i) fair market value is received as consideration for the sale, as determined by the Administrative Agent and (iiiii) and no Default exists or would result therefrom.

Sale of Oil and Gas Properties. The Obligors will not, ------------------------------ and will not permit any Subsidiary to 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 in excess of $500,000 in the aggregate, unless, to the extent necessary, the net proceeds received by any Obligor from any such Transfer are sufficient to and used to eliminate any Borrowing Base Deficiency pursuant to Section 2.07(b) (iii) aggregate and no Default exists or would result therefrom.