Common use of Sale of Properties Clause in Contracts

Sale of Properties. The Borrower will not, and will not -------------------- permit any Subsidiary to, sell, assign, farm-out, convey or otherwise transfer (including through the sale of a Production Payment or overriding royalty interest) any Property except for (a) the sale of Hydrocarbons in the ordinary course of business; (b) 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; and (c) the sale or transfer of any Property that, taken together with the sale of any other Properties during any calendar year, in the aggregate, has a fair market value of less than $50,000.

Sale of Properties. The Borrower will not, and will not -------------------- permit any Subsidiary to, sell, assign, farm-out, convey or otherwise transfer (including through the sale of a Production Payment production payment or overriding royalty interest) any Property except for (a) i. the sale of Hydrocarbons in the ordinary course of business; (b) ii. 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; and (c) or iii. the sale or transfer of any Property that, taken together with the sale of any other Properties during any calendar year, in the aggregate, has a fair market value of less than $50,000.

Sale of Properties. The Borrower will not, and will not -------------------- permit any Subsidiary to, sell, assign, farm-out, convey or otherwise transfer (including through the sale of a Production Payment production payment or overriding royalty interest) any Property except for (a) the sale of Hydrocarbons in the ordinary course of businessbusiness (excluding any prepay or forward sale transactions); (b) 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; and (c) the sale or transfer of any Property that, taken together with the sale of any other Properties during any calendar year, in the aggregate, has a fair market value of less than $50,000250,000.

Sale of Properties. The Borrower will not, and will not -------------------- permit any Subsidiary to, sell, assign, farm-out, convey or otherwise transfer (including through the sale of a Production Payment or overriding royalty interest) any Property except for (a) the sale of Hydrocarbons in the ordinary course of business; (b) 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; and (c) the sale or transfer of any Property that, taken together with the sale of any other Properties Properties, in the aggregate, during any calendar year, in the aggregate, has a fair market value of less than $50,000.