Sales of Mineral Properties Sample Clauses

Sales of Mineral Properties. After a Borrowing Base has been determined, upon the sale by Company of any Mineral Properties (other than the sale of hydrocarbons after severance in the ordinary course of business or the transfer of Mineral Properties to the Additional Royalty Trusts or the sale or transfer of any HGT Units or ART Units), the Borrowing Base shall be reduced, effective on the date of consummation of such sale (or, if applicable, at such later date as provided in Section 5.05(c) below, by an amount which Company certifies to Banks is the Borrowing Base value last assigned to such Mineral Properties according to the most recent Reserve Report and Borrowing Base Certificate delivered to Banks; provided, however, that if Majority Banks, for any reason, disapprove of the proposed Borrowing Base value certified by Company, then Majority Banks shall determine the Borrowing Base value last assigned to such Mineral Properties according to the most recent Reserve Report and Borrowing Base Certificate delivered to Banks; provided, further, that no such reduction to the Borrowing Base shall be required during any calendar year until the aggregate sales of Mineral Properties, HGT Units and ART Units having an aggregate value of the Property Sale Threshold for such calendar year shall have occurred, and provided further, that all such sales shall be subject to the provisions of Section 9.07. Company's certificate setting forth its proposed reduction to the Borrowing Base that is required under this Section 5.05(a) shall be submitted to Banks at least ten (10) Business Days prior to the consummation of any sale or transfer of the Mineral Properties the prior consent to which is required by Majority Banks according to Section 9.07 or not later than three (3) Business Days after the consummation of any sale or transfer of the Mineral Properties the prior consent to which is not required by Majority Banks according to Section 9.07.
Sample 1
AutoNDA by SimpleDocs
Sales of Mineral Properties. After a Borrowing Base has been determined, upon the sale by Company of any Mineral Property (other than the sale of hydrocarbons after severance in the ordinary course of business or the transfer of Mineral Properties to the Proposed Royalty Trust), the Borrowing Base shall be reduced, effective on the date of consummation of such sale, by an amount which Company certifies to Banks is the Borrowing Base value last assigned to such Mineral Property according to the most recent Reserve Report and Borrowing Base Certificate delivered to Banks; provided, however, that if Majority Banks, for any reason, disapprove of the proposed Borrowing Base value certified by Company, then Majority Banks shall determine the Borrowing Base value last assigned to such Mineral Property according to the most recent Reserve Report and Borrowing Base Certificate delivered to Banks; provided, further, that no such reduction to the Borrowing Base shall be required with respect to aggregate net sales proceeds of up to $5,000,000 during any calendar year during the term of the Loan, and provided further, that all such sales shall be subject to the provisions of Section 9.07. Pursuant to the terms of the Purchase and Sale Agreement evidencing the EEX Acquisition, at closing of the EEX Acquisition, certain of the EEX Properties may be excluded from the EEX Acquisition and the purchase price for the EEX Properties may be reduced by the value allocated to such excluded EEX Properties, on account of title defects and/or adverse environmental conditions. After the purchase price for the EEX
Sample 1

Related to Sales of Mineral Properties

  • Notice of Sales of Oil and Gas Properties In the event the Borrower or any Subsidiary intends to sell, transfer, assign or otherwise dispose of any Oil or Gas Properties or any Equity Interests in any Subsidiary in accordance with Section 9.12, prior written notice of such disposition, the price thereof and the anticipated date of closing and any other details thereof requested by the Administrative Agent or any Lender.

  • Real Properties The Company does not have an interest in any real property, except for the Leases (as defined below).

  • Oil and Gas Properties The Borrower will and will cause each Subsidiary to, at its own expense, do or cause to be done all things reasonably necessary to preserve and keep in good repair, working order and efficiency all of its Oil and Gas Properties and other material Properties including, without limitation, all equipment, machinery and facilities, and from time to time will make all the reasonably necessary repairs, renewals and replacements so that at all times the state and condition of its Oil and Gas Properties and other material Properties will be fully preserved and maintained, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts. The Borrower will and will cause each Subsidiary to promptly: (i) pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties, (ii) perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties, (iii) cause each Subsidiary to do all other things necessary to keep unimpaired, except for Liens described in Section 9.02, its rights with respect to its Oil and Gas Properties and other material Properties and prevent any forfeiture thereof or a default thereunder, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts and except for dispositions permitted by Sections 9.16 and 9.17. The Borrower will and will cause each Subsidiary to operate its Oil and Gas Properties and other material Properties or cause or make reasonable and customary efforts to cause such Oil and Gas Properties and other material Properties to be operated in a safe, 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, including the Environmental Laws.

  • The Properties 3.1 All of the Properties are in England, Wales or Scotland.

  • Oil and Gas Operations (a) All wxxxx included in the Oil and Gas Interests of the Company have been drilled and (if completed) completed, operated and produced in accordance with generally accepted oil and gas field practices and in compliance in all respects with applicable oil and gas leases and applicable laws, rules and regulations, except where any failure or violation could not reasonably be expected to have a Material Adverse Effect on the Company; and

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • Leaseholds If the Mortgage Loan is secured by a long-term residential lease, (1) the lessor under the lease holds a fee simple interest in the land; (2) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor's consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protections; (3) the terms of such lease do not (a) allow the termination thereof upon the lessee's default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default, (b) allow the termination of the lease in the event of damage or destruction as long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance policy or policies relating to the Mortgaged Property or (d) permit any increase in rent other than pre-established increases set forth in the lease; (4) the original term of such lease is not less than 15 years; (5) the term of such lease does not terminate earlier than five years after the maturity date of the Mortgage Note; and (6) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates in transferring ownership in residential properties is a widely accepted practice;

  • Real Property (a) The Company does not own any real property.

  • Other Properties If any Imposition shall be levied, charged, filed, assessed, or imposed upon or against the Leased Property, and if such Imposition shall also be a levy, charge, assessment, or imposition upon or for any other real or personal property that does not constitute a part of the Leased Property, then the computation of the amounts to be deposited under this Section 4.6 shall be based upon the entire amount of such Imposition and the Lessee shall not have the right to apportion any deposit with respect to such Imposition.

  • Leasehold Properties In relation to those Properties which are leasehold:

Time is Money Join Law Insider Premium to draft better contracts faster.