Status of Properties Sample Clauses

Status of Properties. The Surface Rights have been maintained in full force and effect and there are no unresolved disputes or breaches with respect to any of the Contracts.
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Status of Properties. No Lieus. Since the acquisition by Seller of lhc Leuehold, Seller has not m,.te any conveyance, or other disposition of any such properties or any interest thelein. , Sener•s interests in the Leasehold are not subject to or burdened by a mortgage, security interestj or other lien created or arising by, through or under Seller. Any benefits acaued to Seller by any instrument filed. to beconveyed to Buyer. No labor or material liens may be filed apinst the property or the interest of Seller for services provided widuo the last 180 days bu not been paid for by Seller, or Seller shall be oblipied to pay all coats incum:d by it to develop and maintain the Leasehold oil and gas production. (c) fMlf ?f k!erbnld : All leases are in full force and ctrect (and before the end of February 2024 ) . Seller would have made at in royalty payments or arc being held by production from the lilted Assets . All royalty and Overriding Royalty Interest payments have been made current through OiJ via last purchase of 011 ill January 2024. The.le are no .lawsuits or clisputa filed in any District Court of Law with mineral owners over the validity of the oil and pa leases. The 8Cl'NgQ under non - operated xxxxx are fcr Buyer to propose new drilling sites. All expcmca to auch non operated xxxxx have not been paid and Buyer is under no obligation to purchase them without reducin3 the purchasing price. Seller wiU give notice to Operators of non - operating xxxxx to shut down the ope.rations to not incur additional liabilities. Seller has certain obliptiom to Okla1aoma Corporation Commission. 2. Broker and Other Fees Seller has incwTed no liability, contingcnt or othcrwiic, for broker or similar fees in respect of this transaction for whidl Buyer shill have any responsibility wbataoever . 3. Compliance with Amqmcgg pl Laws . To Seller's knowledge, no defauk exists under aay of the tcnns and provision, express or implied, of the Leases or of any mat . erial agreement, contract or commitmmt to wbicb Seller is a party or to which any of the Leasehold is subjeet, and Seller bu not received any notice of any of such default from mincraJ owners . Seller is unaware if any xxxxx included in the Leuchold have been drilled, comploted . and operated in p,betantial compliance with all applicable rut . and regulationa of the Oklahoma PageSof9
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Status of Properties. There shall have occurred no material adverse change in the Properties, including without limitation the level of occupancy of the Properties as of the Closing Date.
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Status of Properties. (a) To Borrowers’ knowledge, Borrowers or their predecessors in interest or the applicable Tenants have obtained all material certificates, licenses, permits and other approvals, governmental and otherwise, reasonably necessary for the ownership and operation of each Property and the conduct of their business (collectively, “Licenses”) and all required zoning, building code, land use, environmental and other similar permits or approvals the failure of which to obtain would be reasonably likely to result in a Material Adverse Effect, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
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Status of Properties 
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Related to Status of Properties

  • Operation of Properties The Borrower will and will cause each Subsidiary to operate its Properties or cause such Properties to be operated in a 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.

  • Sale of Properties The Borrower will not, and will not permit any of the Guarantors to, sell, assign, farm-out, convey or otherwise transfer any Property except for: (a) the sale of Hydrocarbons in the ordinary course of business; (b) farmouts of undeveloped acreage and assignments in connection with such farmouts; (c) 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; (d) sales or other dispositions (excluding Casualty Events) of Oil and Gas Properties or any interest therein or Subsidiaries owning Oil and Gas Properties; provided that (i) 100% of the consideration received in respect of such sale or other disposition shall be cash and/or publicly traded securities, (ii) the consideration received in respect of such sale or other disposition shall be equal to or greater than the fair market value of the Oil and Gas Property, interest therein or Subsidiary subject of such sale or other disposition (as reasonably determined by the board of directors of the Borrower and, if requested by the Administrative Agent, the Borrower shall deliver a certificate of a Responsible Officer of the Borrower certifying to that effect), (iii) if such sale or other disposition of Oil and Gas Property or Subsidiary owning Oil and Gas Properties included in the most recently delivered Reserve Report during any period between two successive Scheduled Redetermination Dates has a fair market value (as determined by the Administrative Agent), individually or in the aggregate, in excess of $5,000,000, the Borrowing Base shall be reduced, effective immediately upon such sale or disposition, by an amount equal to the value, if any, assigned such Property as determined by the Required Lenders assigned such Property in the most recently delivered Reserve Report and (iv) if any such sale or other disposition is of a Subsidiary owning Oil and Gas Properties, such sale or other disposition shall include all the Equity Interests of such Subsidiary; and (e) sales and other dispositions of Properties not regulated by Section 9.12(a) to (d) having a fair market value not to exceed $250,000 during any 12-month period.

  • Maintenance of Properties (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities.

  • Return of Property Executive agrees that all property (including without limitation all equipment, tangible proprietary information, documents, records, notes, contracts and computer-generated materials) furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of Executive’s employment.

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