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.
Condition of Properties All facilities, machinery, equipment, fixtures and other properties owned, leased or used by the Company are in reasonably good operating condition and repair, subject to ordinary wear and tear, and are adequate and sufficient for the Company’s business.
Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.
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.
PARTICULARS OF PROPERTY MASTER TITLE NO. AND LOT PT NO. : Master Title No. H.S.(M) 18672, Parent Lot No. PT 31376 SECTION/TOWN/DISTRICT/STATE : Mukim of Batu, District of Gambak, Selangor Darul Ehsan APPROXIMATE FLOOR AREA : 486.53 sq. feet. (45.20 sq. metres.) TENURE : Leasehold DEVELOPER / REGISTERED PROPRIETOR : Xxxx Xxxx Properties Berhad ENCUMBRANCE : Assigned to MALAYSIA BUILDING SOCIETY BERHAD The subject property is a Two (2) Bedroom Low Cost Flat identified as Parcel No. G-1-15, Storey No. 1, Building No. G Bandar Baru Selayangandbearing postal address at No. G-000, Xxxx X, Apartment Xxxxx, Xxxxx 0/0, Xxxxxx Xxxx Xxxxxxxx, 00000 Xxxx Xxxxx, Xxxxxxxx. The property will be sold on an “as is where is” basis and subject to a reserve price of RM 60,000.00 (RINGGIT MALAYSIA SIXTY THOUSAND ONLY), subject to the Conditions of Sale as printed in the Proclamation of Sale by way of an Assignment from the above Assignee/Lender subject to necessary confirmations/consent being obtained by the successful bidder (“the Purchaser”) from the Developer and/or other relevant authorities. Any arrears of quit rent, assessment, taxes, rates, maintenance charges and all other outgoing charges which are lawfully and rightfully due and payable to the Developer and/or other relevant authorities up to the date of the auction sale shall be paid out of the purchase money. All intending bidders are required to deposit with the Auctioneer 10% of the fixed reserve price for the said property by BANK DRAFT or CASHIER’S ORDERonly in favour of MALAYSIA BUILDING SOCIETY BERHADbefore the commencement of the auctionprior to the auction sale and pay the difference between the initial deposit and the sum equivalent to 10% of the successful bid price either in cash or bay way of credit card (Master / Visa) or bank draft or cashier’s orderand the balance of the purchase price (90%) shall be paid within one hundred and twenty (120) days from the date of the auction sale. For further particulars, please contact Messrs. Xxxx Xxxxxx & AssociatesSolicitors for the Assignee/Lender at Unit No. B-11-12, Blk B, 11th Floor, Xxxx 00, Xxxxx Xxxxxx XX, Xx. 00, Xxxxx Xxx Xxxx Xxxx, 50450 Kuala Lumpur.. Tel: 03-27155119Fax: 03-27157119 (Ref: Penang Office (Main): Xx. 000, Xxxxx Xxxxxx Xxxxxx, 00000 Xxxxxx. KL Office: No. B-3A-0, Xxxxx Xxxxxx XX, Xxxxx Xxx Xxxx Xxxx, 50450 Kuala Lumpur. Tel. No.: (PG): 00-000 0000, (KL) 00-0000 0000, H/P: 000-000 0000 / 000-000 0000 Fax No.: (PG): 00-000 0000 / (KL): 00-0000 0000 Email: xxxxx@xxx.xxx.xx Ref. No.: MNP/MBSB/KL/APR15/4 Licensed Auctioneer Menurut kuasa xxx xxx xxxx telah diberikan kepada Pihak Pemegang Xxxxx Xxx/Pemberi Pinjaman di bawah Perjanjian Pinjaman, Suratikatan Penyerahhakkan Xxx Surat Kuasa Wakil Kesemuanya Bertarikh 6hb Ogos 2001di antara Pihak Pemegang Xxxxx Xxx/Pemberi Pinjaman xxx Pihak-Pihak Penyerah Hak/Peminjam xxx berkenaan dengan Perjanjian Jual Beli di antara (“Penjual”) xxx Pihak-Pihak Penyerahhak/Peminjam yang bertarikh19hb Mei 1995adalah dengan ini diisytiharkan bahawa Pihak Pemegang Xxxxx Xxx/Pemberi Pinjaman tersebut dengan bantuan Pelelong yang tersebut di bawah NOTA:-Xxxxx-xxxxx pembeli adalah dinasihatkan agar:- (i) meminta nasihat bebas daripada Pihak Xxxxxx mengenai Syarat-Syarat Jualan di sini (ii) memeriksa hartanah tersebut (iii) membuat pertanyaan sekiranya hakmilik individu xxx hakmilik strata telah dikeluarkan (iv) membuat carian hakmilik secara rasmi di Pejabat Tanah xxx/atau Pihak Berkuasa yang lain (v) membuat pertanyaan yang diperlukan dengan pihak Pemaju xxx/atau Pemilik xxx/atau Pihak Berkuasa Negeri, xxx/atau badan-badan yang berkenaan mengenai pengesahan-pengesahan / terma-terma kebenaran yang diperlukan untuk jualan sebelum jualan lelong (Vi) membuat xxx bergantung pada carian sendiri, pertanyaan, penyiasatan xxx penentusahan mengenai ketepatan xxx kebenaran butir-butir xxx maklumat yang dikemukakan. Xxxxx-Xxxxx pembeli adalah dinasihatkan bahawa pergantungan tidak boleh dibuat pada kenyataan- kenyataan atau representasi-representasi yang dibuat pada Perisytiharan Jualan ini atau oleh Pelelong pada masa lelongan berkenaan dengan hartanah yang diperihalkan xxx mana-mana bakal pembeli yang memilih untuk bergantung pada kenyataan-kenyataan atau representasi-representasi tersebut berbuat demikian atas risiko sendiri. Penawar yang 2erjaya (”Pembeli”) sebaik sahaja selepas jualan mengaku janji untuk memohon xxx mendapatkan pengesahan/kebenaran yang diperlukan untuk pindahmilik atau xxxxx xxx (jika ada) daripada Pemaju xxx/atau Pemilik xxx/atau Pihak Berkuasa Negeri xxx/atau badan-badan yang berkenaan. NO. HAKMILIK XXXXXXX XXX NO. LOT : Master Title No. H.S.(M) 18672, Parent Lot No. PT 31376 SEKSYEN/BANDAR/DAERAH/NEGERI : Mukim Batu, Daerah Gombak, Selangor Darul Ehsan KELUASAN LANTAI : 486.53 kaki persegi (45.20 meter persegi) PEGANGAN Pajakan PEMAJU/PEMILIK BERDAFTAR : Shah Alam Properties Berhad BEBANAN : Diserahhak kepada MALAYSIA BUILDING SOCIETY BERHAD Harta tersebut adalah sebuah Rumah Pangsa Kos Rendah Dua (2) Bilik yang dikenali sebagaiPetak No. G-1-15, Tingkat No. 1, Bangunan No. G Bandar Baru Selayangdan beralamat No. G-000, Xxxx X, Apartment Xxxxx, Xxxxx 0/0, Xxxxxx Xxxx Xxxxxxxx, 00000 Xxxx Xxxxx, Xxxxxxxx.
Existence; Maintenance of Properties The Obligors will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as corporations under the jurisdiction of their incorporation. The Obligors will do or cause to be done all things necessary to preserve and keep in full force all of its rights and franchises and those of their Subsidiaries, except for the Inactive Subsidiaries. The Obligors, except with respect to the Inactive Subsidiaries (i) will cause all of its properties and those of their Subsidiaries used or useful in the conduct of its business or the business of their Subsidiaries to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment, (ii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Obligors may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times, and (iii) except as provided below, will, and will cause each of its Subsidiaries to, continue to engage primarily in the businesses now conducted by them and in related businesses. The Obligors (i) shall not make any loans or advances to, or transfer any assets to, any Inactive Subsidiary, nor allow any Inactive Subsidiary to engage in any business activity, other than such activity which may be required in connection with the dissolution and/or deregistration of such Inactive Subsidiary, and (ii) shall dissolve all Inactive Subsidiaries, which are Domestic Subsidiaries, on or before ninety (90) days from the date hereof, and shall endeavor in good faith and use its reasonable efforts to dissolve or deregister all Inactive Subsidiaries, which are not Domestic Subsidiaries as soon as possible, but in no event, not later than one (1) year from the date hereof. In the event that any Inactive Subsidiary has not been dissolved or deregistered in accordance with the provisions of the preceding sentence, the parent of such Inactive Subsidiary shall execute and deliver to the Agent, within thirty (30) days of the Agent's request, a stock pledge, in form and substance reasonably satisfactory to the Agent, to pledge the stock of such Inactive Subsidiary to the Agent for the ratable benefit of the Lenders and such other documents, instruments and agreements which the Agent may reasonably require in connection therewith.
Maintenance of Properties, Etc Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted.
Loss of Property all or a substantial part of the business or assets of any Security Party is destroyed, abandoned, seized, appropriated or forfeited for any reason, and such occurrence in the reasonable opinion of the Agent (acting on the instructions of the Majority Lenders) has or could reasonably be expected to have a Material Adverse Effect; or
Conditions of Property a. The property is believed and shall be taken to be correctly described and is sold subject to all express and implied conditions, restrictions in interest, easements, common rights, leases, tenancies, occupiers, encroachment, trespass, nuisance, charges, liens, caveats, covenants, liabilities, encumbrances, all public and private rights of way, support, drainage, light and all other rights or other incidents (if any) subsisting thereon without any obligation arising for the Assignee/Bank to define the same respectively and any error, mis- statement, omission or mis-description discovered in the contract shall not annul the sale nor shall any compensation be allowed by or to either party in respect thereof. The Purchaser shall be deemed to have full knowledge of the state and condition of the property.
b. The Purchaser shall be deemed to have inspected and investigated the conditions of the property as is where is and shall raise no requisition or objection thereon or thereto. No representation warranty or undertaking whatsoever is made or should be implied as to whether or not the property complies with any relevant building by-laws or legislation. The Purchaser shall take the property as is where is and shall not require the connection of water, electricity or other utilities thereto nor removal of any rubbish thereat. The fact (if such be the case) that the property or renovations thereat may contravene building by-laws or legislation shall not annul the sale or entitle the Purchaser to rescind the sale or claim damages or diminution in price.
c. The Assignee/Bank makes no representation as to the ownership of furniture fittings and fixtures situated at the property which items may be on hire purchase, lease or deferred sale from third parties. In such cases the Assignee/Bank accepts no liability for any payments which may be outstanding in respect thereof and the property is sold subject thereto.
