Borrowing Base Oil and Gas Properties Sample Clauses

Borrowing Base Oil and Gas Properties. Promptly, notice of any material destruction or loss not covered by insurance of any Borrowing Base Oil and Gas Properties having a PV9 of $200,000.00 or greater;
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Borrowing Base Oil and Gas Properties. If and when the La Brisa Ranch #1-A (Ranier), La Brisa Land & Cattle #1 (McKixxxx) xxd La Brisa Ranch #1 (Wheexxx) xxllx (xx more fully described on Schedule 1.01(a) attached hereto): (i) are completed as wellx xxxable of producing oil or gas in paying quantities on or before the first scheduled Borrowing Base review occurring after the date of this Agreement, (ii) have been producing oil or gas for at least ten consecutive days, and (iii) have commenced sales of such production, Borrower shall notify Bank thereof and provide Bank with the completion reports for such wellx, xxcumentary evidence that the production and sale of oil and gas therefrom have commenced, and such other information relative to the wellx xx Bank may request. Following the Bank's evaluation of such information, if the Bank determines in its sole discretion that its preliminary evaluation of such wellx xxx been reconfirmed, the Borrowing Base and Monthly Borrowing Base Reduction then in effect with respect to the Borrowing Base Oil and Gas Properties will be redetermined to the respective amounts reflected on Schedule 2.07 attached hereto, effective upon Bank's written notification to Borrower of such increase. On or before April 1, 1997, Borrower shall furnish to Bank information sufficient to update to an effective date of January 1, 1997, the most recent petroleum engineering reports and geological data provided to Bank prior to Closing relative to the Proved Reserves that are attributable to the Oil and Gas Properties that constitute part of the Borrowing Base Oil and Gas Properties, as well as such other information as Bank may request regarding volumes of production produced and sold, contracts, pricing, gross revenues, expenses, and other information and engineering and geological data as may relate to the Borrowing Base Oil and Gas Properties (collectively the "Borrowing Base Property Data"). Upon receipt of such Borrowing Base Property Data, Bank shall, in the normal course of business, redetermine the Borrowing Base and the Monthly Borrowing Base Reduction attributed to the Borrowing Base Oil and Gas Properties, which redetermination shall become effective upon written notification from Bank to Borrower, and which, subject to the other provisions of this Agreement, shall be the basis on which the Borrowing Base shall thereafter be calculated until the effective date of the next redetermination of the Borrowing Base and the Monthly Borrowing Base Reduction as set
Sample 1

Related to Borrowing Base Oil and Gas Properties

  • 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:

  • 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.

  • 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.

  • Borrowing Base Assets (a) The Eligible Real Estate and Borrowing Base Loans included in the calculation of the Borrowing Base Availability shall at all times satisfy all of the following conditions:

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

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • 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

  • Net Tangible Assets Acquiror shall have at least five million one dollars ($5,000,001) of net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) remaining after the Offer.

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

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

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