Sales of Oil and Gas Properties Sample Clauses

Sales of Oil and Gas Properties. At any time during the Forbearance Period that any of the Oil and Gas Properties are sold (other than Oil and Gas Properties described in Section 7.1(iii) of this Agreement), KCS and the Borrowers shall, substantially concurrently with the sale thereof, pay principal of the Tranche A Obligations in an amount equal to the Specified Value until the principal of the Tranche A Obligations is paid in full and next to the Tranche B Obligations. In addition, upon the sale of any such Oil and Gas Properties, if the Net Cash Proceeds are greater than the Specified Value, KCS and the Borrowers shall pay an amount equal to twenty percent (20%) of the portion of the Net Cash Proceeds in excess of the Specified Value which shall be applied (i) first to the repayment of the principal of the Tranche A Obligations until the principal amount of such Tranche A Obligations is repaid in full, and (ii) next to the repayment of Tranche B Obligations until the principal amount of such Tranche B Obligations is repaid in full. At the time of the making of each payment hereunder, the Borrowers shall specify to the Agent the Loans to which such payment is to be applied in accordance with the terms of this Agreement. In the event the Borrowers fail to so specify, the Agent may apply such payment to Loans as it may elect in its discretion and in accordance with the terms of the Credit Agreement and this Agreement. The Agent shall have the necessary authority to release, and each Lender hereby consents to the Agent releasing, Liens on the Oil and Gas Properties sold pursuant to this Section 3.6 (and Oil and Gas Properties described in Section 7.1(iii) of this Agreement) so long as the Net Cash Proceeds equal or exceed the Specified Value.
Sample 1
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Sales of Oil and Gas Properties. At any time during the Forbearance Period that (i) any of the Oil and Gas Properties which are described in Exhibit "A" hereto, or any other Oil and Gas Properties which are added to Exhibit "A" pursuant to the agreement of the Agent, the Required Lenders, and the Borrowers with respect to a Specified Value (collectively, the "Scheduled Properties"), or (ii) any other Oil and Gas Properties owned by any of the Borrowers (the "Unscheduled Properties") are sold (other than Oil and Gas Properties described in Section 7.1(iii) of this Agreement), the Borrowers shall, substantially concurrently with the sale thereof, pay principal of the Obligations in an amount equal to (i) with respect to Scheduled Properties, the value attributable to such Scheduled Properties as specified in Exhibit "A" as amended from time to time or (ii) with respect to the Unscheduled Properties the value specified by the Agent with the consent of the Required Lenders (collectively, the "Specified Value") until the principal of the Obligations is paid in full. In addition, upon the sale of any such Oil and Gas Properties (whether Scheduled Properties or Unscheduled Properties), if the Net Cash Proceeds are greater than the Specified Value, the Borrowers shall pay an amount equal to twenty percent (20%) of the portion of the Net Cash Proceeds in excess of the Specified Value which shall be applied to the repayment of the principal of the Obligations until the principal amount of such Obligations is repaid in full. At the time of the making of each payment hereunder, the Borrowers shall specify to the Agent the Loans to which such payment is to be applied in accordance with the terms of this Agreement. In the event the Borrowers fail to so specify, the Agent may apply such payment to Loans as it may elect in its discretion and in accordance with the terms of the Credit Agreement and this Agreement. The Agent shall have the necessary authority to release, and each Lender hereby consents to the Agent releasing, Liens on the Scheduled Properties and the Unscheduled Properties so long as the Net Cash Proceeds equal or exceed the Specified Value.
Sample 1
Sales of Oil and Gas Properties. At any time during the Forbearance Period that (i) any of the Oil and Gas Properties which are described in Exhibit "A" hereto, or any other Oil and Gas Properties which are added to Exhibit "A" pursuant to the agreement of the Agent, the
Sample 1
Sales of Oil and Gas Properties. At any time during the Forbearance Period that any of the Oil and Gas Properties are sold (other than Oil and Gas Properties described in Section 7.1(iii) of this Agreement), the Borrowers shall, substantially concurrently with the sale thereof, pay principal of the Obligations in an amount equal to the Specified Value until the principal of the Obligations is paid in full. In addition, upon the sale of any such Oil and Gas Properties, if the Net Cash Proceeds are greater than the Specified Value, the Borrowers shall pay an amount equal to twenty percent (20%) of the portion of the Net Cash Proceeds in excess of the Specified Value which shall be applied to the repayment of the principal of the Obligations until the principal amount of such Obligations is repaid in full. At the time of the making of each payment hereunder, the Borrowers shall specify to the Agent the Loans to which such payment is to be applied in accordance with the terms of this Agreement. In the event the Borrowers fail to so specify, the Agent may apply such payment to Loans as it may elect in its discretion and in
Sample 1

Related to Sales of Oil and Gas 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.

  • 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.

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

  • 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:

  • Properties and Leases Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company and the Company Subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, encumbrances, claims and defects that would affect the value thereof or interfere with the use made or to be made thereof by them. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company and the Company Subsidiaries hold all leased real or personal property under valid and enforceable leases with no exceptions that would interfere with the use made or to be made thereof by them.

  • Minerals All minerals, crops, timber, trees, shrubs, flowers and landscaping features now or hereafter located on, under or above Land;

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

  • Operations and Properties Borrower shall, and shall cause each of its Subsidiaries to, act prudently and in accordance with customary industry standards in managing or operating its assets, properties, business and investments. Borrower shall, and shall cause each of its Subsidiaries to, keep in good working order and condition, ordinary wear and tear excepted, all of its assets and properties which are necessary to the conduct of its business.

  • Mineral Reserves and Resources The most recent estimated, proven and probable mineral reserves and the estimated measured, indicated and inferred mineral resources of Yamana disclosed in Yamana Documents have been prepared and disclosed in all material respects in accordance with all applicable Laws. There has been no material reduction (other than as a result of operations in the ordinary course of business) in the aggregate amount of estimated mineral reserves and estimated mineral resources of Yamana on a consolidated basis from the amounts disclosed publicly by Yamana.

  • Environmental Attributes Seller acknowledges and agrees that any Environmental Attribute associated with or related to the Product will not be sold or otherwise made available to a third party but will be sold to Buyer pursuant to this Agreement. For the avoidance of doubt, the Product sold hereunder must meet the definition of “renewable energy credit” under the IPA Act.

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