Common use of Certain Activities Clause in Contracts

Certain Activities. The Borrower shall not, and shall ------------------- not permit any Subsidiary to, without the written consent of each Lender, (a) take any action not in the ordinary course of the business of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, or (d) make a general assignment for the benefit of its creditors.

Appears in 5 contracts

Samples: Credit Agreement (Crested Corp), Credit Agreement (Us Energy Corp), Credit Agreement (Crested Corp)

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Certain Activities. The Borrower shall not, and shall ------------------- not permit any Subsidiary to, without the written consent of each Lender, (a) take any action not in the ordinary course of the business of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 100,000 in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, or (d) make a general assignment for the benefit of its creditors.

Appears in 2 contracts

Samples: Credit Agreement (Gulfwest Energy Inc), Credit Agreement (Gexa Corp)

Certain Activities. The Borrower shall not, and it shall ------------------- cause each other member of the Borrower Group not permit any Subsidiary to, without the written consent of each Lenderthe Agent, (a) take any action not in the ordinary course of the business of any member of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect)Group Subsidiary, (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of One Hundred Thousand ($250,000 100,000) in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, or (d) make a general assignment for the benefit of its creditors.

Appears in 2 contracts

Samples: Credit Agreement (Hydrocarb Energy Corp), Credit Agreement (Hydrocarb Energy Corp)

Certain Activities. The Borrower shall not, and shall ------------------- not permit any Subsidiary to, without the written consent of each Lender, (a) take any action not in the ordinary course of the business of the Borrower or such Subsidiary (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 500,000 in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, or (d) make a general assignment for the benefit of its creditors.

Appears in 2 contracts

Samples: Credit Agreement (Dune Energy Inc), Credit Agreement (Dune Energy Inc)

Certain Activities. The Borrower shall not, and shall ------------------- not permit any Subsidiary to, without the written consent of each Lender, (a) take any action not in the ordinary course of the business of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, thereof or (d) make a general assignment for the benefit of its creditors.

Appears in 1 contract

Samples: Credit Agreement (Baseline Oil & Gas Corp.)

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Certain Activities. The Borrower shall not, and shall ------------------- not permit any Subsidiary to, without the written consent of each Lender, (a) i. take any action not in the ordinary course of the business of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) ii. file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 50,000 in the aggregate, (c) iii. either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, or (d) iv. make a general assignment for the benefit of its creditors.

Appears in 1 contract

Samples: Credit Agreement (Petro Resources Corp)

Certain Activities. The Borrower shall not, and shall ------------------- not permit any Subsidiary Affiliate to, without the written consent of each Lender, (a) take any action not in the ordinary course of the business of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 50,000 in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, or (d) make a general assignment for the benefit of its creditors.

Appears in 1 contract

Samples: Credit Agreement (CrossPoint Energy CO)

Certain Activities. The Neither the Parent nor the Borrower shall not, and shall ------------------- not permit any Subsidiary to, without the written consent of each Lender, (a) take any action not in the ordinary course of the business of the Borrower (unless such action could not reasonably be expected to have a Material Adverse Effect), (b) file or settle any litigation or arbitral proceedings, or release claim, for amount in excess of $250,000 in the aggregate, (c) either singly or jointly, directly or indirectly, commence, join any other Person in commencing, or authorize a trustee or other Person acting on its behalf or on behalf of others to commence, any voluntary bankruptcy, reorganization, arrangement, insolvency, liquidation, or receivership under the laws of the United States or any state thereof, thereof or (d) make a general assignment for the benefit of its creditors.

Appears in 1 contract

Samples: Credit Agreement (National Coal Corp)

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