Examples of Hydrocarbon Properties in a sentence
Each of the Borrower and the Guarantors has in full force and effect such policies of insurance in such amounts issued by insurers of recognized standing insuring its properties and operations and providing such coverage, in the case of the Borrower and each Guarantor that owns any Hydrocarbon Properties, as would be maintained by a prudent oil and gas operator engaged in the same or similar business in the localities where its properties and operations are located.
Neither the Borrower nor any Guarantor shall own or acquire any Subsidiary with Hydrocarbon Properties or Tangible Property that are to be treated as Borrowing Base Properties unless such Subsidiary, within 30 days of becoming a Subsidiary, becomes a Guarantor pursuant to, and provides the Guarantor Security required by, Section 9.2.
There are no agreements or arrangements for the sale of oil, gas, or other minerals attributable to the Hydrocarbon Properties that may not be terminated at will without penalty by the restructured entity after Closing on notice of sixty (60) days or less.
All ad valorem taxes (including, without limitation, property, production, severance, occupation, and excise taxes) and other taxes and assessments based upon or measured by the ownership or operation of the Hydrocarbon Properties or the production of hydrocarbons or receipt of proceeds therefrom that are due and payable have been paid, except those being contested in good faith for which adequate provision has been made.
Certificates of insurance evidencing the existence of all insurance required to be maintained by the Obligors pursuant to Section 9.04 hereof and the designation of the Administrative Agent, if required by Administrative Agent, as agent, as the loss payee thereunder or as an additional insured, as the case may be, in respect of all insurance covering Hydrocarbon Properties.