Common use of Defensible Title Clause in Contracts

Defensible Title. (a) As used herein, the term “Defensible Title” shall mean, as to the Purchased Assets and each of them, such title which (i) is free and clear (except for Permitted Encumbrances) of Encumbrances, and (A) is otherwise only subject to contractually binding arrangements which are conventional and which are customarily experienced in the oil and gas industry and (B) is not subject to any matters which will result in a breach of any warranty or representation made by Seller or a Purchased Entity hereunder; (ii) entitles Seller or the applicable Purchased Entity to receive not less than the “Net Revenue Interests” or portion thereof set forth in Exhibit “B-1” and Exhibit “B-2” hereto of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Purchased Assets, after deducting all royalty, overriding royalty and other leasehold burdens (and such interest will not change in the future except as disclosed on Exhibit “A-1” and Exhibit “A-2” and Exhibit “B-1” and Exhibit B-2, and where such a change is disclosed, the same will occur upon payout from and after the Effective Time of the amounts shown in connection therewith); and (iii) obligates Seller or the applicable Purchased Entity to bear costs and expenses relating to the maintenance, development and operation of the Purchased Assets in an amount not greater than the “Working Interests” set forth in Exhibit “B-1” and Exhibit “B-2” hereto (and such interest will not change in the future except as disclosed on Exhibits “A-1”, “A-2,” “B-1”, “B-2,” “C-1” or “C-2”, and where such a change is disclosed, the same will occur upon payout from and after the Effective Time of the amounts shown in connection therewith), unless there is a corresponding and proportionately equal increase in the Net Revenue Interest.

Defensible Title. (a) On the Closing Date, each Seller will convey to Buyer Defensible Title to such Seller's interest in the Assets. As used herein, herein the term “"Defensible Title” shall " will mean, as to the Purchased Assets and each of them, such title which (i) is free and clear (except for Permitted Encumbrances) of Encumbrances, and (A) is otherwise only subject to contractually binding arrangements which are conventional and which are customarily experienced Seller's interest in the oil and gas industry and (B) is not subject Assets, that title which: Entitles Seller, as to any matters which will result in a breach of any warranty or representation made by Seller or a Purchased Entity hereunder; (ii) entitles Seller or the applicable Purchased Entity ▇▇▇▇▇ described on Exhibit A to receive not less than the “interests set forth in such Exhibit as the respective "Net Revenue Interests” or portion thereof set forth in Exhibit “B-1” and Exhibit “B-2” hereto ", of all oil, gas and associated liquid and gaseous hydrocarbons Hydrocarbons produced, saved and marketed from therefrom, through the Purchased Assetsplugging, after deducting all royaltyabandonment and salvage of such ▇▇▇▇▇, overriding royalty and other leasehold burdens except for any decrease (and such interest will not change in i) caused by orders of the future except as disclosed on Exhibit “A-1” and Exhibit “A-2” and Exhibit “B-1” and Exhibit B-2, and where such a change is disclosed, appropriate regulatory body having jurisdiction over the same will occur upon payout from and ▇▇▇▇▇ that are promulgated after the Effective Time of the amounts shown in connection therewith)that concern pooling, unitization, communization or spacing matters, (ii) caused by Buyer, its successors or assigns; and or (iii) obligates Seller or arising from operation of any Contract proportionately assigned to Buyer hereby. Obligates Seller, as to the applicable Purchased Entity ▇▇▇▇▇ described on Exhibit A to bear not more than the respective percentages designated as the "Working Interests" set forth in such Exhibits of the costs and expenses relating to the maintenance, development and operation of the Purchased Assets in an amount not greater than said ▇▇▇▇▇, through the “Working Interests” set forth in Exhibit “B-1” plugging, abandonment and Exhibit “B-2” hereto salvage of such ▇▇▇▇▇, except for any increase (i) caused by Buyer, its successors and such interest will not change assigns, (ii) that also results in the future except as disclosed on Exhibits “A-1”Net Revenue Interest associated with the Well being proportionately increased, “A-2,” “B-1”, “B-2,” “C-1” or “C-2”, and where such a change is disclosed, (iii) caused by orders of the same will occur upon payout from and appropriate regulatory agency having jurisdiction over the ▇▇▇▇▇ that are promulgated after the Effective Time that concern pooling, unitization, communization or spacing matters; Constitutes all of Seller's right, title and interest in and to leasehold estate and working interest in and to all of the amounts shown Assets (expressly excluding any overriding royalty interests therein in connection therewithfavor of a Seller, which are expressly reserved herefrom), unless there is a corresponding ; and proportionately equal increase in the Net Revenue InterestIs free and clear of all Encumbrances except for Permitted Encumbrances.

Defensible Title. (a) As used herein, the term “Defensible Title” shall mean, as to the Purchased Assets Properties and each of them, such title which (i) is free and clear (except for Permitted Encumbrances) of Encumbrancesmortgages, liens, security interests, pledges, charges, encumbrances, claims, limitations, irregularities, burdens or defects, and (A) is otherwise only subject to contractually binding arrangements which are conventional and which are customarily experienced in the oil and gas industry and (B) is not subject to any matters which will result in a breach of any warranty or representation made by Seller or a Purchased Entity hereunder; (ii) entitles Seller or the applicable Purchased Entity to receive not less than the “Net Revenue Interests” or portion thereof set forth in Exhibit “B-1A” and Exhibit “B-2B” hereto of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Purchased AssetsProperties, after deducting all royalty, overriding royalty and other leasehold burdens (and such interest will not change in the future except as disclosed on Exhibit “A-1A” and Exhibit “A-2” B”. (i) Lessors’ royalties, overriding royalties and Exhibit “B-1” other burdens, reversionary interests and Exhibit B-2, and where similar burdens if the net cumulative effect of such a change is disclosed, burdens does not operate to reduce the same will occur upon payout from and after the Effective Time Net Revenue Interests of any of the amounts shown in connection therewith); and (iii) obligates Seller or the applicable Purchased Entity Properties to bear costs and expenses relating to the maintenance, development and operation of the Purchased Assets in an amount not greater less than the “Working Interests” Net Revenue Interest set forth in Exhibit “B-1A”; (ii) The term “Permitted Encumbrances” as used herein shall mean: Preferential rights to purchase and Exhibit “B-2” hereto required third party consents to assignments and similar agreements with respect to which prior to Closing (and A) waivers or consent are obtained from the appropriate parties, (B) the appropriate time period for asserting such interest will not change in the future except as disclosed on Exhibits “A-1”, “A-2,” “B-1”, “B-2,” “C-1” or “C-2”rights has expired without an exercise of such rights, and where (C) with respect to consent, such a change consent is disclosed, not necessary to the same will occur upon payout from validity of an assignment to Buyer and after the Effective Time of the amounts shown in connection therewith), unless there is a corresponding and proportionately equal increase in the Net Revenue Interest.need not be obtained prior to an assignment;

Defensible Title. (a) As used herein, the term “Defensible Title” shall mean, as to the Purchased Assets and each of them, such title which (i) is free and clear (except for Permitted Encumbrances) of Encumbrancesmortgages, liens, security interests, pledges, charges, encumbrances, claims, limitations, irregularities, burdens or defects, and (A) is otherwise only subject to contractually binding arrangements which are conventional and which are customarily experienced in the oil and gas industry and (B) is not subject to any matters which will result in a breach of any warranty or representation made by Seller or a Purchased Entity hereunder; (ii) entitles Seller or the applicable Purchased Entity to receive not less than the “Net Revenue Interests” or portion thereof set forth in Exhibit “B-1” and Exhibit “B-2B” hereto of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Purchased Assets, after deducting all royalty, overriding royalty and other leasehold burdens (and such interest will not change in the future except as disclosed on Exhibit “A-1A” and Exhibit “A-2” and Exhibit “B-1” and Exhibit B-2B”, and where such a change is disclosed, the same will occur upon payout from and after the Effective Time of the amounts shown in connection therewith); and (iii) obligates Seller or the applicable Purchased Entity to bear costs and expenses relating to the maintenance, development and operation of the Purchased Assets in an amount not greater than the “Working Interests” set forth in Exhibit “B-1” and Exhibit “B-2B” hereto (and such interest will not change in the future except as disclosed on Exhibits “A-1A”, “A-2,” “B-1B”, “B-2,” “C-1” or “C-2C”, and where such a change is disclosed, the same will occur upon payout from and after the Effective Time of the amounts shown in connection therewith), unless there is a corresponding and proportionately equal increase in the Net Revenue Interest.. Initials: Seller _________ Purchaser _________ 14