Good and Defensible Title. For the purposes of this Article 10, the term "Good and Defensible Title" shall mean, with respect to each of the Interests, that title of Seller which, subject to and except for Permitted Encumbrances:
Good and Defensible Title. If the Closing occurs, then effective as of the Closing Date, such Seller warrants good and defensible title to the Producing Properties sold, conveyed, transferred and assigned by such Seller unto Buyers hereunder against any person lawfully claiming the same by, through or under such Seller, but not otherwise, subject, however to the Permitted Encumbrances, to any matters of record and as shown on Exhibit 13.
Good and Defensible Title. (a) As used herein, the term "
Good and Defensible Title. Title held by the Borrower and Guarantor that is free from defects as would cause a reasonable doubt in the mind of a reasonable and prudent purchaser in the area where the Collateral is situated and cause him if he were purchasing such Collateral to refuse to accept such Collateral at its full agreed value. The title of Borrower and Guarantor may be subject to drilling obligations in leases, farmout agreements, operating agreements, covenants, restrictions, rights, easements, liens, encumbrances and minor irregularities in title which collectively do not interfere with the occupation, use and enjoyment of such Collateral in the normal course of business as presently conducted or contemplated to be conducted by Borrower and Guarantor or materially impair the value thereof for such business.
Good and Defensible Title. 13 Section 5.02
Good and Defensible Title. As used herein, the term “Good and Defensible Title” shall mean, as to each of the Subject Properties, title to the Subject Properties by virtue of which Seller can successfully defend against a claim to the contrary made by a third party, based upon industry standards in the acquisition of oil and gas properties, and in the exercise of reasonable judgment and in good faith, such that (i) Seller (and upon Closing, Buyer), by virtue of its ownership interest in the Leases described in Exhibit “A”, are entitled to receive a fractional decimal interest of not less than Seller’s interests shown on Exhibit “B” without reduction, increase, suspension, or termination throughout the productive life of each such Subject Property (the “Net Revenue Interest”), (ii) Seller is obligated to bear (and after Closing shall obligate Buyer to bear) a fractional decimal interest of not more than Seller’s interests shown on Exhibit “B” without reduction, increase, suspensions, or termination throughout the productive life of each such Subject Property, of the costs and expenses related to the maintenance, development, drilling, equipping, testing, completing, sidetracking, reworking and operation of each Subject Property without increase throughout the productive life of each Subject Property (the “Working Interest”); and (ii) the Subject Properties are subject to no liens, encumbrances, obligations or defects except those that are Permitted Encumbrances.
Good and Defensible Title. For the purposes of this Article 10, the term "Good and Defensible Title" shall mean, with respect to each of the Properties, that title of CECI with respect to the Xxxxx Ranch Properties and of P&L Inc. with respect to the Frisco City Properties which, subject to and except for Permitted Encumbrances:
Good and Defensible Title. As used herein, the term “Good and Defensible Title” shall mean that quality of title to the Property by virtue of which Seller can successfully defend against a claim to the contrary made by a third party that (i) Seller (and upon Closing, Buyer, in respect of its Purchased Interest share) by virtue of its ownership interest in the Leases, Lands and Xxxxx described on Exhibit A, is entitled to receive an undivided fractional interest of not less than the “Net Revenue Interest” set forth on the attached Exhibit A in and to the Hydrocarbons (the “Net Revenue Interest”) produced from or attributable to the Leases, Lands and Xxxxx without reduction, suspension, or termination throughout the productive life of such Property except for (a) decreases in connection with those operations in which Seller (or Buyer after Closing) may be a non-consenting co-owner, (b) decreases resulting from the establishment or amendment of pools or units, or (c) decreases required to allow other working interest owners to make up past underproduction or pipelines to make up past under deliveries; (ii) Seller is obligated to bear (and after Closing Buyer shall be obligated to bear its proportionate share of) the undivided fractional interest of the costs and expenses related to the maintenance, development, drilling, equipping, testing, completing, sidetracking, reworking, producing and operation of the Leases, Lands and Xxxxx of no more than the “Working Interest” set forth on the attached Exhibit A (the “Working Interest”); and (iii) none of the Property, or any portion thereof, is subject to any liens or material encumbrances, obligations or defects except those which are Permitted Encumbrances.
Good and Defensible Title. For purposes of this Agreement, “Good and Defensible Title” means title that is free from reasonable doubt to the end that a reasonable person engaged in the business of purchasing and owning, developing and operating oil and gas properties in the geographical areas in which they are located, with knowledge of all of the material facts and their legal bearing, would be willing to accept the same in a transaction involving interests of a comparable magnitude and nature to those of the Company reflected in the Reserve Report, taken as a whole, which title (i) entitles the Company or its respective Subsidiary to receive a percentage of the Hydrocarbons produced, saved and marketed from the respective oil, gas and mineral lease, unit or well throughout the duration of the productive life of such lease, unit or well that is not less than the net revenue interest shown in the Reserve Report for such lease, unit or well, except for decreases in connection with those operations in which the Company or its respective Subsidiary may be or hereafter become a non-consenting co-owner, and (ii) obligates the Company or its respective Subsidiary to bear a percentage of the costs and expenses associated with the ownership, operation, maintenance and repair of any oil, gas and mineral lease, unit or well that is no more than the working interest shown in the Reserve Report for such lease, unit or well, without increase throughout the life of such lease, unit or well other than (x) increases accompanied by at least a proportionate increase in the net revenue interest, (y) increases reflected in the Reserve Report and (z) increases resulting from contribution requirements with respect to defaulting co-owners under applicable Oil and Gas Agreements that are accompanied by at least a proportionate increase in the net revenue interest.
Good and Defensible Title. (a) As used herein, the term Good and Defensible Title shall mean as to each of the Properties, such title, held by Seller, or by a third party for the benefit of Seller which, subject to and except for the Permitted Encumbrances (as hereinafter defined): (i) entitles Seller to receive, and after Closing shall entitle Buyer to receive, not less than the Net Revenue Interest set forth in Exhibit "B" for the Properties or in any unit to which such Properties are contributed; (ii) is free and clear (except for Permitted Encumbrances) of liens, encumbrances, obligations or defects which arise as a result of actions taken (or effective) at or prior to the Effective Time; and (iii) obligates Seller to bear a percentage of the costs and expenses relating to the maintenance, development and operation of each Property and wells associated therewith in xx xxount not greater than the "
