Mineral Interests Sample Clauses

Mineral Interests. Borrower has good and defensible title to all Mineral Interests described in the Reserve Report, including, after giving effect to the Apache Acquisition, the Apache Properties, free and clear of all Liens except Permitted Encumbrances. All such Mineral Interests are valid, subsisting, and in full force and effect, and all rentals, royalties, and other amounts due and payable in respect thereof have been duly paid. Without regard to any consent or non-consent provisions of any joint operating agreement covering any of Borrower's Proved Mineral Interests, Borrower's share of (a) the costs for each Proved Mineral Interest described in the Reserve Report is not greater than the decimal fraction set forth in the Reserve Report, before and after payout, as the case may be, and described therein by the respective designations "working interests", "WI", "gross working interest", "G.I.", or similar terms, and (b) production from, allocated to, or attributed to each such Proved Mineral Interest is not less than the decimal fraction set forth in the Reserve Report, before and after payout, as the case may be, and described therein by the designations net revenue interest, NHI, or similar terms. Each well drilled in respect of each Proved Producing Mineral Interest described in the Reserve Report (y) is capable of, and is presently, producing Hydrocarbons in commercially profitable quantities, and Borrower is currently receiving payments for its share of production, with no funds in respect of any thereof being presently held in suspense, other than any such funds being held in suspense pending delivery of appropriate division orders, and (z) has been drilled, bottomed, completed, and operated in compliance with all applicable Laws and no such well which is currently producing Hydrocarbons is subject to any penalty in production by reason of such well having produced in excess of its allowable production.
Mineral Interests. All Borrowing Base Properties are valid, subsisting, and in full force and effect, and all rentals, royalties, and other amounts due and payable in respect thereof have been duly paid. Without regard to any consent or non-consent provisions of any joint operating agreement covering any Credit Party’s Proved Mineral Interests, each Credit Party’s share of (a) the costs attributable to each Borrowing Base Property is not greater than the decimal fraction set forth in the Reserve Report, before and after payout, as the case may be, and described therein by the respective designationsworking interests”, “WI”, “gross working interest”, “GWI”, or similar terms, and (b) production from, allocated to, or attributed to each such Borrowing Base Property is not less than the decimal fraction set forth in the Reserve Report, before and after payout, as the case may be, and described therein by the designations “net revenue interest,” “NRI,” or similar terms.
Mineral Interests. (a) Except for Permitted Liens, all Borrowing Base Assets are valid, subsisting, and in full force and effect, and all rentals, royalties, and other amounts due and payable in respect thereof have been duly paid.
Mineral Interests. Borrower agrees that the making of any oil, gas or mineral lease or the sale or conveyance of any mineral interest or right to explore for minerals under, through or upon the Property would impair the value of the Property as security for payment of the indebtedness secured hereby and that Borrower shall have no right, power or authority to lease the Property, or any part thereof, for oil, gas or other mineral purposes, or to grant, assign or convey any mineral interest of any nature, or the right to explore for oil, gas and other minerals, without first obtaining from Lender express written permission, which permission shall not be valid until recorded. Borrower further agrees that if Borrower shall make any such lease or attempt to grant any such mineral rights without such prior written permission, then Lender shall have the option, without notice, to declare the same to be a default XXXXX/ORANGE COUNTY ASSOCIATES DEED OF TRUST PAGE 25 hereunder and to declare the indebtedness secured hereby immediately due and payable. Whether or not Lender shall consent to such lease or grant of mineral rights, Lender shall receive the entire consideration to be paid for such lease or grant of mineral rights, with the same to be applied upon the indebtedness secured hereby; provided, however, that the acceptance of such consideration shall in no way impair the lien of this Security Instrument on the Property, including all mineral rights.
Mineral Interests. Seller shall convey to Buyer 100 percent (100%) of Seller’s mineral interest in the subject property. In the event Seller is unable to deliver 100 percent (100%) of said mineral interests, then Buyer, in Xxxxx’s sole discretion, may declare this Agreement null and void and Buyer’s Xxxxxxx Money shall be returned in full.
Mineral Interests. This lease is subordinate to any present or future oil, gas, or other mineral exploration agreements and leases relating to the Land. Landlord will not be liable to Tenant for any damages for actions attributable to those agreements and will receive all consideration paid therefor; provided, however, any damages to growing crops or to Tenant’s improvements, arising from any oil, gas, or mineral operation, shall be paid to Tenant. Tenant shall not be prohibited from negotiating directly with the producer or developer of the oil, gas and other minerals, for any damages caused to any crops, improvements or other property of Tenant as a result of mining, drilling or producing oil, gas and other minerals. Landlord agrees to, limited to the extent of Landlord’s interest in the minerals and the surface, not voluntarily consent to the use of the Surface of the Premises for the drilling, mining, storage or transporting of oil, gas and other hydrocarbon products.
Mineral Interests. 46 SECTION 8.10 Licenses, Permits, Etc..................................................46 SECTION 8.11
Mineral Interests. The real property described in the attachment to the Certificate of Mortgaged Properties (the “Property Description”) is an accurate and complete description of all Mortgaged Properties owned by the Borrower and its U.S. Subsidiaries which are real property located in the United States on and as of the Closing Date, and such Mortgaged Properties (a) constitute at least the U.S. Required Reserve Value and (b) together with the Mortgaged Properties described in the attachment to the Certificate of Mortgaged Properties (as defined in the Canadian Credit Agreement) delivered pursuant to Section 4.1(m) of the Canadian Credit Agreement, constitute at least the Required Reserve Value. Subject only to Immaterial Title Deficiencies and Permitted Encumbrances, the Borrower and each of its Subsidiaries executing a Mortgage (as applicable) have good and defensible title to all Borrowing Base Properties described in the most recent Reserve Report delivered pursuant hereto, free and clear of all Liens except for Permitted Encumbrances. Subject only to Immaterial Title Deficiencies and Permitted Encumbrances, (i) all Borrowing Base Properties described in the most recent Reserve Report delivered pursuant hereto are valid, subsisting, and in full force and effect, and (ii) all material rentals, royalties, and other amounts due and payable in respect thereof have been duly paid when due, except as provided in Section 5.3(b)(i) with respect to delay rentals. Without regard to any consent or non-consent provisions of any joint operating agreement covering any of the Borrower’s or such Subsidiary’s (as applicable) Proved Mineral Interests, subject to Immaterial Title Deficiencies and Permitted Encumbrances, the Borrower’s percentage share and/or the percentage share of each Subsidiary executing a Mortgage (as applicable) of (A) the costs for each Proved Mineral Interest described in the most recent Reserve Report delivered pursuant hereto is not greater than 105% of the decimal fraction set forth in such Reserve Report, before and after payout, as the case may be, and described therein by the respective designationsworking interests,” “WI,” “gross working interest,” “GWI,” or similar terms; provided that the Borrower or any applicable Subsidiary of the Borrower shall have the right to bear costs disproportionate to the Borrower’s or such Subsidiary’s working interest with respect to any Mineral Interest for a period of time in order to
Mineral Interests. Borrower has good and defensible title to all Proved Mineral Interests described in the Reserve Report, free and clear of all Liens except Permitted Encumbrances and Immaterial Title Deficiencies. With the exception of Immaterial Title Deficiencies, all such Proved Mineral Interests are valid, subsisting, and in full force and effect, and all rentals, royalties, and other amounts due and payable in respect thereof have been duly paid. Without regard to any consent or non-consent provisions of any joint operating agreement covering any of Borrower's Proved Mineral Interests, and with the exception of Immaterial Title Deficiencies, Borrower's share of (a) the costs for each Proved Mineral Interest described in the Reserve Report is not greater than the decimal fraction set forth in the Reserve Report, before and after payout, as the case may be, and described therein by the respective designations "working interests", "WI", "gross working interest", "GWI", or similar terms, and (b)
Mineral Interests. Except to the extent disposed of since the date of the most recently delivered Reserve Report, each Credit Party has good and defensible title to all of its Borrowing Base Properties evaluated in such Reserve Report, free and clear of all Liens except Permitted Encumbrances and Immaterial Title Deficiencies. Subject only to Immaterial Title Deficiencies and Permitted Encumbrances, all Borrowing Base Properties are valid, subsisting, and in full force and effect, and all material rentals, royalties, and other amounts due and payable in respect thereof have been duly paid, except for delay rentals with respect to which the applicable Credit Party has determined in good faith that payment and discharge thereof is not in such Credit Party’s best interest. Without regard to any consent or non-consent provisions of any joint operating agreement covering any Proved Mineral Interests of any Credit Party, but subject to Immaterial Title Deficiencies and Permitted Encumbrances, each Credit Party’s share of (a) the costs for each of its Borrowing Base Properties evaluated in the most recently delivered Reserve Report (except to the extent disposed of since the date of such Reserve Report) is not greater than the decimal fraction set forth in such Reserve Report, before and after payout, as the case may be, and described therein by the respective designationsworking interests,” “WI,” “gross working interest,” “GWI,” or similar terms, and (b) production from, allocated to, or attributed to each of its Borrowing Base Properties evaluated in the most recently delivered Reserve Report (except to the extent disposed of since the date of such Reserve Report) is not less than the decimal fraction set forth in such Reserve Report, before and after payout, as the case may be, and described therein by the designations “net revenue interest,” “NRI,” or similar terms. Each well drilled in respect of each Borrowing Base Property evaluated in the most recently delivered Reserve Report (except to the extent disposed of since the date of such Reserve Report) which is categorized as proved developed producing reserves and described in such Reserve Report (i) is capable of, and, with the exception of wxxxx which are presently not producing Hydrocarbons pending the completion of workovers and repairs to such wxxxx, is presently, producing Hydrocarbons in commercially profitable quantities, and each Credit Party is receiving payments for its share of production, and no material amount ...