Common use of Operating Assets Clause in Contracts

Operating Assets. (i) Seller represents that as of Closing, Seller's and the Partnership's interests in the Operating Assets shall be free and clear of any liens other than Permitted Encumbrances. (ii) To Seller's Knowledge, the Operating Assets are being operated in compliance in all material respects with all applicable federal, state or local laws, and the rules and regulations of any agency or authority having jurisdiction. (iii) Except as set forth in Schedule 4.1(m)(iii), Southeast and the Partnership possess all permits, licenses, orders, approvals and authorizations required by any applicable law, statute, regulation or Governmental Order, or by the property and contract rights of third Persons, reasonably necessary to permit the operation of the Business in the manner currently conducted by Southeast and the Partnership. Neither Southeast nor the Partnership has received written notice from any Governmental Authority that any such permit, license, order, approval or authorization has been, or will be, revoked or terminated. (iv) Except as set forth in Schedule 4.1(m)(iv), immediately before the Closing Date, Southeast and the Partnership will hold or have the right to use in the Business all of the assets and properties (including all licenses and agreements) currently being used (except those disposed of or expiring in the ordinary course of business or otherwise as contemplated or permitted by this Agreement) or which are reasonably necessary to permit the operation of the Business in the manner currently conducted by Southeast and the Partnership. Since June 30, 1999, Southeast have conducted no business other than the Business.

Operating Assets. (i) Seller represents that as of Closing, Seller's and the Partnership's interests in the Operating Assets shall be free and clear of any liens other than Permitted Encumbrances. (ii) To Seller's Knowledge, the Operating Assets are being operated in compliance in all material respects with all applicable federal, state or local laws, and the rules and regulations of any agency or authority having jurisdiction. (iii) Except as set forth in Schedule 4.1(m)(iii), Southeast Reserves LLC and the Partnership possess all permits, licenses, orders, approvals and authorizations required by any applicable law, statute, regulation or Governmental Order, or by the property and contract rights of third Persons, reasonably necessary to permit the operation of the Business in the manner currently conducted by Southeast Reserves LLC and the Partnership. Neither Southeast Reserves LLC nor the Partnership has received written notice from any Governmental Authority that any such permit, license, order, approval or authorization has been, or will be, revoked or terminated. (iv) Except as set forth in Schedule 4.1(m)(iv), immediately before the Closing Date, Southeast Reserves LLC and the Partnership will hold or have the right to use in the Business all of the assets and properties (including all licenses and agreements) currently being used (except those disposed of or expiring in the ordinary course of business or otherwise as contemplated or permitted by this Agreement) or which are reasonably necessary to permit the operation of the Business in the manner currently conducted by Southeast Reserves LLC and the Partnership. Since June 30, 1999, Southeast Reserves LLC have conducted no business other than the Business.