Common use of Properties; Titles, Etc Clause in Contracts

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each of the Parent and the Restricted Subsidiaries has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies), the Parent or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does not in any material respect obligate the Parent or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefrom.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title to the its Oil and Gas Properties evaluated in the most recently delivered Reserve Report (other than those disposed of in compliance with Section 9.11 since delivery of such Reserve Report) and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent or such Restricted Subsidiary it to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s or such Restricted Subsidiary’s its net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Deficiencies and Excepted Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title DeficienciesExcept as set forth in Schedule 7.16, each of the Parent Borrower and the Restricted Subsidiaries (as applicable) has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or Property. The Parent owns no direct interests in the revenues therefromany Oil and Gas Properties.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrowers and the Restricted Subsidiaries has good and defensible title to to, or valid and enforceable leasehold interests in, the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner or lessee owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership or lease of such Properties does shall not in any material respect obligate the Parent such Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s such Borrower's or such Restricted Subsidiary’s 's net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title to the its respective Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to, or valid leasehold interests in, licenses of, or rights to use, all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property Property. The ownership by the Borrower or any Subsidiary of the Hydrocarbons and the undivided interests therein specified on the exhibits to the Mortgages are the same interests reflected in the revenues therefrommost recently delivered Reserve Report.

Properties; Titles, Etc. (a) Subject to Immaterial Title DeficienciesExcept as set forth in Schedule 7.16, each of the Parent Borrower and the Restricted Subsidiaries (as applicable) has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Permitted Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or Property. The Borrower owns no direct interests in the revenues therefromany Oil and Gas Properties.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrowers and the Restricted Subsidiaries has good and defensible title to to, or valid and enforceable leasehold interests in, the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrowers or the Restricted Subsidiary specified as the owner or lessee owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership or lease of such Properties does shall not in any material respect obligate the Parent Borrowers or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s Borrowers' or such Restricted Subsidiary’s 's net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title DeficienciesExcept as disclosed in Schedule 7.16, each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted its Subsidiaries has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)and any Liens created pursuant to the Senior Revolving Credit Documents, the Parent Borrower or the Restricted Subsidiary specified as the owner owns at least the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each of the Parent and the Restricted Subsidiaries has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies), the Parent or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the 87 ownership of such Properties does not in any material respect obligate the Parent or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefrom.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title to the its respective Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to, or valid leasehold interests in, licenses of, or rights to use, all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s Borrower's or such Restricted Subsidiary’s 's net revenue interest in such Property Property. The ownership by the Borrower or any Subsidiary of the Hydrocarbons and the undivided interests therein specified on the exhibits to the Mortgages are the same interests reflected in the revenues therefrommost recently delivered Reserve Report.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title to the its respective Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to, or valid leasehold interests in, licenses of, or rights to use, all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrowers and the Restricted Subsidiaries has good and defensible title to to, or valid and enforceable leasehold interests in, the Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrowers or the Restricted Subsidiary specified as the owner or lessee owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, Report and the ownership or lease of such Properties does shall not in any material respect obligate the Parent Borrowers or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s Borrowers' or such Restricted Subsidiary’s 's net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title (subject to Immaterial Title Deficiencies) to the Proved Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title in all material respects to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject to Immaterial Title Deficiencies, each Each of the Parent Borrower and the Restricted Subsidiaries has good and defensible title (subject to Immaterial Title Deficiencies) to the Proved Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title in all material respects to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the ParentBorrower’s or such Restricted Subsidiary’s net revenue interest in such Property or in the revenues therefromProperty.

Properties; Titles, Etc. (a) Subject After giving effect to Immaterial Title Deficienciesthe Transactions, and except as disclosed in Section C of the Due Diligence Report, such Credit Party and each of the Parent and the Restricted its Subsidiaries has good and defensible title to the material Oil and Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens (including Immaterial Title Deficiencies)Liens, the Parent such Credit Party or the Restricted such Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties does shall not in any material respect obligate the Parent such Credit Party or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Parent’s such Credit Party's or such Restricted Subsidiary’s 's net revenue interest in such Property or in the revenues therefromProperty.