Common use of Timber Rights Clause in Contracts

Timber Rights. As of the date hereof and as of the Closing Date: (a) PTL is the sole and exclusive licensee under the Timber Tenures, and true and complete copies thereof will be provided to the Purchaser by February 20, 2008, and PTL is listed in the records of Ministry of Forests as the holder thereof; each of the Timber Tenures is validly subsisting and in good standing, no notice of suspension or cancellation of any of the Timber Tenures is outstanding, and no rights of any of the Sellers under any of the Timber Tenures are under suspension, in whole or in part, under Section 76 or 78 of the Forest Act and, to the Knowledge of the Seller, no fact or event that has occurred and could reasonably be expected to result in any such suspension or cancellation; (b) PTL has not received any notice or advice from any Governmental Authority indicating that the annual allowable cut of any Timber Tenure may be reduced, and, to the Knowledge of the Seller, there is no reason to believe that such a reduction may be forthcoming; and (c) there are no contracts or agreements that commit the use or disposition of timber or logs harvested under any Timber Tenure.