Common use of Title Matters Clause in Contracts

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “Defensible Title” to the Assets shall mean such title of Seller that: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “NRI”) of Seller set forth in Schedule B of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “WI”) set forth in Schedule B throughout the life of such properties except to the extent such greater working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “Permitted Encumbrances”, as used herein, shall mean:

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets Leases except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “Defensible Title” to the Assets shall mean such title of Seller that: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “NRI”) of Seller set forth in Schedule B of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “WI”) set forth in Schedule B throughout the life of such properties except to the extent such greater increase in working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “Permitted Encumbrances”, as used herein, shall mean:

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets Leases except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “"Defensible Title” " to the Assets shall mean such title of Seller that,: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “"NRI”") of Seller set forth in Schedule B of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “"WI”") set forth in Schedule B throughout the life of such properties except to the extent such greater increase in working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “"Permitted Encumbrances”", as used herein, shall mean:

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants represents that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets Leases except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “Defensible Title” to the Assets shall mean such title of Seller that,: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “NRI”) of Seller set forth in Schedule B (after accounting for increases or reductions in net revenue interests related to payouts as noted on Schedule B) of all oil, gas and associated liquid and gaseous hydrocarbons Hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “WI”) set forth in Schedule B throughout the life of such properties except to the extent such greater increase in working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “Permitted Encumbrances”, as used herein, shall mean:

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets Leases except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “Defensible Title” to the Assets shall mean such title of Seller that: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “NRI”) of Seller set forth in Schedule B of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “WI”) set forth in Schedule B throughout the life of such properties except to the extent such greater increase in working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “Permitted Encumbrances”, as used herein, shall mean:

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “Defensible Title” to the Assets shall mean such title of Seller that: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “NRI”) of Seller set forth in Schedule B of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “WI”) set forth in Schedule B throughout the life of such properties except to the extent such greater working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “Permitted Encumbrances”, as used herein, shall mean:

Title Matters. (a) For the sole purpose of determining the existence of Title Defects prior to the Closing, Seller warrants that it owns Defensible Title (as defined in Section 3.3(b)) to the Assets Leases except to the extent affected by the litigation described on Schedule C. (b) As used herein, the term “Defensible Title” to the Assets shall mean such title of Seller that,: (i) is deducible of record either from the records of the applicable county or parish clerk and recorder or, in the case of federal leases, from the records of the applicable office of the Bureau of Land Management, or in the case of state leases, from the records of the applicable state land office, or from some combination of the foregoing official records; (ii) entitles Seller to receive not less than the net revenue interest (indicated by the letters “NRI”) of Seller set forth in Schedule B of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Leases throughout the life of such properties; (iii) obligates Seller to bear costs and expenses relating to the maintenance, development and operation of the Leases in an amount not greater than the working interest (indicated by the letters “WI”) set forth in Schedule B throughout the life of such properties except to the extent such greater increase in working interest is accompanied by a proportionate increase in net revenue interest; and (iv) is free and clear of encumbrances, liens and defects other than the Permitted Encumbrances. (c) The term “Permitted Encumbrances”, as used herein, shall mean: