Defensible Title. “Defensible Title” means the title of Seller in and to each Lease, Well or Well Location, subject to and except for the Permitted Encumbrances:
Defensible Title. The term “Defensible Title” to the Assets means such title of Seller that, subject to and except for the Permitted Encumbrances:
Defensible Title. The term “Defensible Title” with respect to a Lease means such title of Sellers in and to the Leases that: (i) results in Sellers owning that number of Net Acres with respect to the Lease equal to the number of Net Acres for the Lease set forth in Exhibit A, (ii) entitles Sellers to a net revenue interest in the Lease (“NRI”) not less than the NRI set forth for such Lease in Exhibit A, (iii) entitles Sellers to a working interest in the lands described in the Lease (“WI”) not more than the WI set forth for such Lease in Exhibit A, and (iv) subject to and except for Permitted Encumbrances, is free and clear of all liens, security interests, encumbrances, claims, and any other defects.
Defensible Title. On the Closing Date, Seller shall convey to Buyer Defensible Title to the Assets. As used herein, the term “Defensible Title” shall mean, as to the Assets, that title which is filed, recorded, or otherwise referenced of record in the records of the applicable Governmental Body in a manner which under applicable Legal Requirements constitutes constructive notice of ownership of such Asset to third parties acquiring an interest in or an encumbrance against such Asset, and which:
Defensible Title. (a) As used herein, the term “Defensible Title” shall mean, as to the Interests, such title held by Seller under documents recorded in Xxxxxxx County, Texas that, subject to and except for the Permitted Encumbrances (as hereinafter defined): (i) entitles Seller to receive, and will entitle Buyer after Closing, to receive, own and retain without suspension, reduction or termination, payment of revenues for not less than the “Net Revenue Interest” set forth in Exhibit “B” of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from all xxxxx located on the Land; (ii) obligates Seller, and will obligate Buyer after Closing, to bear costs and expenses relating to the maintenance, development and operation of xxxxx located on the Interests in an amount not greater than the “Working Interest” set forth in Exhibit “B”; (iii) is free and clear of encumbrances and liens; and (iv) allows Seller to receive payment for production attributable to the Interests from the purchaser(s) thereof without any bond or indemnity being required.
(b) The term “
Defensible Title. The term “Defensible Title” means such title to the Assets that, subject to and except for Permitted Encumbrances: (i) entitles Seller to receive not less than the net revenue interest set forth on Exhibit B for each Well or undeveloped location listed on Exhibit B (“NRI”) and, if the NRI for any Well or undeveloped location is listed as both “BPO” and “APO,” not less than the BPO NRI prior to the applicable payout event, and not less than the APO NRI after the applicable payout event; (ii) obligates Seller to bear costs and expenses relating to the maintenance, development, operation and the production of Hydrocarbons from each Well or undeveloped location in an amount not greater than the working interest set forth in Exhibit B (“WI”); (iii) is not subject to reduction by virtue of the exercise by any third party or automatic effectuation of a reversionary interest, back-in or similar right except as scheduled in Exhibit B; (iv) is free and clear of mortgages, encumbrances, liens, and delinquent taxes; and (v) defects or conditions that would create an impairment of use or loss of interest in the affected Asset. If a formation in a Well or undeveloped location is not listed on Exhibit B, then the Allocated Value for such formation or undeveloped location is zero.
Defensible Title. On the Closing Date, each Seller will convey to Buyer Defensible Title to such Seller's interest in the Assets. As used herein the term "Defensible Title" will mean, as to such Seller's interest in the Assets, that title which: Entitles Seller, as to the Wells described on Exhibit A xx xeceive not less than the interests set forth in such Exhibit as the respective "Net Revenue Interests", of all Hydrocarbons produced, saved and marketed therefrom, through the plugging, abandonment and salvage of such Wells, except for any decreaxx (x) caused by orders of the appropriate regulatory body having jurisdiction over the Wells that are promulgated axxxx the Effective Time that concern pooling, unitization, communization or spacing matters, (ii) caused by Buyer, its successors or assigns; or (iii) arising from operation of any Contract proportionately assigned to Buyer hereby. Obligates Seller, as to the Wells described on Exhibit A xx xear not more than the respective percentages designated as the "WorkinR Interests" set forth in such Exhibits of the costs and expenses relating to the maintenance, development and operation of the said Wells, through the plugging, xxxxdonment and salvage of such Wells, except for any increaxx (x) caused by Buyer, its successors and assigns, (ii) that also results in the Net Revenue Interest associated with the Well being proportionately increased, or (iii) caused by orders of the appropriate regulatory agency having jurisdiction over the Wells that are promulgated axxxx the Effective Time that concern pooling, unitization, communization or spacing matters; Constitutes all of Seller's right, title and interest in and to leasehold estate and working interest in and to all of the Assets; and Is free and clear of all Encumbrances except for Permitted Encumbrances.
Defensible Title. Seller has, and will have at the Closing Date, Defensible Title to the Oil and Gas Interests. Each Seller represents as to itself only that it is transferring 100% of its interest in the Transferred Assets and that by, through and under it, no event has occurred and no conveyance has been made that would cause such Seller's interest in the Transferred Assets to be less than the Warranted Interest. Each Seller, as to itself only, represents and warrants that it owns the Warranted Interest; provided that the representation and warranty contained in this sentence shall terminate at Closing. Purchaser's exclusive remedy for any breach of the warranties set forth in this Section 3.8 shall be the remedy provided in Article VI.
Defensible Title. 14 4.2 PERMITTED ENCUMBRANCES . . . . . . . . . . . . . . . . . . . . 14 4.3
Defensible Title. The term “
