Definition of Marketable Title. As used herein with respect to each Property, the term "Marketable Title" shall mean that title which:
1. Entitles the Limited Partnership which purports to own the Property to receive from each lease, unit or well (free and clear of all royalties, overriding royalties, nonparticipating royalties, net profits interests or other burdens on or measured by production of oil and gas) throughout the duration of the productive life of the relevant lease, unit or well, not less than the "net revenue interest" set forth on Appendix I of the oil, gas and other minerals produced, saved and marketed from the lease, unit or well, without reduction, suspension or termination;
2. Obligates the Limited Partnership which purports to own the Property to bear a percentage of the costs and expenses of the maintenance and development of, and operations relating to, any lease, unit or well not greater than the "working interest" set forth on Appendix I, without increase throughout the productive life of such lease, well or unit; and
3. Is free and clear of Liens or defects except for Permitted Encumbrances, except for mortgages, deeds of trust, liens and security interests held by lending institutions to secure payment of indebtedness existing for loans and advances made by such lending institutions, all of which will be released at or prior to Closing. As used herein, the term "Permitted Encumbrances" means:
(i) the terms and conditions of all contracts and agreements described on Appendix I or Schedule II.A.11, to the extent such terms and conditions do not adversely affect the net revenue interests or working interests set forth on Appendix I;
(ii) preferential rights of purchase and required third party consents to assignments and similar rights held by third parties which are not applicable to any Merger contemplated hereby;
(iii) liens for Taxes or assessments not yet delinquent or, if delinquent, that are being contested in good faith in the normal course of business;
(iv) liens arising under operating agreements, unitization and pooling agreements and production sales contracts securing amounts not yet delinquent, or if delinquent, that are being contested in good faith in the normal course of business;
(v) conventional rights of reassignment prior to abandonment requiring not more than 90 days notice to the holders of such rights;
(vi) easements, rights-of-way, servitudes, permits, surface leases and other rights in respect of surface operations, pipelines, grazing, h...
Definition of Marketable Title. As used in this Agreement, the ------------------------------- term "Marketable Title" shall mean, as to each of the Interests including the proved undeveloped locations and behind pipe intervals specifically identified on Exhibit "B", that the title acquired by Buyer:
Definition of Marketable Title. As used herein, the term “Marketable Title” shall mean, in the case of the Leasehold Interests listed on Exhibit A-1, such right, title and interest that, except for Permitted Encumbrances:
(a) entitles Seller to receive, from its record title ownership in such Leasehold Interests, not less than the interest set forth in Exhibit A-2 as the “Net Revenue Interest” or “NRI” with respect to all of the oil, gas, and hydrocarbon minerals produced, saved and marketed from each unit or well, as the case may be, identified on Exhibit A-2, without reduction, suspension or termination throughout the productive life of such Leasehold Interests, except as expressly noted on Exhibit A-2;
(b) obligates Seller to bear no more than the percentage set forth in Exhibit A-2 as the “Working Interest” or “WI” with respect to all of the costs and expenses relating to the operations on and the maintenance and development of each unit or well, as the case may be, identified on Exhibit A-2, without increase throughout the productive life of such Leasehold Interests, except as expressly noted on Exhibit A-2; and
(c) is free and clear of all liens, mortgages, pledges, claims, charges, options, calls on production, preferential purchase rights, requirements for consent to assignment which would apply to the transactions contemplated hereby and other encumbrances and title defects.
Definition of Marketable Title. As used herein, the term "Marketable Title" shall mean, as to the Assets, such right, title and interest as shown of record that (a) entitles Seller (and after Closing, Purchaser, as Seller's successor in title) to receive not less than the net revenue interest set forth in Exhibit A-1 of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Assets, and the share allocated to the Assets of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from any unit of which the Assets are part, all without reduction, suspense, or termination of the net revenue interests in the Assets, except as stated in Exhibit A-1, (b) obligates Seller (and after Closing, Purchaser, as Seller's successor in title) to bear a percentage of the costs and expenses relating to the maintenance and development of and operations relating to the Assets not greater than the working interests shown in Exhibit A-1, all without increase of the working interests in the Assets throughout the duration of the Assets, except as stated in Exhibit A-1, and (c) except for Permitted Encumbrances, and subject to Section 3.2 and 3.9, is free and clear of all liens, claims and encumbrances.
Definition of Marketable Title. As used herein with respect to each LNP PROPERTY, the term “Marketable Title” shall mean that title which is filed of record and free from reasonable doubt such that a prudent person engaged in the business of the ownership, development and operation of producing oil and gas properties, with knowledge of all the facts and their legal effect, would be willing to accept the same and which:
1. Entitles LNP as a result of its ownership of the LNP PROPERTIES to receive from each lease, unit or well (free and clear of all royalties, overriding royalties, nonparticipating royalties, net profits interests or other burdens on or measured by production of oil and gas) throughout the duration of the productive life of the relevant lease, unit or well, not less than the “net revenue interest” set forth on Appendix I of the oil, gas and other minerals produced, saved and marketed from the lease, unit or well, without reduction, suspension or termination;
2. Obligates LNP as a result of its ownership of the LNP PROPERTIES to bear a percentage of the costs and expenses of the maintenance and development of, and operations relating to, any lease, unit or well not greater than the “working interest” set forth on Appendix I, without increase throughout the productive life of such lease, well or unit; and
3. Is free and clear of liens, encumbrances, obligations or defects except for Permitted Encumbrances. As used herein, the term “Permitted Encumbrances” means:
