Common use of Good and Defensible Title Clause in Contracts

Good and Defensible Title. (a) As used herein, the term "Good and Defensible Title" shall mean, as to each of the Working Interest Properties, that quantity of title to such Working Interest Properties by virtue of which Seller can successfully defend against a claim to the contrary made by a third party as determined by Buyer in the exercise of reasonable judgment and in good faith, such that (i) Seller (and upon Closing, Buyer), by virtue of its ownership interests in the Leasehold Interests and Lands described in Exhibit A, is entitled to receive a fractional decimal interest of not less than the "Net Revenue Interest" set forth in Exhibit B, in production of hydrocarbons from the Working Interest Properties without reduction, suspension, or termination throughout the productive life of each such Working Interest Property (the "Net Revenue Interest"); (ii) Seller is obligated to bear (and after Closing shall obligate Buyer to bear) a fractional decimal interest of not more than the "Working Interest" set forth on Exhibit B of the costs and expenses related to the maintenance, development, drilling, equipping, testing, completing, sidetracking, reworking and operation of each Working Interest Property which are set forth on Exhibit B without increase throughout the productive life of each Property; and (iii) the Working Interest Properties are subject to no liens, encumbrances, obligations or defects except those which are Permitted Encumbrances.

Good and Defensible Title. (a) As used herein, the term "“Good and Defensible Title" ” shall mean, as to each of the Working Interest Properties, mean that quantity quality of title to such Working Interest Properties the Property by virtue of which Seller can successfully defend against a claim to the contrary made by a third party as determined by Buyer in the exercise of reasonable judgment and in good faith, such that (i) Seller (and upon Closing, Buyer), in respect of its Purchased Interest share) by virtue of its ownership interests interest in the Leasehold Interests Leases, Lands and Lands Xxxxx described in on Exhibit A, is entitled to receive a an undivided fractional decimal interest of not less than the "“Net Revenue Interest" ” set forth on the attached Exhibit A in Exhibit Band to the Hydrocarbons (the “Net Revenue Interest”) produced from or attributable to the Leases, in production of hydrocarbons from the Working Interest Properties Lands and Xxxxx without reduction, suspension, or termination throughout the productive life of each such Working Interest Property except for (a) decreases in connection with those operations in which Seller (or Buyer after Closing) may be a non-consenting co-owner, (b) decreases resulting from the "Net Revenue Interest")establishment or amendment of pools or units, or (c) decreases required to allow other working interest owners to make up past underproduction or pipelines to make up past under deliveries; (ii) Seller is obligated to bear (and after Closing Buyer shall obligate Buyer be obligated to bearbear its proportionate share of) a the undivided fractional decimal interest of not more than the "Working Interest" set forth on Exhibit B of the costs and expenses related to the maintenance, development, drilling, equipping, testing, completing, sidetracking, reworking reworking, producing and operation of each the Leases, Lands and Xxxxx of no more than the “Working Interest Property which are Interest” set forth on the attached Exhibit B without increase throughout A (the productive life of each Property“Working Interest”); and (iii) none of the Working Interest Properties are Property, or any portion thereof, is subject to no liens, any liens or material encumbrances, obligations or defects except those which are Permitted Encumbrances.

Good and Defensible Title. (a) As used herein, the term "“Good and Defensible Title" ” shall mean, as to each of the Working Interest Subject Properties, that quantity of title to such Working Interest the Subject Properties by virtue of which Seller can successfully defend against a claim to the contrary made by a third party as determined by Buyer party, based upon industry standards in the acquisition of oil and gas properties, and in the exercise of reasonable judgment and in good faith, such that (i) Seller (and upon Closing, Buyer), by virtue of its ownership interests interest in the Leasehold Interests and Lands Leases described in Exhibit “A”, is are entitled to receive a fractional decimal interest of not less than the "Net Revenue Interest" set forth in Seller’s interests shown on Exhibit “B, in production of hydrocarbons from the Working Interest Properties ” without reduction, increase, suspension, or termination throughout the productive life of each such Working Interest Subject Property (the "“Net Revenue Interest"”); , (ii) Seller is obligated to bear (and after Closing shall obligate Buyer to bear) a fractional decimal interest of not more than the "Working Interest" set forth Seller’s interests shown on Exhibit B “B” without reduction, increase, suspensions, or termination throughout the productive life of each such Subject Property, of the costs and expenses related to the maintenance, development, drilling, equipping, testing, completing, sidetracking, reworking and operation of each Working Interest Subject Property which are set forth on Exhibit B without increase throughout the productive life of each PropertySubject Property (the “Working Interest”); and (iiiii) the Working Interest Subject Properties are subject to no liens, encumbrances, obligations or defects except those which that are Permitted Encumbrances.