Common use of Mortgage Liens Clause in Contracts

Mortgage Liens. Subject to the qualifications and limitations set forth expressly in the Mortgages and in the proviso set forth in Section 6.8(a) [Title to Properties], the Liens granted to the Collateral Agent pursuant to each Mortgage constitute a valid first priority Lien on the Real Property under applicable law, subject only to Permitted Liens. Schedule 1.1(R) sets forth a complete and accurate list as of the Closing Date of (x) Proved Reserves that constitute no less than eighty percent (80%) of the total present value of all Proved Reserves included in the Borrowing Base and (y) Proved Developed Producing Reserves that constitute no less than eighty percent (80%) of the PV10 value of all Proved Developed Producing Reserves included in the Borrowing Base.

Mortgage Liens. Subject to the qualifications and limitations set forth expressly in the Mortgages and in the proviso set forth in Section 6.8(a) [Title to Properties], the Liens granted to the Collateral Agent pursuant to each Mortgage constitute a legal, valid and enforceable first priority Lien on the Real Property under applicable law, subject only to Permitted Liens. Schedule 1.1(R) sets forth a complete and accurate list as of the Closing Amendment No. 4 Effective Date of (x) Proved Reserves that constitute no less than eighty eighty-five percent (8085%) of the total present value of all Proved Reserves included in the Borrowing Base and (y) Proved Developed Producing Reserves that constitute no less than eighty eighty-five percent (8085%) of the PV10 value of all Proved Developed Producing Reserves included in the Borrowing Base.

Mortgage Liens. Subject to the qualifications and limitations set forth expressly in the Mortgages and in the proviso set forth in Section 6.8(a) [Title to Properties], the Liens granted to the Collateral Agent pursuant to each Mortgage constitute a legal, valid and enforceable first priority Lien on the Real Property under applicable law, subject only to Permitted Liens. Schedule 1.1(R) sets forth a complete and accurate list as of the Closing Date of (x) Proved Reserves that constitute no less than eighty eighty-five percent (8085%) of the total present value of all Proved Reserves included in the Borrowing Base and (y) Proved Developed Producing Reserves that constitute no less than eighty eighty-five percent (8085%) of the PV10 value of all Proved Developed Producing Reserves included in the Borrowing Base.