Ownership of Collateral; Interests. The Issuer is the beneficial owner of the Collateral Interests and has the right to perform the actions contemplated herein.
Ownership of Collateral; Interests. (a) All Collateral is owned of record by Borrower, free and clear of any Lien other than the Permitted Encumbrances. Except for the Permitted Encumbrances, Borrower has Defensible Title to each of the Properties. Except for Permitted Encumbrances or as Approved by Administrative Agent, Borrower’s interest in the Properties is not subject to any mineral reservations or top leases of record. Borrower has the exclusive right to sell and grant Liens over the Collateral. There are no unrecorded documents or agreements that could limit or impair (i) Borrower’s ability to grant the Liens contemplated by the Security Documents or (ii) Administrative Agent’s ability to enforce those Liens pursuant to the Security Documents. Subject to the Permitted Encumbrances, Borrower has all beneficial right, title and interest in and to the Net Revenue Interest in all production from or allocable to Borrower’s interest in the Properties (including each Lease).
Ownership of Collateral; Interests. (a) All Collateral is owned of record by each Borrower, free and clear of any Lien other than the Permitted Encumbrances. Each Borrower has Defensible Title to the Properties, including each Lease related to the Properties. Except for Permitted Encumbrances or as otherwise consented to in writing by Lender, each Borrower’s interest in the Properties is not subject to any mineral reservations or, to the best of each Borrower’s knowledge, top leases of record. Except for Permitted Encumbrances and the Liens and security interests contemplated by this Agreement and the Security Documents, to each Borrower’s knowledge there are no unrecorded documents or agreements which may result in the impairment or loss of each Borrower’s ability to mortgage the Properties or of Lender’s ability to enforce the Mortgage and convey the Properties. Subject to the Permitted Encumbrances, each Borrower has all beneficial right, title and interest in and to the Net Revenue Interest in all production from or allocable to its respective interest in the Properties (including each Lease) and has the exclusive right to sell or mortgage the Properties subject to any right in the owners of Royalty Interests to take their royalty interest in kind. The representations and warranties set forth in this Section 4.11 shall apply to the Leases set forth in Schedule 4.11. Schedule 4.11 accurately lists each Well in which a Borrower has a legal or beneficial interest, and lists each other Person that has a legal or beneficial interest in such Well. No Person has any legal or beneficial interest in any Well or other Collateral except as set forth in Schedule 4.11.
Ownership of Collateral; Interests. The Collateral is owned by Borrower and its Subsidiaries, free and clear of any security interest, lien, encumbrance, mortgages, security agreement or other charge other than the Senior Liens and Permitted Encumbrances. Borrower and its Subsidiaries has Defensible Title to the Properties, including each Lease related to the Properties, free and clear of any lien, claim, or encumbrance except for the Senior Liens and Permitted Encumbrances and those arising under this Agreement or the Security Documents. Except for Permitted Encumbrances and the liens and security interests contemplated by this Agreement and the Security Documents, there are no unrecorded documents or agreements which may result in the impairment or loss of Borrower's or its Subsidiaries' ability to mortgage the Properties or of Lenders' ability to enforce the Mortgage and convey the Properties. Subject to the Permitted Encumbrances, Borrower and its Subsidiaries has all beneficial right, title and interest in and to the Net Revenue Interest in all production from or allocable to Borrower's or its Subsidiaries' interest in the Properties (including each Lease) and has the exclusive right to sell or mortgage the Properties subject to any right in the owners of Royalty Interests to take their royalty interest in kind. With respect to each of the Properties, Borrower's or its Subsidiaries' Working Interest is not more than and its Net Revenue Interest is not less than those set forth in the Reserve Reports. All leases and agreements referenced in the title opinions delivered in connection with the Closing are valid and subsisting, in full force and effect and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any Lease or Leases comprising the Properties, which would affect in any material respect the conduct of the business of the Borrower. All of the Properties of the Borrower which are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.
Ownership of Collateral; Interests. (a) All Collateral is owned of record by Borrower free and clear of any Lien other than the Permitted Encumbrances. Except for the Permitted Encumbrances, Borrower has Defensible Title to the Properties, including each Lease related to the Properties. Except for Permitted Encumbrances or as otherwise consented to in writing by Administrative Agent, Borrower’s interest in the Properties is not subject to any mineral reservations or top leases of record. Except for Permitted Encumbrances and the Liens arising under the Security Documents, to Borrower’s knowledge, there are no unrecorded documents or agreements which may result in the impairment or loss of Borrower’s ability to mortgage the Properties or of the Administrative Agent’s ability to enforce the Mortgage and convey the Properties. Subject to the Permitted Encumbrances, Borrower has all beneficial right, title and interest in and to the Net Revenue Interest in all production from or allocable to Borrower’s interest in the Properties (including each Lease) and have the exclusive right to sell or mortgage the Properties subject to any right in the owners of Royalty Interests to take their royalty interest in kind.
Ownership of Collateral; Interests. 14 Section 3.12 Debt 15 Section 3.13 Intellectual Property 15 Section 3.14 No Other Leases 15 Section 3.15 Investments 15 Section 3.16 No Unusual Restrictions 15 Section 3.17 No Take or Pay Agreements 16 Section 3.18 Gas Imbalances 16 Section 3.19 Environmental Matters 16 Section 3.20 Permits and Licenses 17 Section 3.21 Operation of the Properties 17 Section 3.22 USA PATRIOT Act Representation 18 Section 3.23 Contingent Liabilities 18 Section 3.24 Equipment 18 Section 3.25 Unpaid Bills 18 Section 3.26 Taxpayer Identification 18 Section 3.27 Investment Company 18 Section 3.28 Borrower is Not a Public Company 18 Section 3.29 No Margin Trading 19 Section 3.30 No Pending Sale or Financing 19 Section 3.31 No Calls on Production 19 Section 3.32 Basic Documents 19 Section 3.33 Farmout Agreements and Subject Contracts, Etc 19 Section 3.34 Operating Agreements 20 Section 3.35 No Unusual Agreements 20 Section 3.36 Suspense of Proceeds 20 Section 3.37 Employee Plans 20 Section 3.38 Insurance 20 Section 3.39 No Material Adverse Effect 21 Section 3.40 Restriction on Liens 21 Section 3.41 Hedging Agreements 21 Section 3.42 Marketing of Production 21 Section 3.43 Deposit Accounts 21 Section 3.44 Labor Matters 21 Section 3.45 Eligible Contract Participant 21 Section 3.46 Character of Pledged Interests 22 Section 3.47 No Default 22 Section 3.48 Financial Statements 22 Section 3.49 Priority 22 Section 3.50 Affiliate Interests in Properties 22
Ownership of Collateral; Interests. All Collateral is owned of record by Borrower and the Working Interests will be conveyed to Lender or its designee by Borrower, free and clear of any security interest, lien, encumbrance, mortgages, security agreement or other charge. Borrower has Defensible Title to the Properties, including each Lease related to the Properties. Except for the liens and security interests contemplated by this Agreement and the Security Documents, to Borrower’s knowledge there are no unrecorded documents or agreements which may result in the impairment or loss of Borrower’s ability to mortgage the Properties or of Lender’s ability to enforce the Mortgage and convey the Properties. Borrower has all beneficial rights, titles and interests in and to the Net Revenue Interest in all production from or allocable to Borrower’s interest in the Properties (including each Lease) and has the exclusive right to sell or mortgage the Properties subject to any right in the owners of Royalty Interests to take their royalty interest in kind.
Ownership of Collateral; Interests. All Collateral is owned of record by Borrower, and the Net Profits Interest will be conveyed to Lender or its designee by Borrower, free and clear of any Lien other than the Permitted Encumbrances. Borrower has Defensible Title to the Properties, including each Lease related to the Properties. Except for Permitted Encumbrances or as otherwise consented to in writing by Lender, Borrower’s interest in the Properties is not subject to any mineral reservations or, to the best of Borrower’s knowledge, top leases of record. Except for Permitted Encumbrances and the liens and security interests contemplated by this Agreement and the Security Documents, to Borrower’s knowledge there are no unrecorded documents or agreements which may result in the impairment or loss of Borrower’s ability to mortgage the Properties or of Lender’s ability to enforce the Mortgage and convey the Properties. Subject to the Permitted Encumbrances, Borrower has all beneficial right, title and interest in and to the Net Revenue Interest in all production from or allocable to Borrower’s interest in the Properties (including each Lease) and has the exclusive right to sell or mortgage the Properties subject to any right in the owners of Royalty Interests to take their royalty interest in kind.
