Common use of Ownership of Collateral; Interests Clause in Contracts

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 Subject to Borrower’s compliance with Section 5.26, 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).