Common use of Properties, etc Clause in Contracts

Properties, etc. (a) Each of the Borrower and its Subsidiaries has good and defensible title to, or valid leasehold interests in, its Mortgaged Properties and its other material (individually or in the aggregate) Properties, free and clear of all Liens, and free and clear of all limitations and restrictions on, and consent requirements for, disposition or transfer, except as permitted pursuant to Section 7.2.3. Other than those Subsidiaries of the Borrower that are executing a Mortgage pursuant to this Agreement, no Subsidiary of the Borrower owns any real property. Except as set forth in Item 6.10 of the Disclosure Schedule, after giving full effect to the Permitted Liens, the Borrower owns the net interests in production attributable to the Hydrocarbon Interests that are Collateral and the ownership of such Properties shall not obligate the Borrower to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each such Property. (b) All leases and agreements necessary for the conduct of the business of the Borrower and its Subsidiaries 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 such lease or leases, which would affect in any material respect the conduct of the business of the Borrower and its Subsidiaries. (c) The rights, Mortgaged Properties and other assets currently owned, leased or licensed by the Borrower and its Subsidiaries, including, without limitation, all easements and rights of way, include all rights, Properties and other assets necessary to permit the Borrower and its Subsidiaries to conduct their business in all material respects in the same manner as its business has been conducted prior to the Closing Date. (d) All of the assets and Properties of the Borrower and its Subsidiaries that are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.

Properties, etc. (a) Each of the Borrower and each of its Subsidiaries has good and defensible title toto (i) those Mortgaged Properties, or valid leasehold interests inif any, used in calculating compliance with the collateral coverage requirements set forth in Section 5.13 of the U.S. Credit Agreement and (ii) its Mortgaged Properties and its their other material (individually or in the aggregate) Properties, in each case free and clear of all Liens, and free and clear of all limitations and restrictions on, and consent requirements for, disposition or transfer, except as Liens permitted pursuant to by Section 7.2.37.2. Other than those Subsidiaries of the Borrower that are executing a Mortgage pursuant to this Agreement, no Subsidiary of the Borrower owns any real property. Except as set forth in Item 6.10 of the Disclosure Schedule, after After giving full effect to the Permitted Excepted Liens, the each Borrower or its Subsidiaries owns the net interests in production attributable to the Hydrocarbon Interests that are Collateral reflected in the most recently delivered Reserve Report and the ownership of such Properties shall not in any material respect obligate the such Borrower or any Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each such PropertyProperty set forth in the most recently delivered Reserve Report. All information contained in the most recently delivered Reserve Report is true and correct in all material respects as of the date thereof. (b) All leases and agreements necessary for the conduct of the business of the each Borrower and its Subsidiaries 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 such lease or leases, which would affect in any material respect the conduct of the business of the such Borrower and its Subsidiaries. (c) The rights, Mortgaged Properties and other assets currently presently owned, leased or licensed by the each Borrower and its Subsidiaries, Subsidiaries including, without limitation, all easements and rights of way, include all rights, Properties and other assets necessary to permit the such Borrower and its Subsidiaries to conduct their business in all material respects in the same manner as its business has been conducted prior to the Closing Global Effective Date. (d) All of the assets and Properties of the each Borrower and its Subsidiaries that which are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.

Properties, etc. (a) Each Except as set out in Schedule 3.10, each of the Borrower and its Subsidiaries has good and defensible title to, or valid leasehold interests in, to its Mortgaged Properties and its other material (individually or in the aggregate) Properties, free and clear of all Liens, and free and clear of all limitations and restrictions on, and consent requirements for, disposition or transfer, except as Liens permitted pursuant to by Section 7.2.3. Other than those Subsidiaries of the Borrower that are executing a Mortgage pursuant to this Agreement, no Subsidiary of the Borrower owns any real property7.2. Except as set forth in Item 6.10 of the Disclosure ScheduleSchedule 3.10, after giving full effect to the Permitted Excepted Liens, the Borrower owns the net interests in production attributable to the Hydrocarbon Interests that are Collateral reflected in the most recently delivered Reserve Report and the ownership of such Properties shall not in any material respect obligate the Borrower to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each such PropertyProperty set forth in the most recently delivered Reserve Report. All information contained in the most recently delivered Reserve Report is true and correct in all material respects as of the date thereof. (b) All leases and agreements necessary for the conduct of the business of the Borrower and its Subsidiaries 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 such lease or leases, which would affect in any material respect the conduct of the business of the Borrower and its Subsidiaries. (c) The rights, Mortgaged Properties and other assets currently presently owned, leased or licensed by the Borrower and its Subsidiaries, Subsidiaries including, without limitation, all easements and rights of way, include all rights, Properties and other assets necessary to permit the Borrower and its Subsidiaries to conduct their business in all material respects in the same manner as its business has been conducted prior to the Closing Date. (d) All of the assets and Properties of the Borrower and its Subsidiaries that which are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.

Properties, etc. (a) Each of the Borrower and its Subsidiaries has good and defensible title to, or valid leasehold interests in, its Mortgaged Properties and its other material (individually or in the aggregate) Properties, free and clear of all Liens, and free and clear of all limitations and restrictions on, and consent requirements for, disposition or transfer, except as permitted pursuant to Section 7.2.3. The interests and properties described in Item 6.10 ("Properties") of the Disclosure Schedule constitute all the Hydrocarbon Interests owned by the Borrower and the other Obligors as of the date of this Agreement. Other than those Subsidiaries of the Borrower that are executing a Mortgage pursuant to this Agreement, no Subsidiary of the Borrower owns any real property. Except as set forth in Item 6.10 of the Disclosure Schedule, after giving full effect to the Permitted Liens, the Borrower owns the net interests in production attributable to the Hydrocarbon Interests that are Collateral reflected in the most recently delivered Reserve Report and the ownership of such Properties shall not obligate the Borrower to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each such PropertyProperty set forth in the most recently delivered Reserve Report. All information contained in the most recently delivered Reserve Report is true and correct in all material respects as of the date thereof. (b) All leases and agreements necessary for the conduct of the business of the Borrower and its Subsidiaries 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 such lease or leases, which would affect in any material respect the conduct of the business of the Borrower and its Subsidiaries. (c) The rights, Mortgaged Properties and other assets currently owned, leased or licensed by the Borrower and its Subsidiaries, including, without limitation, all easements and rights of way, include all rights, Properties and other assets necessary to permit the Borrower and its Subsidiaries to conduct their business in all material respects in the same manner as its business has been conducted prior to the Closing Effective Date. (d) All of the assets and Properties of the Borrower and its Subsidiaries that are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.

Properties, etc. (a) Each of the Borrower and each of its Subsidiaries has good and defensible title toto (i) those Mortgaged Properties, or valid leasehold interests inif any, used in calculating compliance with the collateral coverage requirements set forth in Section 5.13 and (ii) its Mortgaged Properties and its their other material (individually or in the aggregate) Properties, in each case free and clear of all Liens, and free and clear of all limitations and restrictions on, and consent requirements for, disposition or transfer, except as Liens permitted pursuant to by Section 7.2.3. Other than those Subsidiaries of the Borrower that are executing a Mortgage pursuant to this Agreement, no Subsidiary of the Borrower owns any real property7.2. Except as set forth in Item 6.10 of the Disclosure ScheduleSchedule 3.10, after giving full effect to the Permitted Excepted Liens, the Borrower or its Subsidiaries owns the net interests in production attributable to the Hydrocarbon Interests that are Collateral reflected in the most recently delivered Reserve Report and the ownership of such Properties shall not in any material respect obligate the Borrower or any Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each such PropertyProperty set forth in the most recently delivered Reserve Report. All information contained in the most recently delivered Reserve Report is true and correct in all material respects as of the date thereof. (b) All leases and agreements necessary for the conduct of the business of the Borrower and its Subsidiaries 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 such lease or leases, which would affect in any material respect the conduct of the business of the Borrower and its Subsidiaries. (c) The rights, Mortgaged Properties and other assets currently presently owned, leased or licensed by the Borrower and its Subsidiaries, Subsidiaries including, without limitation, all easements and rights of way, include all rights, Properties and other assets necessary to permit the Borrower and its Subsidiaries to conduct their business in all material respects in the same manner as its business has been conducted prior to the Closing Global Effective Date. (d) All of the assets and Properties of the Borrower and its Subsidiaries that which are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.

Properties, etc. (a) Each of Except as set out in Schedule 3.10 to the U.S. Credit Agreement, each Borrower and each of its Subsidiaries has good and defensible title to, or valid leasehold interests in, to its Mortgaged Properties and its other material (individually or in the aggregate) Properties, free and clear of all Liens, and free and clear of all limitations and restrictions on, and consent requirements for, disposition or transfer, except as Liens permitted pursuant to by Section 7.2.3. Other than those Subsidiaries of the Borrower that are executing a Mortgage pursuant to this Agreement, no Subsidiary of the Borrower owns any real property7.2. Except as set forth in Item 6.10 of Schedule 3.10 to the Disclosure ScheduleU.S. Credit Agreement, after giving full effect to the Permitted Excepted Liens, the each Borrower or its Subsidiaries owns the net interests in production attributable to the Hydrocarbon Interests that are Collateral reflected in the most recently delivered Reserve Report and the ownership of such Properties shall not in any material respect obligate the such Borrower or its Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each such PropertyProperty set forth in the most recently delivered Reserve Report. All information contained in the most recently delivered Reserve Report is true and correct in all material respects as of the date thereof. (b) All leases and agreements necessary for the conduct of the business of the each Borrower and its Subsidiaries 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 such lease or leases, which would affect in any material respect the conduct of the business of the such Borrower and its Subsidiaries. (c) The rights, Mortgaged Properties and other assets currently presently owned, leased or licensed by the each Borrower and its Subsidiaries, Subsidiaries including, without limitation, all easements and rights of way, include all rights, Properties and other assets necessary to permit the such Borrower and its Subsidiaries to conduct their its business in all material respects in the same manner as its business has been conducted prior to the Closing Date. (d) All of the assets and Properties of the each Borrower and its Subsidiaries that which are reasonably necessary for the operation of its business are in good working condition and are maintained in accordance with prudent business standards.