Title Opinions; Title Defects. Promptly upon the request of the Lender, furnish to the Lender title opinions, in form and substance and by counsel satisfactory to the Lender, or other confirmation of title acceptable to the Lender, covering Oil and Gas Properties constituting not less than 81% of the value, determined by the Lender in its sole discretion, of the Mortgaged Properties; and promptly, but in any event within 60 days after notice by the Lender of any defect, material in the opinion of the Lender in value, in the title of the Borrower to any of its Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Lender to do so.
Title Opinions; Title Defects. For additions of Oil and Gas Properties after the Closing Date, promptly upon the request of the Agent or any Lender, furnish to the Agent title opinions, in form and substance and by counsel satisfactory to the Agent, or other confirmation of title acceptable to the Agent, covering a percentage of the present value, acceptable by the Agent in its sole discretion, of the Oil and Gas Properties of the Borrower, and promptly, but in any event within 60 days after notice by the Agent of any defect, material in the reasonable opinion of the Agent and the Lenders in value, in the title of the Borrower to any of its Oil and Gas Properties, cure such title defects, and, in the event any such title defects are not cured in a timely manner, pay all reasonable related costs and fees incurred by the Agent to do so. Provided, however, to the extent it is determined by the Lenders that such title defects cannot be cured or the Borrower so notifies the Lenders, the Lenders may reduce the Borrowing Base by the amount equal to the value of the Oil and Gas Property affected by such title defect.
Title Opinions; Title Defects. Promptly upon the request of the Agent, furnish to the Agent title opinions, in form and substance and by counsel satisfactory to the Lender, or other confirmation of title acceptable to the Agent, covering Oil and Gas Properties constituting not less than 90% of the value, determined by the Agent in its sole discretion, of the Mortgaged Properties; and promptly, but in any event within 60 days after notice by the Agent of any defect, material in the opinion of the Agent in value, in the title of the Borrower to any of its Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Agent to do so.
Title Opinions; Title Defects. In the event mortgages are required pursuant to Section 3.3, promptly upon the request of the Lender, furnish to the Lender title opinions, in form and substance and by counsel satisfactory to the Lender, or other confirmation of title acceptable to the Lender, covering Oil and Gas Properties constituting not less than 81% of the value, determined by the Lender in its sole discretion, of the Mortgaged Properties; and promptly, but in any event within 60 days after notice by the Lender of any defect, material in the opinion of the Lender in value, in the title of the Borrower to any of its Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Lender to do so.
Title Opinions; Title Defects. Promptly upon the request of the Lender, furnish to the Lender title opinions or other title information, in form and substance and by counsel reasonably satisfactory to the Lender, or other confirmation of title reasonably acceptable to the Lender, covering Oil and Gas Properties constituting not less than 81% of the value, determined by the Lender in its sole discretion, of the Mortgaged Properties; and promptly, but in any event within 45 days after notice by the Lender of any defect, material in the opinion of the Lender in value, in the title of the Borrower to any of its Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Lender to do so.
Title Opinions; Title Defects. Promptly upon the request of the Lender, furnish to the Lender title opinions, in form and substance and by counsel satisfactory to the Lender, or other confirmation of title acceptable to the Lender, covering Oil and Gas Properties constituting not less than 70% of the present value, determined by the Lender in its sole discretion, of the Mortgaged Properties, plus certain other Oil and Gas Properties to be determined in sole discretion of the Lender, and promptly, but in any event within 60 days after notice by the Lender of any defect, material in the opinion of the Lender in value, in the title of the Borrower and/or the Co- Borrowers to any of its Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Lender to do so.
Title Opinions; Title Defects. Promptly upon the request of the ----------------------------- Agent, furnish to the Agent title opinions, in form and substance and by counsel satisfactory to the Agent, or other confirmation of title acceptable to the Agent, covering Oil and Gas Properties constituting not less than 90% of the value, determined by the Agent in its sole discretion, of the Mortgaged Properties; and promptly, but in any event within 60 days after notice by the Agent of any defect (other than Permitted Liens), material in the opinion of the Agent in value, in the title of the Borrower to any of its Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Agent to do so.
Title Opinions; Title Defects. (a) On or before the Closing Date, furnish to the Agent title opinions, in form and substance and by counsel satisfactory to the Agent, or other confirmation of title acceptable to the Lenders, covering the Oil and Gas Properties listed on Schedule 3.1(a), (b) within 60 days from the Closing Date, furnish title opinions or other confirmation of title acceptable to the lenders, covering the Oil & Gas Properties listed on Schedule 5.5, in form and substance satisfactory to the Agent in its sole discretion as to the status of the Parent's and its Subsidiaries' title to the Mortgaged Properties, and (c) promptly, but in any event within 60 days after notice by the Agent of any defect, material in the opinion of the Agent and the Lenders in value, in the title of the Borrowers to any of their respective Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Agent to do so; provided, however, to the extent it is determined by the Lenders that such title defects cannot be cured or a Borrower so notifies the Lenders, the Lenders may reduce the Borrowing Base by the amount equal to the value of the Oil and Gas Property affected by such title defect.
Title Opinions; Title Defects. Promptly upon the written request of the Agent made no more than once in any calendar year commencing with 1999, furnish to the Agent confirmation of title reasonably acceptable to the Agent, covering Oil and Gas Properties constituting not less than 80% of the then net present value of the Material Properties, determined in accordance with the most recent Reserve Reports provided to the Agent in accordance with Section 5.4; and promptly, but in any event within 60 days after notice by the Agent of any defect which is material (in the reasonable opinion of the Agent) in value, in the title of the Borrowers or any Substitute Mortgagor to any of such Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, the value of the affected Oil and Gas Properties shall be excluded from the Borrowing Base, or at the Borrowers' election, the Borrowers shall pay all related costs and fees incurred by the Agent to cure such title defects.
Title Opinions; Title Defects. Cause at all times the Borrowing Base Oil and Gas Properties comprising at least ninety percent (90%) of the discounted present value of future net revenue, computed using a discount factor of 9%, estimated to be derived from the proved reserves to be produced from all of the Borrowing Base Oil and Gas Properties, as set forth in the most recent Reserve Reports delivered to Lender, to be subject to duly executed and recorded Security Instruments granting perfected first priority mortgage liens, security interests and assignments of production therein to the Lender and (b) have demonstrated to the Lender, by the delivery of title information satisfactory to the Lender, that Borrowers have Defensible Title, as represented in this Agreement and the Security instruments, to their Borrowing Base Oil and Gas Properties that are subject to the Security Instruments comprising at least eighty-one percent (81%) of the discounted present value of future net revenue, computed using a discount factor of 9%, estimated to be derived from the proved reserves to be produced from all of the Borrowing Base Oil and Gas Properties, as set forth in the most recent Reserve Reports delivered to the Lender and, promptly, but in any event within 30 days after notice by the Lender of any defect, material in the opinion of the Lender in value, in the title of either Borrower to any of its Borrowing Base Oil and Gas Properties, clear such title defects, and, in the event any such title defects are not cured in a timely manner, pay all related costs and fees incurred by the Lender to do so.
