Common use of Title to Properties and Condition of Assets Clause in Contracts

Title to Properties and Condition of Assets. Except as disclosed by Peak, applying customary standards in the mining industry, Peak and each of the Peak Subsidiaries has sufficient title to or valid leasehold interests in the Peak Properties to operate such properties in the ordinary course and consistent with past practices, free and clear of any title defect or Encumbrance, except for such defects in title or Encumbrances that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a Material Adverse Effect on Peak. Each lease and agreement granting rights to the Peak Properties is in full force and effect and constitutes a legal, valid and binding agreement of Peak and the Peak Subsidiaries and neither Peak nor the Peak Subsidiaries is in violation of, breach of or default under any such lease or agreement except such violations, breaches or defaults which, individually, or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on Peak. Furthermore, all real and tangible personal property of Peak and each of the Peak Subsidiaries is in generally good repair and is operational and usable in the manner in which it is currently being utilized, subject to normal wear and tear and technical obsolescence, repair or replacement, except for such property where the failure to be in such condition would not reasonably be expected to have a Material Adverse Effect or Peak.

Title to Properties and Condition of Assets. Except as disclosed by PeakMetallica, applying customary standards in the mining industry, Peak Metallica and each of the Peak Metallica Subsidiaries has sufficient title to or valid leasehold interests in the Peak Metallica Properties to operate such properties in the ordinary course and consistent with past practices, free and clear of any title defect or Encumbrance, except for such defects in title or Encumbrances that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a Material Adverse Effect on PeakMetallica. Each lease and agreement granting rights to the Peak Metallica Properties is in full force and effect and constitutes a legal, valid and binding agreement of Peak Metallica and the Peak Metallica Subsidiaries and neither Peak Metallica nor the Peak Metallica Subsidiaries is in violation of, breach of or default under any such lease or agreement except such violations, breaches or defaults which, individually, or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on PeakMetallica. Furthermore, all real and tangible personal property of Peak Metallica and each of the Peak Metallica Subsidiaries is in generally good repair and is operational and usable in the manner in which it is currently being utilized, subject to normal wear and tear and technical obsolescence, repair or replacement, except for such property where the failure to be in such condition would not reasonably be expected to have a Material Adverse Effect or PeakMetallica.

Title to Properties and Condition of Assets. Except as disclosed by Peakin the EFI Public Disclosure Documents, applying customary standards in the mining industry, Peak and each of the Peak Subsidiaries has EFI Entities have sufficient title to or valid leasehold interests in the Peak EFI Properties to operate such properties in the ordinary course and consistent with past practicespractice, free and clear of any title defect or Encumbrance, except for such defects in title or Encumbrances that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a Material Adverse Effect on PeakEFI. Each lease and agreement granting rights to the Peak EFI Properties is in full force and effect and constitutes a legal, valid and binding agreement of Peak an EFI Entity and the Peak Subsidiaries and neither Peak nor the Peak Subsidiaries no EFI Entity is in violation of, or breach of or default under any such lease or agreement except such violations, breaches or defaults which, individually, or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on PeakEFI. Furthermore, all real and tangible personal property of Peak and each of the Peak Subsidiaries EFI Entities is in generally good repair and is operational and usable in the manner in which it is currently being utilized, subject to normal wear and tear and technical obsolescence, repair or replacement, replacement except for such property where the failure to be in such condition would not reasonably be expected to have a Material Adverse Effect or Peakon EFI.