Common use of Title to Properties; Licenses Clause in Contracts

Title to Properties; Licenses. The Borrower and each Material Subsidiary has good title to, or valid leasehold interests in, its properties and assets material to its business, except for any failure, defect or other matter that would not, in the aggregate, be reasonably expected to have a Material Adverse Effect. The property of the Borrower and each Material Subsidiary material to the conduct of its business is free and clear of all Liens other than Permitted Liens. The Borrower and each Material Subsidiary possesses all licenses, permits, franchises, patents, copyrights, trademarks and trade names, and other intellectual property (or otherwise possesses the right to use such intellectual property without violation of the rights of any other Person) which are reasonably necessary to carry out its business as presently conducted and as presently proposed to be conducted hereafter, and neither the Borrower nor any Material Subsidiary is in violation in any material respect of the terms under which it possesses such intellectual property or the right to use such intellectual property, except as would not, individually or in the aggregate, have a Material Adverse Effect.

Title to Properties; Licenses. The Each of the Borrower and each its Material Subsidiary Subsidiaries has good title to, or valid leasehold interests in, its properties and assets material to its business, except for any failure, defect or other matter that would not, in the aggregate, be reasonably expected to have a Material Adverse Effect. The property of the Borrower and each its Material Subsidiary Subsidiaries material to the conduct of its their business is free and clear of all Liens other than Permitted Liens. The Each of the Borrower and each its Material Subsidiary Subsidiaries possesses all licenses, permits, franchises, patents, copyrights, trademarks and trade names, and other intellectual property (or otherwise possesses the right to use such intellectual property without violation of the rights of any other Person) which are reasonably necessary to carry out its business as presently conducted and as presently proposed to be conducted hereafter, and neither the Borrower nor any of its Material Subsidiary Subsidiaries is in violation in any material respect of the terms under which it possesses such intellectual property or the right to use such intellectual property, except as would not, individually or in the aggregate, have a Material Adverse Effect.

Title to Properties; Licenses. The Borrower and each Material Subsidiary has good and marketable title toto at least seventy percent (70%), or valid leasehold interests in, its properties and assets material good and defensible title to its business, except for any failure, defect or other matter that would not, at least thirty percent (30%) of the Oil and Gas Properties included in the aggregateAggregate Borrowing Base, be reasonably expected subject only to have a Material Adverse Effect. The property of the Borrower and each Material Subsidiary material to the conduct of its business is free and clear of all Liens other than Permitted Liens. The As used herein, "defensible title" means title subject to minor defects and irregularities which are not such as to be likely to interfere materially with the benefit and enjoyment of production from the properties. To the best of Borrower's knowledge, Borrower and each Material Subsidiary possesses all licenses, permits, franchises, patents, copyrights, trademarks and trade names, and other intellectual property (or otherwise possesses the right to use such intellectual property without violation of the rights of any other Person) which are reasonably necessary to carry out its business as presently conducted and as presently proposed to be conducted hereafter, and neither the Borrower nor any Material Subsidiary no Restricted Person is in violation in any material respect of the terms under which it possesses such intellectual property or the right to use such intellectual property, except as would not, individually or in the aggregate, have a Material Adverse Effect.