Defensible Title definition

Defensible Title means, with respect to a given Asset, such ownership by Seller in that Asset that, subject to and except for Permitted Encumbrances:

Defensible Title means such title of Seller that, subject to and except for the Permitted Encumbrances:

Defensible Title means such title to each Property that, subject to and except for Permitted Encumbrances:

Examples of Defensible Title in a sentence

• This Assignment is made, executed and delivered without warranty of title, either express or implied, except that Assignor specially warrants to Defensible Title to the Assets by, through and under Seller and its Affiliates, and agrees to defend such Defensible Title to the Assets against the claims and demands of all Persons claiming by, through or under Assignor or its Affiliates, but not otherwise.

• On the Closing Date, Seller shall convey to Buyer Defensible Title to the Assets.

• The Company has Good, Marketable and Defensible Title to all of its Oil and Gas Interests.

• Each Credit Party is the lawful owner of, has Defensible Title to and is in lawful possession of, or has valid leasehold interests in, all material properties and other assets (real or personal, tangible, intangible or mixed) purported or reported to be owned or leased (as the case may be) by such Person, except as may have been disposed of in the Ordinary Course of Business or otherwise in compliance with the terms hereof.

• The term “Title Defect,” as used in this Agreement, means any encumbrance, encroachment, irregularity, defect in or objection to Seller’s ownership of any Asset (excluding Permitted Encumbrances) that causes Seller not to have Defensible Title to that Asset.

More Definitions of Defensible Title

Defensible Title means such right, title and interest that is (a) evidenced by an instrument or instruments filed of record in accordance with the conveyance and recording laws of the applicable jurisdiction to the extent necessary to prevail against competing claims of bona fide purchasers for value without notice, and (b) subject to Permitted Encumbrances, free and clear of all Liens, claims, infringements, burdens and other defects.

Defensible Title as defined in Section 4.02(a).

Defensible Title shall have the meaning given that term in Section 4.05.

Defensible Title means, as to the Assets, such title to the Assets that vests the applicable Entity with indefeasible title in and to the Assets free and clear of Liens other than Permitted Encumbrances.

Defensible Title means the title of Seller in and to each Lease, Well or Well Location, subject to and except for the Permitted Encumbrances:

Defensible Title means such ownership of record to the Leases, the Xxxxx and the Units that is deducible from the applicable county, state and federal records such that a reasonably prudent person engaged in the business of the ownership, development and operation of oil and gas leasehold and properties and having knowledge of all of the facts and their legal bearing would be willing to accept the same, and that, subject to and except for the Permitted Encumbrances:

Defensible Title subject to and except for the Permitted Encumbrances shall mean: (A) Such title held by Seller that entitles Seller to receive a share of the Hydrocarbons produced, saved and marketed from any Well (and the Leases included in the production or pooled unit for any such Well) identified in Exhibit “B” throughout the duration of the productive life of such Well (after satisfaction of all royalties, overriding royalties, net profits interests or other similar burdens on or measured by production of Hydrocarbons) (a “Net Revenue Interest”) of not less than the Net Revenue Interest shown in Exhibit “B” for such Well, except decreases in connection with those operations in which (1) after Effective Date, Seller is a non-consenting co-owner; (2) there are decreases resulting from the establishment or amendment after the Effective Date of pools or units; (3) there are decreases required to allow other working interest owners to make up past underproduction or pipelines to make up past under deliveries; and (4) is expressly stated in such Exhibit “B,” as applicable. (B) Such title held by Seller that obligates Seller to bear a percentage of the costs and expenses for the maintenance and development of, and operations relating to, any Well (and the Leases included in the production or pooled unit for any such Well) identified in Exhibit “B” not greater than the “working interest” shown in Exhibit “B” for such Well without increase throughout the productive life of such Well, except as stated in Exhibit “B” and except increases resulting from contribution requirements with respect to non-consenting co-owners under applicable operating agreements and increases that are accompanied by at least a proportionate increase in Seller’s Net Revenue Interest; (C) Such title held by Seller in a Lease (which is not included in the unit or pool of a Well) that entitles Seller to the total Net Leased Mineral Acres identified for such Lease on Exhibit “A.” (D) Such title held by Seller in a Lease (which is not included in the unit or pool of a Well) that it entitles Seller to receive the decimal share of oil and gas and other Hydrocarbons produced from the Lease which is not less than 72% of 8/8ths proportionately reduced to the mineral interest covered by the Leases or to Seller’s undivided interest in the Lease. (E) Such title to any Well or Lease held by Seller is free and clear of liens, encumbrances, security interests or pledges; and (F) As to other property included in the As...