Defensible Title

Defensible Title. Means: (a) as to each Subject Lease, subject to and except for the Permitted Encumbrances (as hereinafter defined), (i) such Subject Lease covers the oil and gas rights specified in the description of such Lease on Exhibit A, (ii) as of the Closing such Subject Lease is either held by production ... or will have a remaining primary term of not less than six (6) months and (iii) the title held by Seller entitles Seller to receive, after deduction of all royalties and other burdens payable out of production, not less than the Net Revenue Interest indicated on Exhibit A of the Hydrocarbons produced, saved and marketed from, or allocated to, such Subject Lease; and (b) as to all of the Subject Interests, the title held by Seller is free and clear of liens, encumbrances and encroachments, subject to and except for the Permitted Encumbrances. View More

Defensible Title. As to the Interest, such title held by Seller, that subject to and except for Permitted Encumbrances (as hereinafter defined); (i) Entitles Seller to receive not less than the "Net Revenue Interest" as set forth in Exhibit "F" of all oil, gas and associated liquid and gaseous hydrocarbons produced, saved and marketed from the Interests; (ii) Obligates Seller to bear costs and expenses relating to the maintenance, development, and... operation of all wells located on the Interests in an amount not greater than the "Working Interests" set forth in Exhibit "F"; and is free and clear of any and all encumbrances, liens and defects. View More

Defensible Title. To an Oil and Gas Asset means such title of Company that, subject to and except for the Permitted Encumbrances: (i) is free from reasonable doubt to the end that a prudent person engaged in the business of purchasing and owning, developing, and operating producing oil and gas properties with knowledge of all of the facts and their legal bearing would be willing to accept the same; (ii) entitles Company to receive not less than the net revenue interest ("NRI") set forth for each Oil and... Gas Asset (e.g., well interest, unit interest or leasehold interest, as applicable) on Exhibit C, subject to the limitations as to depths or formations, if any, set forth in Exhibit C; (iii) obligates Company to bear costs and expenses relating to the maintenance, development, operation and/or the production of oil and gas from each Oil and Gas Asset (e.g., well interest, unit interest or leasehold interest, as applicable) in an amount not greater than the working interest ("WI") therefore as set forth on Exhibit C without a corresponding increase in the NRI for such Oil and Gas Asset; and (iv) is free and clear of encumbrances, liens and defects that would create a material impairment of use and enjoyment of or loss of interest in the affected Oil and Gas Assets. View More

Defensible Title. Means right, title and interest that is 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 give Hawker, through ownership of the Shares, the right to enjoy the benefits of possession of the Operating Interests.