SECTION 516 Title Matters. (i) Prior to December 31, 2000, favorable title opinions and/or title reports as to the status of title to and Liens affecting the Amoco Properties containing at least thirty-seven and one-half percent (37.5%) of the Proven Reserves as of the Effective Date attributable to the Amoco Properties, and (ii) prior to February 15, 2001, favorable title opinions and/or title reports as to the status of title to and Liens affecting the Amoco
... Properties containing at least an additional thirty-seven and one-half percent (37.5%) of the Proven Reserves as of the Effective Date attributable to the Amoco Properties, each such title opinion and/or title report to be addressed to the Administrative Agent and the Lenders and issued by counsel to the Borrower, satisfactory to the Administrative Agent in its reasonable discretion. Such opinions and/or title reports may contain (i) in the case of any Amoco Properties comprised of oil and gas leases or interests therein, or participating 3 mineral interests substantially all of which were acquired by Amoco Production Company or any of its Affiliates or Mobil Oil Corporation, Mobil Rocky Mountain, Inc. or any of their Affiliates or any corporate predecessors of any of them and held by such entities for more than twenty-five (25) years prior to the acquisition thereof by Coho Acquisitions Company, assumptions regarding the status of title to the lands covered by such oil and gas leases or interests therein at the time of such lease or mineral acquisition by such predecessors in title, and (ii) subject to the consent of the Administrative Agent, such other reasonable assumptions, exceptions and qualifications as are customary for opinions or reports of that type.
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