Defect Value. “Defect Value” means with respect to a Lease the amount by which the value of the applicable Lease has been reduced by a Title Defect. The Defect Value shall be determined by the Parties in good faith taking into account all relevant factors, including without limitation, the following:
Appears in 2 contracts
Sources: Lease Acquisition Agreement, Lease Acquisition Agreement (GMX Resources Inc)
Defect Value. The term “Defect Value” means with respect to a Lease the amount by which the value Allocated Value of the applicable Lease has been is reduced by a Title Defect. The Defect Value shall be determined by the Parties in good faith faith, or otherwise in accordance with Section 2.9, taking into account all relevant factors, including without limitation, the following:
Appears in 1 contract
Sources: Asset Purchase and Sale Agreement (Samson Oil & Gas LTD)