Environmental Defect Amount Clause Samples
Environmental Defect Amount. If Seller elects the option set forth in --------------------------- Section 5.5(b)(ii) with respect to one or more Environmental Defects, then as Buyer's sole and exclusive remedy with respect to such Environmental Defects, Buyer shall be entitled to reduce the Purchase Price by the amount (the "Environmental Defect Amount"), if any, by which the Remediation Amount with respect to the Environmental Conditions giving rise to such Environmental Defects exceeds that part, if any, of $500,000 (the "Environmental Defect Deductible") which Seller elects to apply as an offset or deduction against such Remediation Amount. Seller may also apply any part of the Environmental Defect Deductible to the cost of any Remediation undertaken by Seller pursuant to the option set forth in Section 5.5(b)(i). Any Remediation costs to which Seller elects to apply the Environmental Defect Deductible shall be borne by the Buyer. Seller shall have the right from time to time upon written notice to Buyer to reallocate and change its application of the Environmental Defect Deductible, except to the extent of Remediation costs already incurred or contracted for by Buyer based on Seller's previous application thereof. It is expressly understood and agreed that the Environmental Defect Deductible represents an aggregate deductible for Environmental Defects which may be apportioned as provided in this Section 5.5(c) rather than as a separate deductible for each individual Environmental Claim.
Environmental Defect Amount. The Environmental Defect Amount shall be determined in accordance with the following terms and conditions:
(a) if Buyer and Seller agree on the Environmental Defect Amount, then that amount shall be the Environmental Defect Amount;
(b) if Seller and Buyer are unable to agree upon any Environmental Defect Amount, Seller and Buyer shall, in good faith, designate an attorney experienced in environmental law as it relates to producing oil and gas properties, licensed to practice law in the state or states in which the Environmental Defect Property exists, as the arbiter(s) of the Environmental Defect Value(s) in dispute, whose decision on all such matters must be rendered within fifteen (15) business days of the date of his or her designation, and will be final and binding on all Parties. To the extent necessary, the Closing shall occur and the affected Assets shall be excluded from the transaction. The Parties shall close on the affected Assets upon determination of such amounts in accordance with this Section 5.05(b). The costs and expenses of the arbiter shall be shared one-half by ▇▇▇▇▇▇ and one-half by ▇▇▇▇▇; and
Environmental Defect Amount. The Environmental Defect Amount shall be determined in accordance with the following terms and conditions:
(a) if Buyer and Seller agree on the Environmental Defect Amount, then that amount shall be the Environmental Defect Amount;
(b) If Seller and Buyer are unable to agree upon any Environmental Defect Amount, Seller and Buyer shall, in good faith, designate an attorney experienced in environmental law as it relates to natural gas pipelines in the State of Texas as the arbiter of the Environmental Defect Value(s) in dispute, whose decision on all such matters must be rendered within ten (10) business days of the date of his or her designation, and will be final and binding on all Parties. To the extent necessary the Closing Date shall be extended by a period necessary to allow the determination of all such amounts in accordance with this Section 5.05(b). The costs and expenses of the arbiter shall be shared one-half by Seller and one-half by Buyer. In addition to the foregoing remedies, if the sum of all Environmental Defect Amounts, Title Defect Amounts and Casualty Losses is equal to or exceeds 5% of the Purchase Price, then either Party shall have the right to terminate this Agreement.
Environmental Defect Amount. Subject to the provisions of Section 5.5(d) below, if Seller elects the option set forth in Section 5.5(b)(ii) with respect to one or more Environmental Defects, then, as Buyer’s sole and exclusive remedy with respect to such Environmental Defects, Buyer shall be entitled to reduce the Purchase Price by the amount (the “Environmental Defect Amount”), if any, by which the aggregate Remediation Amount with respect to the Environmental Conditions giving rise to such Environmental Defects exceeds $100,000 (the “Environmental Defect Deductible”). Seller may also apply any part of the Environmental Defect Deductible to the cost of any Remediation undertaken by Seller pursuant to the option set forth in Section 5.5(b)(i). Any Remediation costs to which Seller elects to apply the Environmental Defect Deductible shall be borne by Buyer. It is expressly understood and agreed that the Environmental Defect Deductible represents an aggregate deductible for Environmental Defects, which may be apportioned as provided in this Section 5.5(c) rather than as a separate deductible for each individual Environmental Claim.
Environmental Defect Amount. If Seller elects the option set forth in Section 5.5(b)(iii) with respect to one or more Environmental Defects, then as Buyer's sole and exclusive remedy with respect to such Environmental Defects, Buyer shall be entitled to reduce the Purchase Price by the amount (the "Environmental Defect Amount"), if any, by which the