Common use of Environmental Defect Value Clause in Contracts

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect consistent with applicable Environmental Laws.

Appears in 7 contracts

Samples: Purchase and Sale Agreement (Samson Oil & Gas LTD), Purchase and Sale Agreement (Bill Barrett Corp), Purchase and Sale Agreement (Vanguard Natural Resources, LLC)

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Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the amount of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or or remediate such Environmental Defect in a manner consistent with Environmental Laws and applicable Leases, Contracts and agreements. The foregoing notwithstanding, “Environmental LawsDefect Value” shall not exceed the Allocated Value of the affected Asset.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Everflow Eastern Partners Lp), Purchase and Sale Agreement (Everflow Eastern Partners Lp)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the amount of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or or remediate such Environmental Defect in a manner consistent with Environmental Laws and applicable Environmental LawsLeases, Contracts and agreements.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Lucas Energy, Inc.), Purchase and Sale Agreement

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect consistent with applicable Environmental Laws.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (BreitBurn Energy Partners L.P.), Purchase and Sale Agreement (NiMin Energy Corp.)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall meanmeans, with respect to any Environmental Defect, the estimated costs and expenses net to Seller’s interest in amount of all reasonable costs, associated with the affected portion most cost effective remediation, correction, elimination or cure of the Assets Environmental Defect, as reasonably determined in good faith by Buyer’s Environmental Consultant. Any adjustments to correct and/or remediate the Purchase Price provided for in this Agreement for Environmental Defects shall not exceed the Allocated Value of the Asset affected by such Environmental Defect consistent with applicable Environmental LawsDefect.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Parsley Energy, Inc.)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, Defect (i) the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect consistent with applicable Environmental LawsLaws and/or (ii) any and all fines, penalties, court and/or administrative costs and other expenses attributable to or arising from the existence of any such Environmental Defect.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Bill Barrett Corp)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall meanmeans, with respect to any Environmental Defect, the amount, as of the Closing Date, of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or or remediate such Environmental Defect in a manner consistent with Environmental Laws and applicable Leases, Contracts and agreements. If an Environmental LawsDefect involves any harm to a third party, such as personal injury or property damage, the Environmental Defect Value may include costs and expenses reasonably necessary to address and resolve the harm or injury.

Appears in 1 contract

Samples: Asset Purchase Agreement (Concho Resources Inc)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect in the most cost effective manner reasonably available and commercially reasonable and practical, consistent with applicable Environmental Laws., and otherwise rehabilitate or restore the affected Asset, such that it is in compliance with Environmental Laws, taking into account that the potential use of mechanisms to contain or stabilize hazardous materials, including

Appears in 1 contract

Samples: Purchase and Sale Agreement (Callon Petroleum Co)

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Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect in the most cost-effective manner reasonably available, consistent with applicable Environmental Laws.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Whittier Energy Corp)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall meanmeans, with respect to any an Environmental Defect, the amount of the Liability and the estimated costs and expenses net of Seller (in both cases based on the reasonable proportionate cost to Seller’s interest in the affected portion of the Assets ) to correct and/or remediate Remediate or otherwise cure such Environmental Defect in the lowest cost manner reasonably available, consistent with applicable Environmental Laws., taking into account

Appears in 1 contract

Samples: Purchase and Sale Agreement

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the amount, as of the Closing Date, of the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or or remediate such Environmental Defect in a manner consistent with Environmental Laws and applicable Environmental LawsLeases, Contracts and agreements.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Concho Resources Inc)

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect consistent with applicable Environmental Laws, plus any and all fines, penalties, court and/or administrative costs and other expenses attributable to or arising from the existence of such Environmental Defect.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Bill Barrett Corp)

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