{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "in-the-event-the", "type": "clause", "offset": [0, 16]}, {"key": "environmental-defect-value", "type": "definition", "offset": [17, 43]}, {"key": "by-purchaser", "type": "clause", "offset": [58, 70]}, {"key": "in-good-faith", "type": "definition", "offset": [71, 84]}, {"key": "notice-of-environmental-defects", "type": "clause", "offset": [116, 147]}, {"key": "equal-to", "type": "definition", "offset": [165, 173]}, {"key": "allocated-value", "type": "definition", "offset": [189, 204]}, {"key": "either-party", "type": "definition", "offset": [225, 237]}, {"key": "option-to", "type": "clause", "offset": [253, 262]}, {"key": "notice-to-the", "type": "clause", "offset": [280, 293]}, {"key": "party-no", "type": "clause", "offset": [300, 308]}, {"key": "days-after", "type": "definition", "offset": [339, 349]}, {"key": "defect-notice-deadline", "type": "definition", "offset": [354, 376]}, {"key": "affected-asset", "type": 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equal to or exceeds the Allocated Value of such Asset, then either Party shall have the option to elect by written notice to the other Party no later than three (3) Business Days after the Defect Notice Deadline or Second Defect Notice Deadline, as applicable, to have the affected Asset (or portion thereof subject to the Environmental Defect) excluded from the Assets to be conveyed at Closing, in which case, such Asset (or portion thereof so affected) shall become an Excluded Asset, and at Closing, the Allocated Value of all Assets excluded pursuant to this Section 6.1(b) shall be deducted from the Base Purchase Price and the Asset shall be deemed deleted from the Exhibits and Schedules hereto; provided, however that the removal of any such Asset pursuant to this Section 6.5(d) shall not be taken into account in determining whether the Title/Environmental Termination Threshold has been met or exceeded.", "size": 1, "samples": [{"hash": "f70nVBmcXWy", "uri": "/contracts/f70nVBmcXWy#exclusion-of-assets", "label": "Purchase and Sale Agreement (SRC Energy Inc.)", "score": 28.8521560575, "published": true}], "hash": "355bdb17bef1b2fbe20fcd2a5a55265b", "id": 8}, {"snippet_links": [{"key": "assets-of-seller", "type": "clause", "offset": [6, 22]}, {"key": "the-shareholders", "type": "clause", "offset": [30, 46]}, {"key": "excluded-assets", "type": "definition", "offset": [129, 144]}, {"key": "by-purchaser", "type": "clause", "offset": [171, 183]}], "snippet": "Those assets of Seller and/or the Shareholders as set forth in full in Exhibit 1.8 attached hereto and incorporated herein (the \"Excluded Assets\") are not being purchased by Purchaser.", "size": 2, "samples": [{"hash": "fhJYt0XHpKx", "uri": "/contracts/fhJYt0XHpKx#exclusion-of-assets", "label": "Asset Purchase Agreement (Ameriking Inc)", "score": 16.0, "published": true}, {"hash": "ehvqy0KetJa", "uri": "/contracts/ehvqy0KetJa#exclusion-of-assets", "label": "Asset Purchase Agreement 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"type": "clause", "offset": [405, 419]}, {"key": "the-schedules", "type": "definition", "offset": [424, 437]}], "snippet": "If a portion of the Assets is excluded from Closing because of uncured Title Defects or the exercise of any Right of First Refusal by a Third Party, or by the written agreement of the Parties:\n(a) the terms \u201cAssets\u201d, \u201cFacilities\u201d, \u201cHydrocarbon Interests\u201d, \u201cLands\u201d, \u201cLeases\u201d, \u201cMiscellaneous Interests\u201d and \u201cTangibles\u201d will be deemed to be amended to reflect the exclusion of that portion of the Assets and this Agreement and the Schedules hereto will be deemed to be amended accordingly;", "size": 2, "samples": [{"hash": "iSAhZbrKY2G", "uri": "/contracts/iSAhZbrKY2G#exclusion-of-assets", "label": "Asset Sale Agreement", "score": 21.0, "published": true}], "hash": "604cf591f40a058e5f4a43e54837eaec", "id": 3}, {"snippet_links": [{"key": "of-the-seller", "type": "clause", "offset": [49, 62]}, {"key": "purchaser-hereunder", "type": "clause", "offset": [122, 141]}, {"key": "property-of-seller", "type": "clause", "offset": [168, 186]}, {"key": "cash-on-hand", "type": "clause", "offset": [196, 208]}, {"key": "as-of-closing", "type": "clause", "offset": [219, 232]}], "snippet": "Purchaser acknowledges that the following assets of the Seller's Business shall be specifically excluded from transfer to Purchaser hereunder and shall remain the sole property of Seller:\n(a) All cash on hand of Seller as of Closing.", "size": 1, "samples": [{"hash": "bU3o4LY5E6G", "uri": "/contracts/bU3o4LY5E6G#exclusion-of-assets", "label": "Asset Purchase Agreement (Integrated Management Information, Inc.)", "score": 16.0, "published": true}], "hash": "f84bb5bfdca7dcf9f12f48213a22a762", "id": 4}, {"snippet_links": [{"key": "necessary-consent", "type": "definition", "offset": [7, 24]}, {"key": "after-completion", "type": "clause", "offset": [106, 122]}, {"key": "the-purchaser-may", "type": "clause", "offset": [149, 166]}, {"key": "sole-discretion", "type": "clause", "offset": [175, 190]}, {"key": "in-respect-of", "type": "clause", "offset": [203, 216]}, {"key": "applicable-asset", "type": "definition", "offset": [221, 237]}, {"key": "by-the-purchaser", "type": "clause", "offset": [271, 287]}, {"key": "notice-to-the", "type": "clause", "offset": [299, 312]}, {"key": "the-sale", "type": "clause", "offset": [381, 389]}, {"key": "this-agreement", "type": "clause", "offset": [396, 410]}, {"key": "the-vendor-shall", "type": "clause", "offset": [415, 431]}, {"key": "relating-to", "type": "definition", "offset": [475, 486]}, {"key": "without-limitation", "type": "clause", "offset": [513, 531]}, {"key": "assets-acquired", "type": "clause", "offset": [549, 564]}, {"key": "provided-that", "type": "clause", "offset": [589, 602]}, {"key": "consideration-paid", "type": "definition", "offset": [691, 709]}, {"key": "from-time-to-time", "type": "clause", "offset": [727, 744]}, {"key": "draft-agreement", "type": "clause", "offset": [810, 825]}, {"key": "to-be-considered", "type": "clause", "offset": [915, 931]}], "snippet": "If any necessary consent or agreement is refused or not obtained on or before the date being three months after Completion (or such longer period as the Purchaser may, at its sole discretion, determine) in respect of the applicable Asset, that Asset shall, if so elected by the Purchaser by written notice to the Vendor on or before such date, be deemed to have been excluded from the sale under this Agreement and the Vendor shall indemnify the Purchaser against all Losses relating to such exclusion including, without limitation, relating to any assets acquired in replacement thereof (provided that the Vendor's liability to the Purchaser in this respect shall not exceed [the amount of consideration paid by the Purchaser from time to time under this Agreement which is attributable to such Asset]). [The draft Agreement should note that mechanics for attributing consideration in such circumstances will need to be considered.]", "size": 1, "samples": [{"hash": "alhEtdGe13Q", "uri": "/contracts/alhEtdGe13Q#exclusion-of-assets", "label": "Sale and Purchase Agreement", "score": 19.0, "published": true}], "hash": "7e0089652f0347ccc16c8e24599f8df3", "id": 5}, {"snippet_links": [{"key": "third-party-consent", "type": "clause", "offset": [24, 43]}, {"key": "in-respect-of", "type": "clause", "offset": [55, 68]}, {"key": "applicable-asset", "type": "definition", "offset": [73, 89]}, {"key": "subject-to-terms", "type": "clause", "offset": [130, 146]}, {"key": "not-satisfactory", "type": "clause", "offset": [157, 173]}, {"key": "after-completion", "type": "clause", "offset": [302, 318]}, {"key": "the-purchaser-may", "type": "clause", "offset": [345, 362]}, {"key": "sole-discretion", "type": "clause", "offset": [371, 386]}, {"key": "delivery-of", "type": "clause", "offset": [659, 670]}, {"key": "this-agreement", "type": "clause", "offset": [688, 702]}, {"key": "violation-of-applicable-laws", "type": "clause", "offset": [732, 760]}, {"key": "adversely-affect", "type": "definition", "offset": [770, 786]}, {"key": "rights-of-the-purchaser", "type": "clause", "offset": [791, 814]}, {"key": "election-of", "type": "clause", "offset": [866, 877]}, {"key": "by-the-purchaser", "type": "clause", "offset": [934, 950]}, {"key": "notice-to-the-seller", "type": "clause", "offset": [962, 982]}, {"key": "the-sale", "type": "clause", "offset": [1021, 1029]}, {"key": "relevant-transaction-documents", "type": "definition", "offset": [1059, 1089]}, {"key": "excluded-asset", "type": "definition", "offset": [1128, 1142]}, {"key": "the-seller-shall", "type": "clause", "offset": [1148, 1164]}, {"key": "indemnify-and-hold-harmless", "type": "clause", "offset": [1165, 1192]}, {"key": "purchaser-indemnified-parties", "type": "clause", "offset": [1205, 1234]}, {"key": "held-harmless", "type": "clause", "offset": [1274, 1287]}, {"key": "on-demand", "type": "clause", "offset": [1289, 1298]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [1336, 1358]}, {"key": "without-limitation", "type": "clause", "offset": [1388, 1406]}, {"key": "relating-to", "type": "definition", "offset": [1408, 1419]}, {"key": "similar-arrangements", "type": "definition", "offset": [1438, 1458]}, {"key": "other-matter", "type": "clause", "offset": [1501, 1513]}, {"key": "each-case", "type": "definition", "offset": [1517, 1526]}, {"key": "to-the-extent", "type": "clause", "offset": [1635, 1648]}, {"key": "payments-made", "type": "clause", "offset": [1707, 1720]}, {"key": "liabilities-incurred", "type": "clause", "offset": [1737, 1757]}, {"key": "purchaser-indemnified-party", "type": "definition", "offset": [1765, 1792]}], "snippet": "If:\n7.3.1 any requisite Third Party Consent is refused in respect of the applicable Asset or is granted or proposed to be granted subject to terms which are not satisfactory to the Purchaser;\n7.3.2 any requisite Third Party Consent is otherwise not obtained or effected on or before the date being [\u25cf] after Completion (or such longer period as the Purchaser may, at its sole discretion determine) in respect of the applicable Asset;\n7.3.3 any requisite Third Party Consent would or might expose the Purchaser and/or its Affiliates to any Liabilities in respect of the applicable Asset; and/or\n7.3.4 or any attempted sale, assignment, transfer, conveyance or delivery of such Asset under this Agreement would constitute a breach or violation of applicable Laws or would adversely affect the rights of the Purchaser or its Affiliates thereunder, then, at the written election of the Purchaser the applicable Asset shall, if so elected by the Purchaser by written notice to the Seller, be deemed to have been excluded from the sale under this Agreement and all relevant Transaction Documents (and shall thereby be deemed to be an Excluded Asset) and the Seller shall indemnify and hold harmless each of the Purchaser Indemnified Parties, and keep each of them indemnified and held harmless, on demand from and against all Losses relating directly or indirectly to such exclusion including, without limitation, relating to any equivalent or similar arrangements or any asset, good, equipment, service or other matter in each case in replacement (wholly and/or partly) thereof (including any installation or similar costs relating to same to the extent applicable) and any Consideration attributable to and any payments made or outgoings or liabilities incurred by any Purchaser Indemnified Party relating to that Asset.", "size": 1, "samples": [{"hash": "iTATLzEeY9Q", "uri": "/contracts/iTATLzEeY9Q#exclusion-of-assets", "label": "Asset Purchase Agreement", "score": 35.4861492341, "published": true}], "hash": "e2f656284ab588c4a2f3cf75db307c0e", "id": 6}, {"snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [8, 23]}, {"key": "on-schedule", "type": "definition", "offset": [78, 89]}, {"key": "before-closing", "type": "clause", "offset": [119, 133]}, {"key": "the-right", "type": "clause", "offset": [188, 197]}, {"key": "notice-to-the", "type": "clause", "offset": [211, 224]}, {"key": "contemplated-hereby", "type": "clause", "offset": [286, 305]}, {"key": "exchange-amount", "type": "clause", "offset": [314, 329]}, {"key": "allocated-to", "type": "definition", "offset": [385, 397]}, {"key": "covenants-and-agreements", "type": "clause", "offset": [516, 540]}, {"key": "the-operating-partnership", "type": "definition", "offset": [629, 654]}, {"key": "to-waive", "type": "clause", "offset": [662, 670]}, {"key": "the-requirement", "type": "clause", "offset": [671, 686]}, {"key": "defend-and-hold-harmless", "type": "clause", "offset": [778, 802]}, {"key": "directors-and-shareholders", "type": "clause", "offset": [873, 899]}, {"key": "arising-out-of", "type": "definition", "offset": [936, 950]}, {"key": "relating-to", "type": "definition", "offset": [954, 965]}, {"key": "the-acquisition", "type": "clause", "offset": [966, 981]}, {"key": "having-been", "type": "clause", "offset": [1020, 1031]}, {"key": "the-contribution", "type": "clause", "offset": [1090, 1106]}, {"key": "by-contributor", "type": "clause", "offset": [1107, 1121]}, {"key": "the-\u2587", "type": "clause", "offset": [1125, 1130]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [1164, 1187]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [1207, 1229]}, {"key": "authorized-by", "type": "definition", "offset": [1236, 1249]}, {"key": "approval-of", "type": "clause", "offset": [1275, 1286]}, {"key": "certain-members", "type": "clause", "offset": [1348, 1363]}, {"key": "to-transfer", "type": "clause", "offset": [1399, 1410]}, {"key": "sale-of-the-mortgage-loan", "type": "clause", "offset": [1455, 1480]}, {"key": "contribution-of-the", "type": "clause", "offset": [1499, 1518]}, {"key": "requisite-member-approval", "type": "definition", "offset": [1569, 1594]}], "snippet": "(a) If, with respect to any Property, a ------------------- consent set forth on Schedule 7.1(f) is not obtained on or before Closing, the --------------- Operating Partnership shall have the right upon 10 days notice to the Contributors, to exclude such Property from the transactions contemplated hereby and the Exchange Amount shall be reduced by the portion of the Exchange Amount allocated to such Property set forth on Schedule 2.1(e). Upon any such --------------- exclusion, all representations, warranties, covenants and agreements with respect to such Property shall be deemed deleted from this Agreement. In the event the Operating Partnership elects to waive the requirement for any such consent which has not be obtained, the Operating Partnership shall indemnify, defend and hold harmless each Contributor, its agents, employees, partners, members, officers, directors and shareholders from and against any and all Losses arising out of or relating to the acquisition of such Property without such consent having been obtained.\n(b) The Operating Partnership acknowledges that the contribution by Contributor of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Hills Loan pursuant to the terms of this Agreement has not, as of the date of this Agreement, been authorized by the requisite membership approval of BRE/\u2587\u2587\u2587\u2587\u2587\u2587 Way L.L.C. Such approval may not be obtained, and certain members in BRE/\u2587\u2587\u2587\u2587\u2587\u2587 Way L.L.C. may elect to transfer their interests therein and not authorize a sale of the Mortgage Loan. In the event the contribution of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Hills Loan has not been authorized by the requisite member approval of BRE/\u2587\u2587\u2587\u2587\u2587\u2587 Way L.L.C. by May 11, 1998, the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Hills Mortgage Loan will be excluded from the transactions contemplated hereby and the Exchange Amount shall be reduced by the portion of the Exchange Amount allocated to such Property set forth on Schedule 2.1(e). Upon such exclusion, --------------- all representations, warranties, covenants and agreements with respect to such Property shall be deemed deleted from this Agreement.", "size": 1, "samples": [{"hash": "gJe1g3oP7uv", "uri": "/contracts/gJe1g3oP7uv#exclusion-of-assets", "label": "Contribution Agreement (Host Marriott Trust)", "score": 18.0, "published": true}], "hash": "0c5ef0e01457099aaabdfb0794366f03", "id": 7}, {"snippet_links": [{"key": "necessary-consent", "type": "definition", "offset": [7, 24]}, {"key": "after-completion", "type": "clause", "offset": [106, 122]}, {"key": "the-purchaser-may", "type": "clause", "offset": [149, 166]}, {"key": "sole-discretion", "type": "clause", "offset": [175, 190]}, {"key": "in-respect-of", "type": "clause", "offset": [203, 216]}, {"key": "applicable-asset", "type": "definition", "offset": [221, 237]}, {"key": "by-the-purchaser", "type": "clause", "offset": [271, 287]}, {"key": "notice-to-the", "type": "clause", "offset": [299, 312]}, {"key": "the-sale", "type": "clause", "offset": [381, 389]}, {"key": "this-agreement", "type": "clause", "offset": [396, 410]}, {"key": "the-vendor-shall", "type": "clause", "offset": [415, 431]}, {"key": "relating-to", "type": "definition", "offset": [475, 486]}, {"key": "without-limitation", "type": "clause", "offset": [513, 531]}, {"key": "assets-acquired", "type": "clause", "offset": [549, 564]}], "snippet": "If any necessary consent or agreement is refused or not obtained on or before the date being three months after Completion (or such longer period as the Purchaser may, at its sole discretion, determine) in respect of the applicable Asset, that Asset shall, if so elected by the Purchaser by written notice to the Vendor on or before such date, be deemed to have been excluded from the sale under this Agreement and the Vendor shall indemnify the Purchaser against all Losses relating to such exclusion including, without limitation, relating to any assets acquired in replacement thereof.", "size": 1, "samples": [{"hash": "eq1YRFlMCLM", "uri": "/contracts/eq1YRFlMCLM#exclusion-of-assets", "label": "Acquisition Agreement", "score": 19.0, "published": true}], "hash": "9f80206adcfa3a363c0ea6a225a4ec77", "id": 9}, {"snippet_links": [{"key": "a-portion", "type": "definition", "offset": [3, 12]}, {"key": "the-assets", "type": "clause", "offset": [16, 26]}, {"key": "uncured-title-defects", "type": "clause", "offset": [76, 97]}, {"key": "agreement-of-the-parties", "type": "clause", "offset": [117, 141]}, {"key": "the-terms", "type": "definition", "offset": [147, 156]}, {"key": "miscellaneous-interests", "type": "clause", "offset": [224, 247]}, {"key": "exclusion-of", "type": "clause", "offset": [309, 321]}, {"key": "this-agreement", "type": "clause", "offset": [353, 367]}, {"key": "the-schedules", "type": "definition", "offset": [372, 385]}], "snippet": "If a portion of the Assets is to be reconveyed to Vendors\u2019 [***] because of uncured Title Defects, or by the written agreement of the Parties:\n(a) the terms \u201cAssets\u201d, \u201cFacilities\u201d, \u201cPetroleum Interests\u201d, \u201cLands\u201d, \u201cLeases\u201d, \u201cMiscellaneous Interests\u201d and \u201cTangibles\u201d will be deemed to be amended to reflect the exclusion of that portion of the Assets and this Agreement and the Schedules hereto will be deemed to be amended accordingly;", "size": 1, "samples": [{"hash": "f2TxdNQBYff", "uri": "/contracts/f2TxdNQBYff#exclusion-of-assets", "label": "Partnership Interest Sale Agreement (Canetic Resources Trust)", "score": 21.0, "published": true}], "hash": "16b7b622d0c3c022cb167780e91b1895", "id": 10}], "next_curs": "ClwSVmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjgLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhxleGNsdXNpb24tb2YtYXNzZXRzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Exclusion of Assets", "size": 18, "children": [["current-assets", "Current Assets"], ["claims-and-litigation", "Claims and Litigation"], ["corporate-records", "Corporate Records"], ["contracts", "Contracts"], ["cash", "Cash"]], "parents": [["sale-of-property-and-exclusion-of-assets", "Sale of Property and Exclusion of Assets"], ["purchase-and-sale-of-assets", "Purchase and Sale of Assets"], ["interpretation", "INTERPRETATION"], ["purchase-and-sale-and-closing", "Purchase and Sale and Closing"], ["seller-claims", "Seller Claims"]], "id": "exclusion-of-assets", "related": [["reversion-of-assets", "REVERSION OF ASSETS", "REVERSION OF ASSETS"], ["location-of-assets", "Location of Assets", "Location of Assets"], ["condition-of-assets", "Condition of Assets", "Condition of Assets"], ["disposition-of-assets", "Disposition of Assets", "Disposition of Assets"], ["application-of-assets", "Application of Assets", "Application of Assets"]], "related_snippets": [], "updated": "2025-07-07T12:37:48+00:00", "also_ask": ["What criteria should define which assets are excluded to avoid ambiguity?", "How can the clause be structured to withstand challenges of hidden or undisclosed assets?", "What negotiation leverage does this clause provide, and how can it be maximized?", "How do courts interpret exclusion of assets clauses in cases of fraud or misrepresentation?", "What are the key differences in exclusion of assets clauses across relevant jurisdictions?"], "drafting_tip": "List excluded assets specifically to prevent misinterpretation, use clear definitions to avoid ambiguity, and reference related agreements to ensure consistency.", "explanation": "The Exclusion of Assets clause defines which specific assets are not included in the scope of a transaction, such as a sale, merger, or transfer of business interests. In practice, this clause lists items like certain intellectual property, cash reserves, or personal property that will remain with the seller and not transfer to the buyer. Its core function is to ensure clarity and prevent disputes by explicitly stating which assets are excluded, thereby protecting the interests of both parties and avoiding misunderstandings about what is being conveyed."}, "json": true, "cursor": ""}}