Common use of Remedies for Environmental Defects Clause in Contracts

Remedies for Environmental Defects. (a) Subject to the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Value and subject to the rights of the Parties under Section 13.01(f), if any Environmental Defect timely asserted by Buyer in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before Closing, Seller shall, at its sole option, elect to:

Appears in 3 contracts

Samples: Purchase and Sale Agreement (Legacy Reserves Lp), Purchase and Sale Agreement (Linn Energy, LLC), Purchase and Sale Agreement

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Remedies for Environmental Defects. (a) Subject to the Seller’s continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Value Amount asserted with respect thereto and subject to the rights of the Parties under pursuant to Section 13.01(f)3.21, if any Environmental Defect timely asserted by Buyer in accordance with Section 5.03 pursuant to an Environmental Defect Notice delivered before the Defect Claim Date is not waived in writing by Buyer or cured on or before Closingthe Closing Date, Seller shall, at its sole optionoption (except as otherwise provided below), elect to:

Appears in 3 contracts

Samples: Purchase and Sale Agreement (EP Energy LLC), Purchase and Sale Agreement (Atlas Resource Partners, L.P.), Purchase and Sale Agreement

Remedies for Environmental Defects. (a) Subject to the Seller’s continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the Remediation Amount asserted Environmental Defect Value and subject to with respect thereto, in the rights of the Parties under Section 13.01(f), if event that any Environmental Defect timely asserted by Buyer in an Environmental Defect Notice in accordance with Section 5.03 9.2(a) is not waived in writing by Buyer or reasonably cured on or before Closingthe Closing Date, then Seller shall, at its sole option, elect (subject in each case, to the provisions of Section 9.2(c)) to:

Appears in 2 contracts

Samples: Asset Purchase Agreement (Midstates Petroleum Company, Inc.), Asset Purchase Agreement

Remedies for Environmental Defects. (a) Subject to the Seller’s continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the Remediation Amount asserted Environmental Defect Value with respect thereto, and subject to the rights of the Parties under pursuant to Section 13.01(f14.1(c), if in the event that any Environmental Defect timely asserted by Buyer in accordance with Section 5.03 12.1(a) is not waived in writing by Buyer or cured on or before Closing, then, subject to the Individual Environmental Defect Threshold and the Defect Deductible, Seller shall, at its sole option, elect to:

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Range Resources Corp), Purchase and Sale Agreement

Remedies for Environmental Defects. (a) Subject to the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Value and subject to the rights of the Parties under Section 13.01(f), if any Environmental Defect timely asserted by Buyer in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before Closing, Seller shall, at its Seller's sole option, elect to:

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Legacy Reserves Lp), Purchase and Sale Agreement

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Remedies for Environmental Defects. (a) Subject to the Seller’s continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Value Amount asserted with respect thereto and subject to the rights of the Parties under pursuant to Section 13.01(f)3.14, if any Environmental Defect timely asserted by Buyer in accordance with Section 5.03 an Environmental Defect Notice delivered before the Defect Claim Date is not waived in writing by Buyer or cured on or before Closingthe Cure Deadline, Seller shall, at its Buyer’s sole option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Emerald Oil, Inc.)

Remedies for Environmental Defects. (a) Subject to the Seller’s continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Value Amount asserted with respect thereto and subject to the rights of the Parties under pursuant to Section 13.01(f)3.21, if any Environmental Defect timely asserted by Buyer in accordance with Section 5.03 pursuant to an Environmental Defect Notice delivered before the Defect Claim Date is not waived in writing by Buyer or cured on or before Closingthe Closing Date, Seller shall, at its sole option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Crimson Exploration Inc.)

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