Common use of Title Benefits Clause in Contracts

Title Benefits. (a) If a Party discovers any Title Benefit affecting the Assets, it shall promptly notify the other Party in writing thereof on or before the expiration of the Defective Interest Notice Date. For purposes of this Agreement, the term “Title Benefit” shall mean Seller’s net revenue interest in any Asset is greater than Seller’s net revenue interest (indicated by the letters “NRI”) set forth in Schedule B for such Asset or Seller’s working interest in any Asset is less than Seller’s working interest (indicated by the letters “WI”) set forth in Schedule B for such Asset (without a corresponding decrease in the net revenue interest). Any matters that may otherwise constitute Title Benefits, but of which Purchaser has not been specifically notified by Seller in accordance with the foregoing, shall be deemed to have been waived by Seller for all purposes.