Environmental Defect Amount definition

Environmental Defect Amount shall have the meaning given that term in Section 5.04(a).

Environmental Defect Amount has the meaning set forth in Section 3.17.

Environmental Defect Amount means, with respect to each Environmental Defect, the amount of the Lowest Cost Response of remediation for such Environmental Defect.

Examples of Environmental Defect Amount in a sentence

• Notwithstanding anything herein to the contrary, no single Environmental Defect shall be taken into account unless the applicable Environmental Defect Amount is determined to be more than the Individual Environmental Defect Threshold.

• If, pursuant to Section 5.4, the existence of an Environmental Defect or an Environmental Defect Amount thereof is submitted for expert review as to the validity and/or value of the Environmental Defect, then the determination shall be conducted pursuant to this Section 5.5. The determination shall be conducted by a single environmental expert (the “Environmental Expert”).

• Within ten (10) Business Days after the selection of the Environmental Expert, the Parties shall provide to the Environmental Expert the applicable Environmental Defect Notices and all documentation provided therewith or referred to therein, and each Party shall provide such other evidence as it deems appropriate for the Environmental Expert to determine the existence and effect of the applicable Environmental Defect and the associated Environmental Defect Amount.

• The written finding of the Environmental Expert need only set forth the Environmental Expert’s finding as to whether the subject Environmental Defect exists or has been cured and the Environmental Defect Amount, and not the Environmental Expert’s rationale for the award.

• At Closing, the Title Defect Amount, the Title Benefit Amount or the Environmental Defect Amount that is subject to the Disputed Matter (each a “Disputed Amount”) shall be paid by Purchaser into the Defect Escrow Account at Closing pending resolution of the Disputed Matter and the Closing Cash Payment shall be reduced by such Disputed Amount, and such Disputed Amount shall be released to Seller or Purchaser, as applicable, upon resolution of such Disputed Matter.

More Definitions of Environmental Defect Amount

Environmental Defect Amount means, with respect to each Environmental Defect, the estimated Lowest Cost Response net to the applicable Companies’ interest of Remediation for such Environmental Defect for the affected Company Asset (or Company Assets if multiple Company Assets are affected by the same Environmental Defect).

Environmental Defect Amount means with respect to an Environmental Defect, the present value as of the Closing Date of the cost (net to the applicable Target Group Member’s interest) of the Lowest Cost Response of such Environmental Defect.

Environmental Defect Amount means, with respect to a Title Defect Property or Environmental Defect Property, as applicable, the reduction, in the Allocated Value (as set forth on Exhibit A-1, of a property as a result of the existence of one or more Title Defects or Environmental Defects, respectively, which amount will be determined as follows:

Environmental Defect Amount is defined in Section 2.9(e).

Environmental Defect Amount means with respect to an Environmental Defect, the present value as of the Closing Date of the cost (net to the applicable Target Group Member’s interest) of the Lowest Cost Response of such Environmental Defect; provided that the Environmental Defect Amount with respect to an Environmental Defect shall be determined without duplication of any costs or Losses included in another Environmental Defect Amount hereunder.

Environmental Defect Amount is defined in Section 6 of Exhibit A.

Environmental Defect Amount has the meaning set forth in Section 3.2(c)(i).