Title Defect Amount definition
Title Defect Amount means, with respect to a Title Defect Property, the amount by which such Title Defect Property is impaired as a result of the existence of one or more Title Defects, which amount shall be determined as follows:
Title Defect Amount has the meaning set forth in Section 6.2(f).
Title Defect Amount shall have the meaning set forth in Section 11.2(g).
Examples of Title Defect Amount in a sentence
Recovery on the Special Warranty of Title shall be equal to the applicable Title Defect Amount as calculated in accordance with the terms of this Agreement, mutatis mutandis, but shall not take into account the Title Defect Threshold or the Title Defect Deductible.
More Definitions of Title Defect Amount
Title Defect Amount has the meaning set forth in Section 3.06(a).
Title Defect Amount shall be as defined in Section 6.2(d).
Title Defect Amount shall have the meaning given such term in Section 4.07(a).
Title Defect Amount means the amount by which the value of the Title Defect Property affected by such Title Defect is reduced as a result of the existence of such Title Defect, which shall be determined in accordance with the following:
(i) If the Title Defect is a lien or Encumbrance on Seller’s interest in a Property, the Title Defect Amount shall be the cost of removing such lien or encumbrance, provided, however, that such Title Defect Amount shall not exceed the value allocated to such Property on Schedule 2.2;
(ii) If the Title Defect results from Seller having a lesser Net Revenue Interest in a Title Defect Property than the Net Revenue Interest specified therefor in Part I of Schedule 2.2, the Title Defect Amount shall be equal to the product obtained by multiplying the portion of the Purchase Price Allocated to such Title Defect Property in Part I Schedule 2.2 by a fraction, the numerator of which is the reduction in the Net Revenue Interest and the denominator of which is the Net Revenue Interest specified for such Title Defect Property in Part I of Schedule 2.2;
(iii) If the Title Defect results from Seller having a greater Working Interest in a Title Defect Property than the Working Interest specified therefor in Part I Schedule 2.2, the Title Defect Amount shall be equal to the present value of the good faith estimate of the projected increase in the costs and expenses allocable to the Property after the Effective Date attributable to such increase in Seller’s Working Interest; provided, however, that no Title Defect Amount shall be allowed on account of and to the extent that an increase in Seller’s Working Interest in such Property has the effect of proportionately increasing Seller’s Net Revenue Interest therein;
(iv) If the Title Defect is that the actual Net Acres covered by a Lease is less than the number of Net Acres set forth in Part II of Scheduled 2.2 for such Lease, the Title Defect Amount shall be an amount equal to such difference in Net Acres multiplied by the value Allocated per Net Acre for such Lease set forth in Part II of Schedule 2.2;
(v) If the Title Defect results from any matter not described in Subsections 3.1(f)(i) through 3.1(f)(iv) above, the Title Defect Amount shall be an amount equal to the difference between: (i) the value of the affected Property without such Title Defect and (ii) the value of the affected Property with such Title Defect;
(vi) Notwithstanding (i) – (v), if ▇▇▇▇▇ and Seller agree on the Title Defect Amount, such amo...
Title Defect Amount means the amount of a Title Defect as determined pursuant to Section 11.2(g) or 11.2(j).
Title Defect Amount shall have the meaning set forth in Section 11.2(d)(i) of this Agreement.
Title Defect Amount is defined in Section 4.1(d).