Title Defect. The term “Title Defect,” as used in this Agreement, shall mean: (a) any encumbrance, encroachment, irregularity, defect in or objection to Seller’s ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller not to have Defensible Title to such Asset or (b) any default by Seller under a lease, farmout agreement or other contract or agreement that would (i) have a material adverse affect on the operation, value or use of such Asset, (ii) prevent Seller from receiving the proceeds of production attributable to Seller’s interest therein or (iii) result in cancellation of Seller’s interest therein.
Appears in 10 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Title Defect. The term “Title Defect,” as used in this Agreement, shall meanmeans: (a) any encumbrance, encroachment, irregularity, or defect in or objection to any Seller’s ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller Sellers (collectively) not to have Defensible Title to such Asset Asset; or (b) any default by any Seller under a lease, farmout agreement or other contract or agreement that would (i) have a material adverse affect on the operation, value or use of such Asset, (ii) prevent any applicable Seller from receiving the proceeds of production attributable to such Seller’s interest therein therein; or (iii) result in cancellation of such Seller’s interest therein.
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement (QR Energy, LP)
Title Defect. The term “Title Defect,” as used in this Agreement, shall mean: (a) any encumbrance, encroachment, irregularity, defect in or objection to Seller’s ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller not to have Defensible Title to such Asset Asset; or (b) any default by Seller under a lease, farmout agreement or other contract or agreement that would (i) have a material adverse affect effect on the operation, value or use of such Asset, (ii) prevent Seller from receiving the proceeds of production attributable to Seller’s interest therein or (iii) result in cancellation of Seller’s interest therein.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Callon Petroleum Co), Purchase and Sale Agreement (NiMin Energy Corp.), Purchase and Sale Agreement (BreitBurn Energy Partners L.P.)
Title Defect. The term “Title Defect,” as used in this Agreement, shall mean: (a) any encumbrance, encroachment, irregularity, defect in or objection to Seller’s Sellers’ ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller Sellers not to have Defensible Title to such Asset Asset; or (b) any default by Seller Sellers under a lease, farmout agreement or other contract or agreement that would (i) have a material adverse affect on the operation, value or use of such Asset, (ii) prevent Seller Sellers from receiving the proceeds of production attributable to Seller’s Sellers’ interest therein or (iii) result in cancellation of Seller’s Sellers’ interest therein.
Appears in 1 contract
Title Defect. The term “Title Defect,” as used in this Agreement, shall mean: (a) any encumbrance, encroachment, irregularity, defect in or objection to Seller’s ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller not to have Defensible Title to such Asset Asset; or (b) any default by Seller under a lease, farmout agreement or other contract or agreement that would (i) have a material adverse affect on the operation, value or use of such Asset, (ii) prevent Seller from receiving the proceeds of production attributable to Seller’s interest therein or (iii) result in cancellation of Seller’s interest therein.
Appears in 1 contract
