Title Failure definition

Title Failure means a breach of any of Seller's representations and warranties in Section 6.3 of the Conveyance shall have occurred.

Title Failure means any portion of the Timberlands that is not, or as of the Closing will not be, insurable for the benefit of Buyer by the Title Company (in its reasonable discretion and in accordance with commercial standards applicable to the national title insurance industry).

Title Failure means any portion of the Timberlands that consists of five (5) or more contiguous acres and that is not, or immediately prior to the Closing will not be, (i) owned by the Contribution LLC or the Sale LLC or (ii) insurable by the Title Company.

Examples of Title Failure in a sentence

• If Seller fails to cure a Title Defect within ninety (90) days after Closing, it shall be deemed a Title Failure and the funds attributable to such Title Defect shall be released from escrow to Buyer.

• If Seller fails to cure a Title Defect within ninety (90) days after Closing, it shall be deemed a Title Failure and the funds attributable to such Title Defect shall be released from escrow to Buyer and the property on which such Title Defect exists shall not be conveyed to Buyer.

• Any item that Sellers acknowledges is a Title Defect but that Sellers are unwilling to cure shall be deemed a title failure ("Title Failure") and, subject to Section 10.9 below, the Purchase Price shall be reduced for such Title Defect pursuant to Section 2.3 unless, in Sellers' reasonable judgment, it is unlikely that material losses, costs, expenses and liabilities will be experienced with respect to such Title Defect and Sellers agree to indemnify Buyer with respect thereto.

• If Sellers fail to cure a Title Defect within ninety (90) days after Closing, it shall be deemed a Title Failure and the funds attributable to such Title Defect shall be released from escrow to Buyer and the property on which such Title Defect exists shall not be conveyed to Buyer.

• Any Title Failure not set forth in a Notice prior to Closing shall be deemed to be waived by Buyer.

More Definitions of Title Failure

Title Failure means any portion of the Timberlands that is not, or immediately prior to the Closing will not be, (i) owned by Seller or (ii) insurable by the Title Company.

Title Failure means any portion of the Property described in this Agreement, the Commitments or represented on the Sellers’ compartment maps that the Title Company will not insure because such portion of the Property is not or will not be owned by Purchaser free and clear of any monetary liens at the Closing (the “Title Failure Property”). Failure of Purchaser to deliver Title Objections within the Title Objection Period shall be deemed a waiver by Purchaser of its right to make such Title Objections.

Title Failure means the occurrence or existence of any of the following conditions: (a) the Company does not have Defensible Title to a Lease or Well; (b) any royalties, rentals, pugh xxxuse payments, shut-in gas payments and other payments due with respect to a Lease have not been properly and timely paid by or on behalf of the Company, except for payments held in suspense for title or other reasons which are customary in the industry and which will not result in grounds for cancellation of the Company's rights in such Lease; (c) the Company is in default under the material terms of any Leases, farm-out agreements or other contracts or agreements respecting a Lease or Well which could (A) prevent the Company from receiving the proceeds of production attributable to its interest therein, or (B) result in cancellation of the Company's interest therein; or (d) the Company is not receiving on a current basis the proceeds of production attributable to its Net Revenue Interest, or if so, is required to post a bond or provide indemnity to receive such payments. The value of any Title Failure shall be determined as follows:

Title Failure means any portion of the Timberlands that is not as of the Effective Date, or immediately prior to the Closing will not be, (i) owned by the Company or the Subsidiaries in fee simple or (ii) insurable by the Title Company.

Title Failure means, as to any Wellbore Interest, any lien, defect or other condition that causes Seller as of immediately prior to the Closing and following the Subsidiary Transfer or Issuer as of immediately after the Closing not to have Defensible Title in and to such Wellbore Interest.

Title Failure means a material defect in the ownership interest assigned and transferred to Pennaco. For these purposes "Title Failure" shall not mean an immaterial defect in the designation of a prior holder of an interest, such as a defect requiring an Affidavit of Identity.

Title Failure shall not mean an immaterial defect in the designation of a prior holder of an interest, such as a defect requiring an Affidavit of Identity.