Acceptance of Environmental Condition. Buyer shall give Sellers notice (an “Environmental Notice”) of any fact or circumstance that indicates a violation of a currently existing Environmental Law associated with an Asset (“Environmental Defect”). For the purpose of this Agreement, an Environmental Defect shall mean a material deficiency which individually per property exceeds Fifty Thousand Dollars ($50,000) and complies with all of the following conditions precedent:
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Dynamic Offshore Resources, Inc.), Purchase and Sale Agreement (Dynamic Offshore Resources, Inc.)
Acceptance of Environmental Condition. Buyer shall give may provide one or more written notices to Sellers notice (an “Environmental Notice”) of any fact or circumstance that indicates a violation of a currently existing an Environmental Law associated with an Asset (“Environmental Defect”). For the purpose of this Agreement, an Environmental Defect shall mean a material deficiency which individually per property exceeds Fifty Thousand Dollars ($50,000) and complies with all of the following conditions precedent:
Appears in 1 contract
Samples: Purchase and Sale Agreement (Three Rivers Operating Co Inc.)
Acceptance of Environmental Condition. Buyer shall give Sellers Seller notice (an “Environmental Defect Notice”) of any fact Environmental Defect that was not disclosed to or circumstance that indicates a violation known by Buyer prior to the execution of a currently existing Environmental Law associated with an Asset (“Environmental Defect”)this Agreement. For the purpose of this Agreement, an Environmental Defect shall mean a material deficiency which individually per property Asset as set forth on Exhibit “C” exceeds Fifty Thousand Dollars ($50,000) and complies with all of the following conditions precedent:
Appears in 1 contract
Samples: Purchase and Sale Agreement (Samson Holdings, Inc.)
