Environmental Defect Notice. Buyer shall notify Seller in writing of any Environmental Defect (“Environmental Defect Notice(s)”) no later than 5:00 p.m. Central Time on the Environmental Claim Date. The Environmental Defect Notice shall state with reasonable specificity: (i) the Asset affected; (ii) a complete description of the Environmental Defect claimed; (iii) Buyer’s good faith estimate of the cost of Remediation of such Environmental Defect (the “Environmental Defect Value”); and (iv) appropriate documentation substantiating Buyer’s claim. Without limiting Section 3.06, Buyer shall conclusively be deemed to have waived any Environmental Defect not asserted by an Environmental Defect Notice by 5:00 p.m. Central Time on the Environmental Claim Date.
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Pogo Producing Co), Purchase and Sale Agreement (Energy XXI Texas, LP), Purchase and Sale Agreement (Energy Xxi (Bermuda) LTD)
