Common use of Identification of Additional Defective Interests Clause in Contracts

Identification of Additional Defective Interests. (a) If, prior to the Closing, there has been non-compliance with the laws, rules, regulations, ordinances or orders of any governmental agency or authority having jurisdiction over the Interests, resulting in risk of loss of the Interests or a substantial part of the value thereof, then Buyer may elect to treat such of the Interests as are adversely affected by such non-compliance as Defective Interests by giving Seller notice thereof in accordance with Section 5.03(a).

Identification of Additional Defective Interests. (a) If, prior to the Closing, there has been non-compliance with the laws, rules, regulations, ordinances or orders of any governmental agency or authority having jurisdiction over the affected Interests, resulting in risk of loss of the affected Interests or a substantial part of the value thereof, then Buyer may elect to treat such of the affected Interests as are adversely affected by such non-compliance noncompliance as Defective Interests by giving Seller notice thereof in accordance with Section 5.03(a7.03(a).;