Common use of Remedies for Environmental Defects Clause in Contracts

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Amount asserted with respect thereto and subject to the rights of the Parties pursuant to Section 3.21, if any Environmental Defect asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date is not waived by Buyer or cured on or before the Closing Date, Seller shall, at its sole option (except as otherwise provided below), elect to:

Appears in 3 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (EP Energy LLC), Purchase and Sale Agreement (Atlas Resource Partners, L.P.)

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Remedies for Environmental Defects. (a) Subject to Seller’s the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(f), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its Seller's sole option (except as otherwise provided below)option, elect to:

Appears in 3 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement (Legacy Reserves Lp)

Remedies for Environmental Defects. (a) Subject to Seller’s the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(f), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 3 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Linn Energy, LLC), Purchase and Sale Agreement (Legacy Reserves Lp)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute In the existence of an Environmental Defect and/or the Environmental Defect Amount asserted with respect thereto and subject to the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 12.1(a) is not waived in writing by Buyer or cured on or before Closing, then, subject to Seller’s right to dispute the Closing Dateexistence of a Environmental Defect and/or the Remediation Amount asserted with respect thereto, Seller shall, at its sole option (except as otherwise provided below), the Parties shall mutually elect to:

Appears in 3 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement (Exco Resources Inc)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to in an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 9.2(a) is not waived in writing by Buyer or reasonably cured on or before the Closing Date, then Seller shall, at its sole option (except as otherwise provided below)option, elect (subject in each case, to the provisions of Section 9.2(c)) to:

Appears in 2 contracts

Samples: Asset Purchase Agreement, Asset Purchase Agreement (Midstates Petroleum Company, Inc.)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 12.1(a) is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Houston Exploration Co), Purchase and Sale Agreement (Houston Exploration Co)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely and effectively asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 4.1(a) is not waived in writing by Buyer or cured on or before prior to the Closing Date, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Evolution Petroleum Corp), Purchase and Sale Agreement (Evolution Petroleum Corp)

Remedies for Environmental Defects. (a) Subject to Seller’s the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2115.01(f), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 2 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Kodiak Oil & Gas Corp)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto thereto, and subject to the rights of the Parties pursuant to Section 3.2114.1(c), if in the event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 12.1(a) is not waived in writing by Buyer or cured on or before Closing, then, subject to the Closing DateIndividual Environmental Defect Threshold and the Defect Deductible, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 2 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Range Resources Corp)

Remedies for Environmental Defects. Subject (a)Subject to Seller’s the continuing right of Sellers to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(g), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller Sellers shall, at its Sellers’ sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Mid-Con Energy Partners, LP)

Remedies for Environmental Defects. Subject (a)Subject to Seller’s the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(g), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its Seller’s sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Mid-Con Energy Partners, LP)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Article 13.1(a) is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect toto either:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Black Elk Energy Finance Corp.)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto thereto, and subject to the rights of the Parties pursuant to Section 3.2114.1(c), if in the event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date is not waived by Buyer or cured on or before the Closing Date, Seller shall, at its sole option (except as otherwise provided below), elect to:in accordance with Section 12.1

Appears in 1 contract

Samples: Purchase and Sale Agreement

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Amount asserted with respect thereto and subject to the rights of the Parties pursuant to Section 3.213.14, if any Environmental Defect asserted by Buyer pursuant to in an Environmental Defect Notice delivered before the Defect Claim Date is not waived by Buyer or cured on or before the Closing DateCure Deadline, Seller shall, at its Buyer’s sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Emerald Oil, Inc.)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an a Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 3.7(a) is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Membership Interest Purchase Agreement (Mariner Energy Inc)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Amount asserted with respect thereto and subject to the rights of the Parties pursuant to Section 3.21, if any Environmental Defect asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date is not waived by Buyer or cured on or before the Closing Date, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Crimson Exploration Inc.)

Remedies for Environmental Defects. (a) Subject to Seller’s the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(f), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Resolute Energy Corp)

Remedies for Environmental Defects. (a) Subject to Seller’s the continuing right of Seller to dispute the existence of an asserted Environmental Defect and/or or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(d), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before Closing, the Closing Date, Seller shall, at its sole option (except as otherwise provided below), elect Parties shall mutually agree to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Resolute Energy Corp)

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Remedies for Environmental Defects. (a) Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.1 is not waived in writing by Buyer or cured by Seller on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Plains Exploration & Production Co)

Remedies for Environmental Defects. (a) Subject to Seller’s the continuing right of the Sellers to dispute the existence of an asserted Environmental Defect and/or or the asserted Environmental Defect Amount asserted with respect thereto Value and subject to the rights of the Parties pursuant to under Section 3.2113.01(f), if any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 5.03 is not waived in writing by Buyer or cured on or before Closing, the Closing Date, Seller shall, at its sole option (except as otherwise provided below), Sellers shall elect to:

Appears in 1 contract

Samples: Membership Interest and Asset Purchase Agreement (Resolute Energy Corp)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence (a) If Buyer notifies Seller of an any Environmental Defect and/or as provided in Section 5.03, and Seller refuses or is unable to cure the Environmental Defect Amount asserted to Buyer’s reasonable satisfaction before Closing, Buyer shall choose one of the following rights and remedies with respect thereto and subject to the rights of uncured Environmental Defect(s) in the Parties pursuant to Section 3.21Assets, if any Environmental Defect asserted by Buyer pursuant to an Environmental Defect Notice delivered before unless the Defect Claim Date is not waived by Buyer or cured on or before the Closing Date, Seller shall, at its sole option (except as parties otherwise provided below), elect to:agree in writing. The term “

Appears in 1 contract

Samples: Purchase and Sale Agreement (Parsley Energy, Inc.)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto thereto, and subject to the rights of the Parties pursuant to Section 3.2114.1(c), if in the event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 12.1(a) is not waived in writing by Buyer or cured on or before Closing, then, subject to the Closing DateIndividual Environmental Defect Threshold and the Environmental Deductible, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Vanguard Natural Resources, LLC)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto thereto, and subject to the rights of the Parties pursuant to Section 3.2114.1(c), if in the event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 12.1(a) is not waived in writing by Buyer or cured to Buyer’s reasonable satisfaction on or before the Closing DateClosing, Seller then, Buyer shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (LSB Industries Inc)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 6.1(a) is not waived in writing by Buyer or cured on or before prior to the Closing Dateexpiration of the Cure Period (an “Uncured Environmental Defect”), Seller shall, at its sole option (except as otherwise provided below)option, elect to:, subject to Section 6.1(d):

Appears in 1 contract

Samples: Acquisition Agreement (Swift Energy Co)

Remedies for Environmental Defects. Subject to Seller’s 's continuing right to dispute the existence of an a Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 9.1(a) is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shallmay, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Pinnacle Gas Resources, Inc.)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto thereto, and the right of Seller to cure the Environmental Defect in accordance with Section 12.1(b), in the event that any Environmental Defect timely asserted by Buyer in accordance with Section 12.1(a) is not waived in writing by Buyer, then, subject to the rights of the Parties pursuant to Section 3.21, if any Individual Environmental Defect asserted by Buyer pursuant to an Threshold and the Environmental Defect Notice delivered before the Defect Claim Date is not waived by Buyer or cured on or before the Closing DateDeductible, Seller shall, at its Buyer’s sole option (except as otherwise provided below), elect tooption:

Appears in 1 contract

Samples: Conger Purchase and Sale Agreement (Range Resources Corp)

Remedies for Environmental Defects. Subject to Seller’s 's continuing right to dispute the existence of an a Environmental Defect and/or the Environmental Defect Remediation Amount asserted with respect thereto and subject to thereto, in the rights of the Parties pursuant to Section 3.21, if event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Article 13.1(a) is not waived in writing by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (KCS Energy Inc)

Remedies for Environmental Defects. Subject to Seller’s continuing right to dispute the existence of an Environmental Defect and/or the Environmental Defect Amount asserted with respect thereto and subject to the rights of the Parties pursuant to Section 3.213.20, if any Environmental Defect timely and properly asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 3.16 is not waived by Buyer or cured on or before the Closing DateClosing, Seller shall, at its sole option (except as otherwise provided below), elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Atlas Energy Group, LLC)

Remedies for Environmental Defects. Subject to Seller’s continuing right to cure an Environmental Defect prior to Closing or dispute the existence of an Environmental Defect and/or or the Environmental Defect Alleged Remediation Amount asserted with respect thereto to an Environmental Defect, and subject to the rights of the Parties Buyer pursuant to Section 3.2115.01(b), if in the event that any Environmental Defect timely asserted by Buyer pursuant to an Environmental Defect Notice delivered before the Defect Claim Date in accordance with Section 12.01(a) is not waived in writing by Buyer or cured on or before the Closing Dateprior to Closing, Seller shallmay, at its sole option (except as otherwise provided below)option, elect to:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Silverbow Resources, Inc.)

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