Common use of Remedies for Title Benefits Clause in Contracts

Remedies for Title Benefits. With respect to each Well or Lease affected by Title Benefits reported under this Section 6.2, the aggregate Title Defect Amounts shall be decreased by an amount equal to the increase in the Allocated Value for such Asset caused by such Title Benefits, as determined pursuant to Section 6.2(g) (the “Title Benefit Amount”).

Appears in 4 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (AMERICAN EAGLE ENERGY Corp), Purchase and Sale Agreement (Endeavour International Corp)

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Remedies for Title Benefits. With respect to each Well or Lease Well Location affected by Title Benefits reported under this Section 6.2, the aggregate Title Defect Amounts shall be decreased by an amount equal to the increase in the Allocated Value for such Asset caused by such Title Benefits, as determined pursuant to Section 6.2(g) (the “Title Benefit Amount”).

Appears in 3 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (SM Energy Co), Purchase and Sale Agreement (SM Energy Co)

Remedies for Title Benefits. With respect to each Well or Lease Well Location affected by Title Benefits reported under this Section 6.2, the aggregate Title Defect Amounts shall be decreased by an amount equal to the increase in the Allocated Value for such Asset caused by such Title Benefits, as determined pursuant to Section 6.2(g) (the “Title Benefit Amount”). The Title Benefit Amounts may only be used to offset Title Defect Amounts and may not increase the Purchase Price.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (SM Energy Co), Purchase and Sale Agreement (Oasis Petroleum Inc.)

Remedies for Title Benefits. With respect to each Well or Lease affected by Title Benefits reported under this Section 6.24.2, the aggregate Title Defect Amounts shall be decreased by an amount equal to the increase in the Allocated Value for such Asset caused by such Title Benefits, as determined pursuant to Section 6.2(g4.2(h) (the “Title Benefit Amount”). Notwithstanding anything to the contrary, in no event shall there be any reductions to the aggregate Title Defect Amount for any individual Title Benefit for which the Title Benefit Amount does not exceed the Individual Title Benefit Threshold.

Appears in 1 contract

Samples: Acquisition and Development Agreement (SM Energy Co)

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Remedies for Title Benefits. With respect to each Well or Lease Well Location affected by Title Benefits reported under this Section 6.2‎6.2, the aggregate Title Defect Amounts shall be decreased by an amount equal to the increase in the Allocated Value for such Asset caused by such Title Benefits, as determined pursuant to Section 6.2(g‎6.2(g) (the “Title Benefit Amount”). For the avoidance of doubt, Title Benefit Amounts shall only offset Title Defect Amounts.

Appears in 1 contract

Samples: Membership Interest Purchase Agreement (SM Energy Co)

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