Title Defect Notice. Buyer shall give Seller notice of any Title Defects (“Title Defect Notice”) no later than the Objection Date. If Buyer becomes aware of any Title Defect prior to the Objection Date, Buyer may, but are not required to, provide a Title Defect Notice with respect to such Title Defect prior to the Objection Date, and Buyer may provide one or more Title Defect Notices on or prior to the Objection Date. Each Title Defect Notice must be in writing and include all of the following:
(a) a description of the Title Defect in reasonable detail;
(b) supporting documentation in Buyer’s possession, if any, reasonably necessary to support Buyer’s belief that the Title Defect has not been released or cured and is still enforceable;
(c) the identity and the Allocated Value, if any, of the Lease, Well and/or Well Location, as applicable, containing the Title Defect; and
(d) the amount by which Buyer reasonably believe the Allocated Value of such Purchased Assets is reduced by the alleged Title Defects.
Title Defect Notice. In order to be valid for purposes of this Agreement, each Title Defect Notice asserting a claim for a Title Defect must be in writing and must include:
(i) a description in reasonable detail of the alleged Title Defect(s);
(ii) the Well or Lease (and associated Oil & Gas Interests) affected (the “Title Defect Property”);
(iii) the Allocated Value of the Well or Lease subject to the alleged Title Defect(s);
(iv) if the alleged Title Defect involves a shortfall in the Net Revenue Interest with respect to a Well, the alleged actual Net Revenue Interest for such Well;
(v) if the alleged Title Defect involves an excess of Working Interest share with respect to a Well, the alleged actual Working Interest share for such Well;
(vi) if the alleged Title Defect involves a shortfall in Net Acres for a Lease, the alleged actual Net Acres in such Lease;
(vii) if the alleged Title Defect is a Lien, Buyer’s best estimate of the cost to remove such Lien; and
(viii) supporting documents, to the extent available, reasonably necessary for Seller (as well as any experienced title attorney or examiner hired by Seller) to review the existence of the alleged Title Defect; and Buyer’s good faith estimate of the Title Defect Amount attributable to such individual alleged Title Defect and the computations and information upon which Buyer’s estimate is based.
Title Defect Notice. Buyer shall give Seller a written notice describing any Title Defects (the “Title Defect Notice”) as soon as reasonably possible but in no event later than the Defect Notice Date. The Title Defect Notice must satisfy each of the following conditions precedent: such notice must (1) be in writing and asserted in good faith; (2) name the affected Lease or Well (such affected Lease or Well is a “Title Defect Property”); (3) describe each Title Defect and the basis for it; (4) attach copies of the Supporting Documentation; (5) state the Allocated Value of the Title Defect Property; (6) state Buyer’s good faith estimate of the Title Defect Amount; and (7) set forth the computations upon which Buyer’s estimate is based. Buyer shall also identify in each Title Defect Notice the necessary curative for each Title Defect, to the extent then reasonably known. To give Seller an opportunity to commence reviewing and curing Title Defects, Buyer agrees to use its reasonable efforts to give Seller, on or before the end of each calendar week prior to the Defect Notice Date, a written notice of all alleged Title Defects discovered by Buyer during the preceding calendar week, which notice may be preliminary in nature and supplemented prior to the expiration of the Defect Notice Date; provided, however, that the failure to provide such written notice shall not result in the waiver or limitation of any rights of Buyer under this Agreement. Buyer irrevocably waives all Title Defects not timely and properly submitted in a Title Defect Notice on or before the Defect Notice Date.
Title Defect Notice. Buyer shall give Seller notice (“Title Defect Notice”) as soon as possible but no later than April 15, 2012 (such date being referred to herein as the “Objection Date”). The Title Defect Notice must include all of the following:
(a) a description of the Title Defect;
(b) a description of the reasonable basis for the Title Defect;
(c) Reasonable Documentation supporting the basis for the Title Defect; and
(d) the identity and the Allocated Value of the Well.
Title Defect Notice. The term “Title Benefit” shall mean Seller’s Net Revenue Interest in any Well that is greater than the Net Revenue Interest set forth in Exhibit “A”, or Seller’s Working Interest in any Well that is less than the Working Interest set forth in Exhibit “A” (without a proportionate decrease in the Net Revenue Interest).
Title Defect Notice. If Delta determines that any of the CRB Leases acquired after April 1, 2005 but prior to August 15, 2005, or any of the Piceance Leases are subject to any Title Defects (as defined below), on or before September 30, 2005, Delta shall deliver to Savant written notice (the “Title Defect Notice”) of such defects, along with written documentation, to the extent available and in reasonable detail, describing such Title Defects. Any Title Defect that is not contained in the Title Defect Notice shall be deemed waived. The Parties, cooperatively, shall use commercially reasonable efforts in good faith to cure the Title Defects to the Parties’ reasonable satisfaction.
Title Defect Notice. To give Sellers an opportunity to commence reviewing and curing Title Defects, Purchaser agrees to use commercially reasonable efforts to give Sellers, on or before the end of each calendar week prior to the Defect Claim Date, written notice of all Title Defects discovered by Purchaser during the preceding calendar week, which notice may be preliminary in nature and may be supplemented prior to the Defect Claim Date; provided, however, that Purchaser’s failure to provide such preliminary notice shall not waive, or otherwise prejudice in any respect, Purchaser’s right to assert a Title Defect on or before the Defect Claim Date in accordance with this Section 12.7(a). PURCHASER SHALL BE DEEMED TO HAVE WAIVED ALL TITLE DEFECTS OF WHICH SELLERS HAVE NOT BEEN GIVEN NOTICE PURSUANT TO THIS SECTION 12.7(A) BY THE DEFECT CLAIM DATE.
Title Defect Notice. Buyer shall give Sellers notice (“Title Defect Notice”) as soon as possible but no later than five (5) days prior to the Closing Date (such date being referred to herein as the “Objection Date”). The Title Defect Notice must include all of the following:
(a) a description of the Title Defect;
(b) a description of the reasonable basis for the Title Defect;
(c) Reasonable Documentation supporting the basis for the Title Defect;
(d) evidence supporting Buyer’s belief that the Title Defect has not been released or cured and is still enforceable; and
(e) the identity and the Allocated Value of the Lease.
Title Defect Notice. In order to be valid for purposes of this Agreement, each Title Defect Notice asserting a claim for a Title Defect must be in writing and must include:
(i) a description in reasonable detail of the alleged Title Defect;
(ii) the Lease, Well, Well-In-Progress or Fee Mineral (and associated Oil & Gas Interests) affected (the “Title Defect Property”);
(iii) the Allocated Value of the Title Defect Property subject to the alleged Title Defect;
(iv) if the alleged Title Defect involves a shortfall in the Net Revenue Interest with respect to a Lease, Well or Well-In-Progress, the alleged actual Net Revenue Interest for such Lease, Well or Well-In-Progress;
(v) if the alleged Title Defect involves an excess of Working Interest with respect to a Well or Well-In-Progress, the alleged actual Working Interest for such Well or Well-In-Progress;
(vi) if the alleged Title Defect involves an increase in Net Acres (due to an increased Working Interest) for any Lease, the alleged actual Net Acres in such Lease;
(vii) if the alleged Title Defect involves a shortfall in Net Acres for a Lease or the Mineral Fee Net Acres for a Fee Mineral, the alleged actual Net Acres or Mineral Fee Net Acres in such Lease or Fee Mineral, as applicable;
(viii) if the alleged Title Defect is a Lien, Parent’s best estimate of the cost to remove such Lien;
(ix) supporting documents, to the extent available, reasonably necessary for the Company (as well as any experienced title attorney or examiner hired by the Company) to verify the existence of the alleged Title Defect; and
(x) Parent’s good faith estimate of the Title Defect Amount and the computations and information upon which Parent’s Title Defect assertion is based. Notwithstanding the foregoing, Parent’s failure to strictly comply with the requirements set forth in this Section 4.1(d) shall not cause such Title Defect Notice to be invalid or any Title Defect to be waived if the Title Defect Notice is reasonably sufficient to provide the Company with notice of the existence and general nature of the Title Defect
Title Defect Notice. Section 4.03 Tracts ...............................................Sections 1.02(a), 1.02(b) Transaction.......................................................Section 15.02
