TITLE DEFECTS UNCURED AT END OF CURE PERIOD Sample Clauses

TITLE DEFECTS UNCURED AT END OF CURE PERIOD. If, upon the expiration of the Cure Period, Seller has been unable or has elected not to cure one or more of the outstanding Title Defects (of which Seller was notified in the Title Defects Notice under the provisions of Section 4.2 (b) above), then, unless otherwise agreed by Seller and Buyer, Buyer shall have the right to (i) waive one or more of the Title Defects and receive assignment from Seller of all or a portion of the Retained Properties affected by such uncured Title Defects and, simultaneously therewith, remit to Seller that portion of the Title Retention Amount (less the net proceeds of production actually received by Seller during the period from the Effective Date through the date such assignment is made, after first deducting from the net proceeds an amount equal to the total capital expenditures actually paid by Seller in connection therewith, in accordance herewith, during such period) attributable thereto, and/or (ii) refuse assignment from Seller of all or any portion of the Retained Properties affected by the uncured Title Defects and retain that portion of the Title Retention Amount allocated thereto. If pursuant to this provision Buyer elects to receive assignment of any or all of the Retained Properties, Seller shall convey such Retained Properties to Buyer by assignment, on a form substantially the same as the Assignment and Bill xx Sale provided for in Section 6.3(a) below, which shall be effective as of the Effective Date.
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Related to TITLE DEFECTS UNCURED AT END OF CURE PERIOD

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  • Environmental Covenant The Borrower will, and will cause each of its Subsidiaries to,

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