Defect Threshold definition

Defect Threshold means, for the Assets taken as a whole, Defects asserted by Buyer that adversely affect Seller and/or the Assets by an amount equal to or in excess of $50,000.

Defect Threshold means $1,125,000.

Defect Threshold is defined in Section 3(d).

Examples of Defect Threshold in a sentence

• The Parties agree that if the same Title Defect affects more than one Lease, then the Title Defect Amounts for each Lease affected by such Title Defect shall be aggregated for the purposes of determining whether the Individual Title Defect Threshold has been met with respect to such Title Defect.

• Claims for Title Defects or Environmental Defects, whether or not resulting in a Purchase Price adjustment because the applicable Aggregate Defect Threshold is not exceeded, are not subject to the terms of this Section 10, may not be claimed under this Section 10, may not be included for purposes of determining whether the limitations set forth in this Section 10.6 have been met and may not be included in the Basket for purposes of the limitations set forth in this Section 10.6.

• Promptly, but in no event later than five Business Days, after the Environmental Arbitrator renders its decision as to all Environmental Disputed Matters and assuming Closing has occurred, Seller shall deliver to Buyer by wire transfer of immediately available funds an amount equal to the Remediation Costs as determined by the Environmental Arbitrator, if any (and further subject to the application of the Environmental Defect Threshold and Aggregate Deductible, as provided in this Article V).

• Title Increases shall be available to Seller only to the extent Buyer has asserted Title Defects and may be applied to set off decreases in the Base Purchase only after the total of Defects has exceeded the Defect Threshold.

• If a single Title Defect or series of related Title Defects affects several Well Locations in the same drilling or spacing unit, then such Title Defect(s) shall be deemed to have exceeded the Individual Title Defect Threshold if the total amount by which such Title Defect(s) reduce(s) the Allocated Value(s) of all the affected Well Locations exceed(s) the Individual Title Defect Threshold.

More Definitions of Defect Threshold

Defect Threshold means an amount equal to 2% of the Unadjusted Purchase Price.

Defect Threshold means, for the Producing Properties taken as a whole, Title Defects asserted by Purchaser that adversely affect the Producing Properties by an aggregate amount equal to or in excess of one percent (1%) of the Allocated Value of the Producing Properties taken as a whole.

Defect Threshold means $1,220,000.

Defect Threshold means, at any time in question, $100,000.

Defect Threshold shall have the meaning assigned to such term in Section 7.8.

Defect Threshold in relation to the Tests applicable to a Milestone, a “Defect Log” a log for the recording of Defects as described further in paragraph 9.1 of Schedule 6 (Testing Procedures);

Defect Threshold means $2,000,000.