Title Failure definition

Title Failure means any portion of the Timberlands that is not, or as of the Closing will not be, insurable for the benefit of Buyer by the Title Company (in its reasonable discretion and in accordance with commercial standards applicable to the national title insurance industry).

Title Failure means a breach of any of Seller's representations and warranties in Section 6.3 of the Conveyance shall have occurred.

Title Failure means any portion of the Property described in this Agreement, the Commitments or represented on the Sellers’ compartment maps that the Title Company will not insure because such portion of the Property is not or will not be owned by Purchaser free and clear of any monetary liens at the Closing (the “Title Failure Property”). Failure of Purchaser to deliver Title Objections within the Title Objection Period shall be deemed a waiver by Purchaser of its right to make such Title Objections.

Examples of Title Failure in a sentence

• If Seller fails to cure a Title Defect within ninety (90) days after Closing, it shall be deemed a Title Failure and the funds attributable to such Title Defect shall be released from escrow to Buyer.

• Respondent Name Authorized Official Signature Date Authorized Official Printed Name Authorized Official Title Failure to submit, Exhibit A-3, Required Certifications and Statements, signed by an authorized official may result in the rejection of response.

• Any payment by Purchaser for the conveyance of any Title Failure Carveout or Title Objection Carveout shall be made, upon the transfer of such Title Failure Carveout or Title Objection Carveout from Seller to Purchaser, by wire transfer of immediately available funds to a bank account designated by Seller.

• If Seller fails to cure a Title Defect within ninety (90) days after Closing, it shall be deemed a Title Failure and the funds attributable to such Title Defect shall be released from escrow to Buyer and the property on which such Title Defect exists shall not be conveyed to Buyer.

• The aggregate value of (i) Title Failure Carveouts, (ii) Title Objection Carveouts, (iii) Environmental Carveouts, and (iv) the fair market value of the lost and damaged timber from all Casualty Losses, in each case valued in accordance with the methodologies used in Section 1.6, shall not exceed an amount equal to $30,000,000.

More Definitions of Title Failure

Title Failure means any portion of the Combined Real Property that is not, or as of the Closing will not be, insurable for the benefit of Buyer by the Title Company (in its reasonable discretion and in accordance with commercial standards applicable to the national title insurance industry).

Title Failure means any portion of the Timberlands that is not, or immediately prior to the Closing will not be, (i) owned by Seller or (ii) insurable by the Title Company.

Title Failure means any portion of the Timberlands that consists of five (5) or more contiguous acres and that is not, or immediately prior to the Closing will not be, (i) owned by the Contribution LLC or the Sale LLC or (ii) insurable by the Title Company.

Title Failure means, as to any Wellbore Interest, any lien, defect or other condition that causes Seller as of immediately prior to the Closing and following the Subsidiary Transfer or Issuer as of immediately after the Closing not to have Defensible Title in and to such Wellbore Interest.

Title Failure means the occurrence or existence of any of the following conditions: (a) the Company does not have Defensible Title to a Lease or Well; (b) any royalties, rentals, pugh xxxuse payments, shut-in gas payments and other payments due with respect to a Lease have not been properly and timely paid by or on behalf of the Company, except for payments held in suspense for title or other reasons which are customary in the industry and which will not result in grounds for cancellation of the Company's rights in such Lease; (c) the Company is in default under the material terms of any Leases, farm-out agreements or other contracts or agreements respecting a Lease or Well which could (A) prevent the Company from receiving the proceeds of production attributable to its interest therein, or (B) result in cancellation of the Company's interest therein; or (d) the Company is not receiving on a current basis the proceeds of production attributable to its Net Revenue Interest, or if so, is required to post a bond or provide indemnity to receive such payments. The value of any Title Failure shall be determined as follows:

Title Failure means any portion of the Property described in this Agreement, the Commitments or represented on the Sellers’ compartment maps that is not, or immediately prior to Closing will not, be owned by the Sellers (the “Title Failure Property”). Failure of Purchaser to deliver Title Objections within the Title Objection Period shall be deemed a waiver by Purchaser of its right to make such Title Objections. Notwithstanding anything contained within this Agreement, including the agreement by the Parties that lack of access shall be a Permitted Encumbrance, the Sellers acknowledge and agree that Sellers, at their expense, shall cause the Title Company to promptly revise all of the Title Commitments to remove all blanket and/or generic lack of access exceptions and instead the Title Company shall identify the specific portions of the Property that actually lack legal access. If a portion of the Property does not front on a public road but is contiguous to other portions of the Property that do front on a public road, or otherwise have legal access, then no exception as to lack of access will be made. Further, once those portions of the Property that lack legal access are identified, Seller agrees to reasonably consider Purchaser’s request to provide an affidavit of historical and/or practical access to said portions of the Property.

Title Failure means (i) a reduction in OXY's Net Revenue Interest or an increase in OXY's Working Interest, without a corresponding increase in OXY's Net Revenue Interest, in a Property based upon a defect in OXY's title thereto, (ii) the existence of a lien, assessment or encumbrance, either being of such significance that a reasonable and prudent person engaged in the business of the ownership, development and operation of oil and gas properties with knowledge of all of the facts and their legal significance would be unwilling to accept the same.