Common use of Environmental Defect Amount Clause in Contracts

Environmental Defect Amount. The Environmental Defect Amount shall be determined in accordance with the following terms and conditions: (a) if Buyer and Seller agree on the Environmental Defect Amount, then that amount shall be the Environmental Defect Amount; (b) if Seller and Buyer are unable to agree upon any Environmental Defect Amount, Seller and Buyer shall, in good faith, designate an attorney experienced in environmental law as it relates to producing oil and gas properties, licensed to practice law in the state or states in which the Environmental Defect Property exists, as the arbiter(s) of the Environmental Defect Value(s) in dispute, whose decision on all such matters must be rendered within fifteen (15) business days of the date of his or her designation, and will be final and binding on all Parties. To the extent necessary, the Closing shall occur and the affected Assets shall be excluded from the transaction. The Parties shall close on the affected Assets upon determination of such amounts in accordance with this Section 5.05(b). The costs and expenses of the arbiter shall be shared one-half by ▇▇▇▇▇▇ and one-half by ▇▇▇▇▇; and

Environmental Defect Amount. The Environmental Defect Amount shall be determined in accordance with the following terms and conditions: (a) if Buyer and Seller agree on the Environmental Defect Amount, then that amount shall be the Environmental Defect Amount; (b) if Seller and Buyer are unable to agree upon any Environmental Defect Amount, Seller and Buyer shall, in good faith, designate an attorney experienced in environmental law as it relates to producing oil and gas properties, licensed to practice law in the state or states in which the Environmental Defect Property exists, as the arbiter(s) of the Environmental Defect Value(s) in dispute, whose decision on all such matters must be rendered within fifteen (15) business days of the date of his or her designation, and will be final and binding on all Parties. To the extent necessary, the Closing shall occur and the affected Assets shall be excluded from the transaction. The Parties shall close on the affected Assets upon determination of such amounts in accordance with this Section 5.05(b). The costs and expenses of the arbiter shall be shared one-half by ▇▇▇▇▇▇ Seller and one-half by ▇▇▇▇▇Buyer; and