Interest Acquired Clause Samples
The 'Interest Acquired' clause defines the specific rights, title, or stake that a party obtains under the agreement. It typically clarifies whether the acquiring party receives full ownership, a limited license, or another form of interest in the subject matter, such as intellectual property, real estate, or goods. By clearly outlining the nature and extent of the interest transferred, this clause helps prevent disputes over what has been conveyed and ensures both parties understand their respective rights and obligations.
Interest Acquired. 50% of the Assets, subject to the terms of the PSA, to which Petrolia shall be bound.
Interest Acquired. LPFC will acquire eighty-one percent (81%) of the equity interest in TurboNet (hereinafter the "TurboNet Equity Interest").
Interest Acquired. Subject to the terms of this Contribution Agreement and the Partnership Agreement, upon completion of the requirements outlined in Section 1, the Undersigned shall contribute the Solaris Membership Interest in exchange for the Additional Interest. In connection with the Partnership’s acquisition of the Solaris Membership Interest, the Partnership shall assume reasonable and customary expenses relating to employees incurred in due course of operating Solaris including payroll, accrued benefits, pension, assured vacation, and any other matters arising prior to January 1, 2012. The Undersigned retains responsibility for any claims by Solaris employees alleging a violation by Solaris of applicable employee-related laws and regulations, to the extent such claim pertains to alleged conduct during the period time prior to January 1, 2012.
Interest Acquired. The Company agrees to purchase and Hocking agrees to sell the Shares on the terms and subject to the conditions of this letter agreement.