Common use of Purchaser’s Assumption Agreement Clause in Contracts

Purchaser’s Assumption Agreement. (a) If the Producer sells, assigns, or otherwise disposes of any Production produced under the Agreement or any rights thereto, to a party other than a distributor (in which case Article 14.13 (a) will apply), the Producer shall not be relieved of any of its obligations for payments due under the Agreement, unless the third party to whom the said property or rights have been sold, assigned, or otherwise disposed of (the Purchaser) assumes the obligations for such payments by a Purchaser’s Assumption Agreement in the form contained in Schedule 14, and the District Council approves the assumption in writing. Such approval shall not be unreasonably withheld. (b) Upon seeking the approval of the District Council to a sale, assignment or other disposition as provided for herein, the Producer shall provide to the District Council such information and material pertaining to the Purchaser as the District Council may reasonably require, including but not limited to, the financial status of the Purchaser, the individual principals and/or directors of the Purchaser, and the terms and conditions of the Purchase Agreement.

Purchaser’s Assumption Agreement. (a) If the Producer sells, assigns, or otherwise disposes of any Production produced under the Agreement or any rights thereto, to a party other than a distributor (in which case Article 14.13 (a) will apply), the Producer shall not be relieved of any of its obligations for payments due under the Agreement, unless the third party to whom the said property or rights have been sold, assigned, or otherwise disposed of (the Purchaser) assumes the obligations for such payments by a Purchaser’s Assumption Agreement in the form contained in Schedule 14, and the District Council approves the assumption in writing. Such approval shall not be unreasonably withheld. (b) Upon seeking the approval of the District Council to a sale, assignment or other disposition as provided for herein, the Producer shall provide to the District Council such information and material pertaining to the Purchaser as the District Council may reasonably require, including but not limited to, the financial inancial status of the Purchaser, the individual principals and/or directors of the Purchaser, and the terms and conditions of the Purchase Agreement.

Purchaser’s Assumption Agreement. (a) If the Producer sells, assigns, or otherwise disposes of any Production produced under the Agreement or any rights thereto, to a party other than a distributor (in which case Article article 14.13 (a) will apply), the Producer shall not be relieved of any of its obligations for payments due under the Agreement, unless the third party to whom the said property or rights have been sold, assigned, or otherwise disposed of (the Purchaser) assumes the obligations for such payments by a Purchaser’s Assumption Agreement in the form contained in Schedule 14, and the District Council approves the assumption in writing. Such approval shall not be unreasonably withheld. (b) Upon seeking the approval of the District Council to a sale, assignment or other disposition as provided for herein, the Producer shall provide to the District Council such information and material pertaining to the Purchaser as the District Council may reasonably require, including but not limited to, the financial status of the Purchaser, the individual principals and/or directors of the Purchaser, and the terms and conditions of the Purchase Agreement.