PARTICIPATION AGREEMENTParticipation Agreement • October 13th, 2023 • Next Bridge Hydrocarbons, Inc. • Crude petroleum & natural gas
Notwithstanding the preceding paragraph to the contrary, such consent by the other Parties shall not be required as concerns: (a) any conveyance or assignment of an overriding royalty interest, net profits interest and/or production payment (volumetric or otherwise); (b) any mortgage, pledge, hypothecation, or granting of security interest (or the forced sale of such interest pursuant to the foreclosure of or other realization upon any encumbrance created pursuant thereto); (c) any assignment, transfer or conveyance to an Affiliate of a Party so long as the assigning Party remains liable under this Agreement, but only to the extent such liability arose from or is based upon events, actions, conditions, circumstances or omissions incurred or created by such Party in connection with its performance hereunder; (d) any disposition by merger, reorganization, or consolidation; or (e) any disposition to a parent or subsidiary company of a Party or an entity in which a Party owns a majority of
