Preferential Right to Purchase definition

Preferential Right to Purchase means the right of any third party under an existing contract or agreement allowing that third party to purchase the Partnership's interest in a Property whenever Seller proposes to transfer its interests in the Partnership under terms such as are set forth in this Agreement and the Stock Purchase Agreement.

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Preferential Right to Purchase means any Third Party’s preferential right to purchase any of the Assets or any interest in any Asset or any portion of any Asset.

Preferential Right to Purchase means the right of any third party under an existing contract or agreement allowing that third party to purchase the Partnership's interest in a Property whenever Seller proposes to transfer its interests in the Partnership under terms such as are set forth in this Agreement.

Examples of Preferential Right to Purchase in a sentence

• Seller shall be entitled to all proceeds paid by a party exercising a Preferential Right to Purchase prior to the Closing.

• Except for Contracts entered into in ---------------------- furtherance of operations listed on Schedule 9.2 and Schedule 9.2(f), without Buyer's consent, the Partnership shall not enter into any new or amended contracts, agreements or relationships (i) granting any Preferential Right to Purchase or Consent to Assignment affecting any of the Operating Assets hereunder, or (ii) which if in existence as of the date hereof would be a material Contract.

• Whenever any third Person elects to exercise a Preferential Right to Purchase any Property, Seller shall provide Buyer with prompt notice, listing the interest purchased and the amount received from such third Person.

• If Buyer believes that any such third Person does not hold a valid Preferential Right to Purchase such Property that would be triggered by the Transaction, Buyer must promptly provide Seller with notice of Buyer's objection to any proposed exercise of that Preferential Right to Purchase, and in such case, the Parties shall negotiate in good faith to determine a mutually acceptable procedure for handling such questioned Preferential Rights to Purchase.

• Except for Contracts entered into in furtherance of operations listed on Schedule 9.2 and Schedule 9.2(f), without Buyer's consent, the Partnership shall not enter into any new or amended contracts, agreements or relationships (i) granting any Preferential Right to Purchase or Consent to Assignment affecting any of the Operating Assets hereunder, or (ii) which if in existence as of the date hereof would be a material Contract.

• If the proposed Transfer of Interest is not executed and filed of record with the MMS within one-hundred fifty (150) days after receipt of the transfer notice by the non-assigning Parties, or if the terms of the proposed Transfer of Interest conveyance are materially altered, the proposed Transfer of Interest shall be deemed withdrawn, and the Working Interest included in the proposed Transfer of Interest shall again be governed by this Article 24.2 (Preferential Right to Purchase).

• The Partnership shall provide such third Persons with the documentation required under existing agreements and allow them to determine whether or not they should exercise or waive such Preferential Right to Purchase.

• The obligations of Buyer to buy and of Seller to sell the Property are subject to Wal-Mart's Preferential Right to Purchase Option contained in Section 20 of the Lease.

• GOM obtains a waiver or other evidence in writing of the expiration or non exercise of any Preferential Right to Purchase; B.

• Except for Contracts entered into in furtherance of operations listed on Schedule 9.2 and Schedule 9.2(f), without Buyer's consent, the Partnership shall not enter into any new or amended contracts, agreements or relationships (i) granting any Preferential Right to Purchase or Consent to Assignment affecting any of the Operating Assets hereunder, (ii) which involve total payments in excess of $50,000, or (iii) which if in existence as of the date hereof would be a material Contract.

More Definitions of Preferential Right to Purchase

Preferential Right to Purchase means obligations with respect to a Lease or its related agreements that exist at the Effective Date and that may include requirements to satisfy obligations, including, but not limited to, the obligation to offer the terms and provisions of this Agreement or the Initiative to a third party holding contractual rights applicable to a Lease, Prospect means, in general, a geologic structural, stratigraphic trap or combination thereof that is believed to have the potential for accumulations of hydrocarbons, as defined in the Initiative, in commercial quantities and that lies at a depth greater than or equal to fifteen thousand feet (15,000) subsea and whose associated Lease may obtain royalty relief pursuant to 30 CFR 203 as amended or a similar royalty relief provision contained in the Lease itself. Prospect means, specifically as it relates to this Agreement, the Saltamontes Profundo aspect. Prospect Area means the geographic area encompassing the Prospect and any depth limitation applicable thereto, as fully described on Exhibit "A" hereto, and which shall be identified by legal description appropriate for recording purposes with the MMS. Working Interest means the undivided interest of a Party, expressed as a percentage of the total interests of all Parties, in the rights and obligations derived from this Agreement and also means the undivided interest of a party, expressed as a percentage of the total interests of all Parties, in the rights and obligations in and to a Lease.

Preferential Right to Purchase means obligations with respect to a Lease or its related agreements that exist at the Effective Date and that may include requirements to satisfy obligations, including, but not limited to, the obligation to offer the terms and provisions of this Agreement or the Initiative to a third party holding contractual rights applicable to a Lease, Prospect means, in general, a geologic structural, stratigraphic trap or combination thereof that is believed to have the potential for accumulations of hydrocarbons, as defined in the Initiative, in commercial quantities and that lies at a depth greater than or equal to fifteen thousand feet (15,000) subsea and whose associated Lease may obtain royalty relief pursuant to 30 CFR 203 as amended or a similar royalty relief provision contained in the Lease itself. Prospect means, specifically as it relates to this Agreement, the Saltamontes Profundo aspect.

Preferential Right to Purchase provision described in Article VIII.F of the JOA shall be deleted. The provisions in the JOA regarding the maintenance of the uniform interest of the Parties to the JOA shall be amended to permit the ownership and assignments of different working interest in different lands within the Contract Area as provided for in this Agreement. However, if the working interest of Synergy and JPC in the wellbore of a Test Well is different from the working interest of the same Parties in the Spacing Unit for the same Test Well, then notwithstanding anything in this Agreement or in the JOA to the contrary, the cost of operating and maintaining the wellbore of said Test Well, or the cost of subsequent operations to deepen, plug back or recomplete the well bore of said Test Well, and the ownership of the production from the wellbore of said Test Well, will be apportioned among the Parties in the same proportion as their respective ownership of the wellbore of said Test Well.

Preferential Right to Purchase means a third party’s preferential right to purchase any of the Titan Assets or any portion thereof as a result of the transactions contemplated by this Agreement.