FIRST PURCHASER Sample Clauses
The "First Purchaser" clause defines who is recognized as the initial buyer of goods, products, or rights under an agreement. In practice, this clause typically identifies the party that first acquires ownership or title directly from the seller or producer, which can be important in industries like agriculture or intellectual property. By clearly designating the first purchaser, the clause helps determine responsibilities such as payment obligations, reporting requirements, or eligibility for certain rights, thereby ensuring clarity and preventing disputes over who holds primary contractual duties.
FIRST PURCHASER. 2.1.1 FULL NAMES:
FIRST PURCHASER. As of the Closing Date, the only states in which any Credit Party is the first person who takes, receives or purchases oil or gas from an interest owner at the time the oil or gas is severed from the applicable real estate are Oklahoma, Nebraska, Missouri and Kansas.