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Buyer is an \u201caccredited investor,\u201d as defined in Regulation D promulgated pursuant to the Securities Act, and is acquiring the Properties for its own account and not with the intent to make a distribution within the meaning of the Securities Act (and the rules and regulations pertaining thereto) or a distribution thereof in violation of any other applicable securities laws. In making the decision to enter into this Agreement and to consummate the transactions contemplated hereby, Buyer has relied only on Sellers\u2019 representations and warranties under Article IV and its own independent due diligence investigation of the Properties. Buyer acknowledges that it has been advised by and has relied on its own expertise and legal, land, tax, reservoir engineering, and other professional counsel concerning this transaction, the Properties and the value thereof.", "hash": "2222d06e64fd38fa9751f62b63bc1a55", "id": 9}, {"snippet_links": [{"key": "owner-and-operator", "type": "clause", "offset": [36, 54]}, {"key": "oil-and-gas-properties", "type": "clause", "offset": [58, 80]}, {"key": "ability-to-evaluate", "type": "clause", "offset": [94, 113]}, {"key": "oil-and-gas-assets", "type": "definition", "offset": [146, 164]}, {"key": "accredited-investor", "type": "definition", "offset": [192, 211]}, {"key": "meaning-of", "type": "clause", "offset": [225, 235]}, {"key": "regulation-d", "type": "definition", "offset": [236, 248]}, {"key": "the-securities-act", "type": "clause", "offset": [255, 273]}, {"key": "for-its-own-account", "type": "clause", "offset": [315, 334]}, {"key": "a-distribution", "type": "clause", "offset": [367, 381]}, {"key": "in-violation", "type": "definition", "offset": [449, 461]}, {"key": "other-applicable-securities-laws", "type": "definition", "offset": [469, 501]}, {"key": "access-to-the", "type": "clause", "offset": [517, 530]}, {"key": "the-officers", "type": "definition", "offset": [551, 563]}, {"key": "relating-to", "type": "definition", "offset": [635, 646]}, {"key": "the-decision", "type": "clause", "offset": [681, 693]}, {"key": "to-enter", "type": "definition", "offset": [694, 702]}, {"key": "this-agreement", "type": "clause", "offset": [708, 722]}, {"key": "contemplated-hereby", "type": "clause", "offset": [758, 777]}, {"key": "representations-and-warranties-of-seller", "type": "clause", "offset": [794, 834]}, {"key": "article-iv", "type": "definition", "offset": [838, 848]}, {"key": "assignment-or", "type": "clause", "offset": [859, 872]}, {"key": "due-diligence-investigation", "type": "definition", "offset": [919, 946]}, {"key": "professional-counsel", "type": "clause", "offset": [1095, 1115]}, {"key": "this-transaction", "type": "definition", "offset": [1127, 1143]}, {"key": "the-value", "type": "clause", "offset": [1172, 1181]}], "samples": [{"hash": "5QbLLeJftJK", "uri": "/contracts/5QbLLeJftJK#knowledgeable-purchaser", "label": "Asset Purchase and Sale Agreement (Forest Oil Corp)", "score": 21.0, "published": true}], "size": 1, "snippet": "Buyer is a knowledgeable purchaser, owner and operator of oil and gas properties, and has the ability to evaluate (and in fact has evaluated) the Oil and Gas Assets for purchase. Buyer is an \u201caccredited investor,\u201d within the meaning of Regulation D under the Securities Act, and is acquiring the Oil and Gas Assets for its own account and not with the intent to make a distribution within the meaning of the Securities Act or a distribution thereof in violation of any other applicable securities laws. Buyer has had access to the Oil and Gas Assets, the officers and consultants of Seller, and the books, Records, and files of Seller relating to the Oil and Gas Assets. In making the decision to enter into this Agreement and to consummate the transactions contemplated hereby, except for the representations and warranties of Seller in Article IV or in the Assignment or Deed, Buyer has relied on its own independent due diligence investigation of the Oil and Gas Assets and has been advised by and has relied solely on its own expertise and legal, land, tax, reservoir engineering, and other professional counsel concerning this transaction, the Oil and Gas Assets and the value thereof.", "hash": "84b640769aa1afd318484ebbd6863b93", "id": 10}], "next_curs": "CmASWmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjwLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiBrbm93bGVkZ2VhYmxlLXB1cmNoYXNlciMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [["title-to-stock", "TITLE TO STOCK"], ["no-violation", "NO VIOLATION"], ["corporate-organization-etc", "CORPORATE ORGANIZATION, ETC"], ["authorization-etc", "AUTHORIZATION, ETC"]], "title": "Knowledgeable Purchaser", "size": 31, "parents": [["representations-and-warranties-of-buyer", "Representations and Warranties of Buyer"], ["representations-and-warranties-of-purchaser", "Representations and Warranties of Purchaser"], ["representations-and-warranties-of-texoil-entities", "REPRESENTATIONS AND WARRANTIES OF TEXOIL ENTITIES"], ["allocation-of-purchase-price", "Allocation of Purchase Price"], ["remedies-for-failure-to-close", "Remedies for Failure to Close"]], "id": "knowledgeable-purchaser", "related": [["sophisticated-investor", "Sophisticated Investor", "Sophisticated Investor"], ["sophisticated-buyer", "Sophisticated Buyer", "Sophisticated Buyer"], ["purchaser", "Purchaser", "Purchaser"], ["investor", "Investor", "Investor"], ["reasonable-purchase-price", "Reasonable Purchase Price", "Reasonable Purchase Price"]], "related_snippets": [], "updated": "2025-07-07T12:37:53+00:00", "also_ask": ["What key representations should a 'Knowledgeable Purchaser' clause include to protect the seller?", "How can the scope of 'knowledge' be strategically limited or expanded during negotiations?", "What are the most common pitfalls or fatal flaws in drafting this clause?", "How do courts typically interpret and enforce 'Knowledgeable Purchaser' provisions?", "How does this clause compare to 'as-is' or 'non-reliance' clauses in similar transactions?"], "drafting_tip": "Define 'Knowledgeable Purchaser' precisely to avoid ambiguity; specify required qualifications or experience to ensure enforceability; clarify the purchaser\u2019s obligations to allocate risk appropriately.", "explanation": "The 'Knowledgeable Purchaser' clause establishes that the buyer is considered to have sufficient knowledge and understanding regarding the subject matter of the transaction. In practice, this means the purchaser affirms they have conducted their own due diligence, reviewed relevant information, and are not relying solely on the seller\u2019s representations. This clause helps allocate risk by limiting the seller\u2019s liability for issues the buyer could have discovered independently, ensuring that the buyer cannot later claim ignorance of facts that were reasonably accessible to them."}, "json": true, "cursor": ""}}