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.

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.