Preference Property definition

Preference Property shall be as defined in Section 7.2.

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Preference Property shall have the meaning ascribed to it in Section 6.14(b) hereof.

Preference Property has the meaning set forth in Section 6.3(b). “Preference Right” means any right or agreement that enables any Person to purchase or acquire any System Asset, the Western Gas Wyoming Interest, the Fort Union Partnership Interest or any properties or assets of Fort Union Partnership (or any interest in or portion of any of them) as a result of or in connection with (i) the sale, assignment or other transfer of any System Asset, the Western Gas Wyoming Interest, the Fort Union Partnership Interest or any properties or assets of Fort Union Partnership (or any interest in or portion of either of them) or (ii) the execution or delivery of this Agreement or the consummation or performance of this Agreement or the transactions contemplated hereby. “Preliminary Settlement Statement” has the meaning set forth in Section 2.6(a). “Recipient Party Ancillary Documents” means each agreement, document, instrument or certificate to be delivered by any Recipient Party, or any Affiliate thereof, at the Closing pursuant to Section 3.3 and each other document or contract entered into by any Recipient Party, or any Affiliate thereof, in connection with this Agreement or the Closing. “Recipient Parties” has the meaning set forth in the preamble. “Recipient Party Closing Certificate” has the meaning set forth in Section 7.3(b). 8

Examples of Preference Property in a sentence

• If a third party elects to purchase a Preference Property subject to a Preference Right and Closing has already occurred with respect to such Preference Property, Buyer shall be obligated to convey said Preference Property to such third party and shall be entitled to the consideration for the sale of such Preference Property.

• Accordingly, it is expressly understood and agreed that Seller does not desire to sell any Preference Property unless the sale of all of the Assets is consummated by the Closing Date in accordance with the terms of this Agreement.

• If a third party who has been offered a Preference Property pursuant to Section 7.1 elects prior to Closing to purchase such Preference Property in accordance with the terms of such Preference Right, and Seller receives written notice of such election prior to the Closing Date, such Preference Property will be eliminated from the Assets and the Purchase Price shall be reduced by the portion of the Purchase Price allocated to such Preference Property pursuant to the immediately following sentence.

• If a Preference Right affects only a portion of a Property Subdivision and a portion of the Purchase Price has not been allocated specifically to such portion of a Property Subdivision in Part II of the Property Schedule, then the portion of the Purchase Price to be allocated to such Preference Property shall be determined in the same manner as provided in Section 6.2(d)(7) when a Title Defect affects only a portion of a Property Subdivision.

• If a Preference Right affects only a portion of a Property Subdivision and a portion of the Purchase Price has not been allocated specifically to such portion of a Property Subdivision in the Property Schedule, then the portion of the Purchase Price to be allocated to such Preference Property shall be determined in the same manner as provided in Section 7.2(d)(7) when a Title Defect affects only a portion of a Property Subdivision.

• If a third Person elects to purchase any such Preference Property, Seller shall convey said Preference Property to such third Person and shall be entitled to the consideration for the sale of such Preference Property.

• If a third party elects to purchase a Preference Property subject to a preference right and Closing has already occurred with respect to such Preference Property, Buyer shall be obligated to convey said Preference Property to such third party and shall be entitled to the consideration for the sale of such Preference Property.

• If a Preference Right affects only a portion of a Property Subdivision and a portion of the Purchase Price has not been allocated specifically to such portion of a Property Subdivision in Part II of the Property Schedule, then the portion of the Purchase Price to be allocated to such Preference Property shall be determined in the same manner as provided in Section 6.2(e)(viii) when a Title Defect affects only a portion of a Property Subdivision.

• If a Preference Right affects only a portion of a Property Subdivision and a portion of the Purchase Price has not been allocated specifically to such portion of a Property Subdivision in Part II of the Property Schedule, then the portion of the Purchase Price to be allocated to such Preference Property shall be determined in the same manner as provided in Section 6.2(d)(8) when a Title Defect affects only a portion of a Property Subdivision.

• In connection with any subsequent conveyance of a Preference Property, appropriate adjustments in Net Cash Flow and proration of revenues and costs contemplated by Section 3.1 will be made to account for any delayed Closing with respect to such Preference Property.

More Definitions of Preference Property

Preference Property shall be as defined in Section 7.2. Appendix A, Page 8

Preference Property. As defined in Section 5.02.