Preferential Purchase Right definition

Preferential Purchase Right any right or agreement that enables any Person to purchase or acquire any Asset or any interest therein or portion thereof as a result of or in connection with the execution or delivery of this Agreement or the consummation of the Contemplated Transactions.
Preferential Purchase Right shall have the meaning set forth in Section 4.10.
Preferential Purchase Right has the meaning set forth in Section 9.1.

Examples of Preferential Purchase Right in a sentence

After the Closing, if the holder of such Preferential Purchase Right exercises the Preferential Purchase Right, then Buyer shall convey the affected Asset(s) to such party, and shall receive the consideration for such affected Asset(s) directly from such party.

On the Closing Date, if the time period for exercising any Preferential Purchase Right has not expired, but no notice of waiver (nor of the exercise of such Preferential Purchase Right) has been received from the holder thereof, then the Asset(s) subject to such Preferential Purchase Right shall be included in the Closing, with no adjustment to the Purchase Price.

If a third-party exercises a Preferential Purchase Right of the Assets, the affected Asset shall be removed from this Agreement and the Base Purchase Price shall be adjusted by the dollar amount allocated to the affected Asset as set forth on Exhibit “C”.

Seller shall use all commercially reasonable efforts, but without obligation to incur any unreasonable cost or expense, to obtain waivers of, or to comply with, any such Preferential Purchase Right or Consents prior to Closing.

Buyer and Seller agree that such allocation is reasonable and shall not take any position inconsistent therewith, including in notices to Preferential Purchase Right holders.


More Definitions of Preferential Purchase Right

Preferential Purchase Right means each preferential purchase right, right of first refusal or similar right pertaining to an Asset and the transactions contemplated hereby.
Preferential Purchase Right has the meaning set forth in Section 6.01(o).
Preferential Purchase Right means each preferential purchase right, right of first refusal or similar right pertaining to any Seller’s interest in any Asset that is triggered by the transactions contemplated hereby.
Preferential Purchase Right means any option, right of first refusal, or similar preferential purchase right burdening any of the Oil and Gas Interests.
Preferential Purchase Right shall have the meaning set forth in Section 11.4(a) “Preliminary Settlement Statement” shall have the meaning set forth in Section 3.4.
Preferential Purchase Right shall have the meaning set forth in Section 5.4(a).