Preferential Right to Purchase. This Agreement is also made expressly subject to a Preferential Right to Purchase, the terms and conditions of which are as follows:
Preferential Right to Purchase. Should any Non-Operator desire to sell, transfer, pledge, or encumber all or any part of its interests under this Agreement (a “Selling Party”), or its rights and interests in the Contract Area, it shall promptly give written notice to the Operator (a “Sale Notice”), which Sale Notice shall include all material terms of the proposed transfer, including the price at which the Selling Party will be willing to sell its interest to the Operator (“Seller’s Offer Price”).The Operator shall then have an optional prior right, for a period of ten (10) days after receipt of the Sale Notice, to (i) notify the Seller in writing that it will purchase the Selling Party’s interest at the Seller’s Offer Price, or (ii) notify the Seller in writing that it will not purchase the Selling Party’s interest at the Seller’s Offer Price, in which case the written notice shall also state the price, if any, that the Operator would be willing to pay for the interest being offered by the Selling Party, (the “Purchaser’s Best Offer”). If the Operator agrees to purchase the Selling Party’s interest, then said sale shall close within ninety (90) days of the date of the Sale Notice. If the Operator declines to purchase the Selling Party’s interest, then, for a period of six (6) months following the date of the Sale Notice (the “Free Sale Period”), the Selling Party may sell its interest to any third party, provided, however, that if the purchase price to be paid by any third party in connection with the sale (the “Third Party Offer Price”) is equal to or less than the amount equal to Purchase’s Best Offer plus ten percent (10%), then Operator shall have the optional prior right to purchase the Selling Party’s interest at the Third Party Offer Price. In the event that the Selling Party fails to close any transaction within the Free Sale Period, then the Selling Party shall not be permitted to sell, transfer, pledge or encumber its interest without first issuing a new Sale Notice and further fully complying with the provision of this Article VIII(E). Notwithstanding the foregoing, there shall be no preferential right to purchase where (i) the proposed transfer occurs within thirty (30) days of the Closing Date of the Purchase and Sale Agreement; or (ii) a Non-Operator proposes to transfer less than one-half of its total interest in the Contract Area.
Preferential Right to Purchase. Any Transfer of Interest shall be subject to the following provisions:
Preferential Right to Purchase. Any Transfer of all or a portion of a Development Party’s Joint Development Interest or a Material Interest, other than a Transfer thereof to a Wholly-Owned Affiliate shall be subject to the following procedure.
Preferential Right to Purchase. (Optional; Check if applicable.) Should any party desire to sell all or any part of its interests under this agreement, or its rights and interests in fee Contract Area, it shall promptly give written notice to fee other parties, wife full information concerning its proposed disposition, which shall include fee name and address of the prospective transferee (who must be ready, willing and able to purchase), fee purchase price, a legal description sufficient to identify the property, and all other terms of the offer. The other parties shall then have an optional prior right, for a period of ten (10) days after the notice is delivered, to purchase for the stated consideration on fee same terms and conditions fee interest which the other party proposes to sell; and, if this optional right is exercised, the purchasing parties shall share fee purchased interest in fee proportions that the interest of each bears to fee total interest of all purchasing parties. However, there shall be no preferential right to purchase in those cases where any party wishes to mortgage its interests, or to transfer title to its interests to its mortgagee in lieu of or pursuant to foreclosure of a mortgage of its interests, or to dispose of its interests by merger, reorganization, consolidation, or by sale of all or substantially all of its Oil and Gas assets to any party, or by transfer of its interests to a subsidiary or parent company or to a subsidiary of a parent company, or to any company in which such party owns a majority of the stock. A.A.P.L. FORM 610 – 1989
Preferential Right to Purchase. Should any Party desire to sell or assign all or any part of its interest under this Agreement, it shall promptly give written notice to the other Party, with full information concerning its proposed sale, which shall include the name and address of the prospective purchaser (who must be ready, willing and able to purchase), the purchase price, and all other relative terms of the offer. The other Party shall then have an optional prior right, for a period of fifteen (15) days after receipt of the notice, to purchase on the same terms and conditions the interest which the other Party proposed to sell. However, there shall be no preferential right to purchase in those cases where any party wishes to mortgage its interests, or dispose of its interests by merger, reorganization, consolidation, or sale of all of its assets to a subsidiary of a parent company.
Preferential Right to Purchase shall apply only to the Working Interest that is subject to the Transfer of Interest.
Preferential Right to Purchase. If, after Closing, the holder of a preferential purchase right binding on the Assets agrees to purchase such Asset for an amount equal to the Allocated Value of such Asset subject to all other terms and conditions of this Agreement, then Purchaser shall promptly convey such Asset to the holder of the preferential purchase right and Purchaser (and not any Seller) shall be entitled to receive all proceeds of such sale from the holder of the preferential purchase right.
Preferential Right to Purchase a copy of the executed binding agreement for the proposed Transfer of Interest, including exhibits, but excluding any provisions not relevant to the proposed Transfer of Interest, the cash consideration, if applicable, and identification of any non-cash consideration and its equivalent cash value, as determined in accordance with Article 24.2.1 (Notice of Proposed Transfer of Interest), if applicable.
Preferential Right to Purchase. Subject to the terms of this Agreement, Aquatic and Century shall each have a recurring preferential right to purchase the other parties interest in proposed sale of any interest acquired under this Agreement. Before entering into a sales contract with a purchaser, Century or Aquatic will promptly give written notice of the proposed sale, describing all relevant details, including a draft of the proposed contract. Each party shall have fifteen (15) days after receipt of the notice within which to elect to contract to purchase or designate an alternate purchaser, on the same terms contained in the notice, or on terms more favorable. If any party fails to notify the selling party of its election within the fifteen (15) day period, or elects not to purchase, the selling party may enter into the proposed contract on the same terms contained in the notice to the other party. If, for any reason, either party does not enter into the proposed contract on the terms contained in the notice and permitted by this Agreement, or if the proposed contract executed terminates, expires or is renegotiated, in whole or in part, the preferential right shall apply again and in accordance with this Agreement and the Operating Agreement. Aquatic's continued compliance with all terms of this Agreement and the Operating Agreement is a condition to Aquatic preserving this preferential right to purchase Century's interest offered to a third party.
