This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Kentucky Preferential Right to Purchase Interest Assigned
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Multi-State
Control #:
US-OG-504
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Word;
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FAQ
The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.
Preferential Right means 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 transactions contemplated hereby.
In this context, a preferent right to payment means a right to payment ?out of? the property in preference to other claims. ingly, the creditor has a right to be paid first out of the proceeds of the realisation of the secured property.
