Common use of Consent to Assign Clause in Contracts

Consent to Assign. A Party may not sell, transfer, farm out, assign, or otherwise dispose of all or part of its interest in a Lease without the prior written consent of the other Parties, unless: (a) the transferee is financially capable of assuming the obligations hereunder and, in accordance with Subsection 25.3(c), the transferor furnishes the Parties with proof of such financial capability that, in the case of Outer Continental Shelf leases, shall be proof that the transferee is currently qualified by the Minerals Management Service, an agency of the United States Department of the Interior, or a successor agency having jurisdiction (hereinafter “MMS”), to own Outer Continental Shelf leases and that the transferee has on file with the MMS the appropriate lessee and Operator bonds; (b) the transferee agrees in writing to assume all obligations and liabilities under this Agreement related to the interest acquired; and (c) the transferor has given the other Parties written notice of the transfer at least fifteen (15) days before the date of the transfer, such notice to include the name of each proposed transferee, a description of the interests to be transferred, and the proof set forth in Subsection 25.3(a). The requirements of this Section 25.3 shall not apply to a merger, consolidation, reorganization, sale or transfer to an Affiliate, a mortgage by a Party of its interest in the Leases within the Contract Area, a sale of all, or substantially all, of a Party’s domestic exploration and production properties, or a transfer or disposition between the Parties hereto.

Consent to Assign. A Party may not sell, transfer, farm out, assign, or otherwise dispose of all or part of its interest Working Interest in a Lease the Contract Area without the prior written consent of the other Parties, unless: (a) the transferee is financially capable of assuming the obligations hereunder and, in accordance with Subsection 25.3(c26.3(c), the transferor furnishes the Parties with proof of such financial capability that, in the case of Outer Continental Shelf leases, shall be proof that the transferee is currently qualified by the Minerals Management Service, an agency of the United States Department of the Interior, or a successor agency having jurisdiction (hereinafter “"MMS”"), to own Outer Continental Shelf leases and that the transferee has on file with would not be required by the MMS to post a supplemental bond pursuant to 30 CFR ss. 256.53(d) & (e) if such transferee owned 100% of the appropriate lessee and Operator bonds;Working Interest in the Contract Area. (b) the transferee agrees in writing to assume all obligations and liabilities under this Agreement related to the interest acquired; acquired arising from and after the effective date of the transfer, and (c) the transferor has given the other Parties written notice of the transfer at least fifteen (15) days before the date of the transfer, such notice to include the name of each proposed transferee, a description of the interests to be transferred, and the proof set forth in Subsection 25.3(a26.3(a). The requirements of this Section 25.3 26.3 shall not apply to a merger, consolidation, reorganization, sale or transfer to an Affiliate, a mortgage by a Party of its interest in the Leases within the Contract Area, a sale of all, or substantially all, of a Party’s 's domestic exploration and production properties, or a transfer or disposition between the Parties hereto.