Aspect's Payout Back Sample Clauses

Aspect's Payout Back. In Interest. Upon the occurrence of Payout (as such term is defined below in this Section 2.2) BOG shall assign and convey to Aspect an undivided fifteen percent (15%) of all of BOG's right, title and interest in and to the Agreements and all property interests (real, personal, tangible or intangible) obtained or owned by BOG under the terms of the Agreements and/or this Assignment, including without limitation, an undivided fifteen percent (15%) of BOG's interest in the seismic data, Ward Xxxses, Subsequently Acquired Interests, non-consent interests and/or non- participation interests acquired pursuant to the terms of the Agreements and any and all wellx xxxt have been drilled or are drilling on the West Bradxxx XXX xx of the occurrence of Payout; provided, however, that Aspect's Back-In shall be subject to proportionate reduction to account for any reductions resulting from the reversion of non-consent or non-participation interests or any back-ins resulting from the terms of farm-our or farm-in agreements. Upon the occurrence of Payout, Aspect shall become responsible for all future costs, expenses and liabilities which are incurred and allocated to the Back-In Interest from and after the occurrence of Payout. For purposes of this Assignment, "Payout" shall occur on the last day of the calendar month during which the Net Revenues (as such term is defined below in this Section 2.2) received by or otherwise allocable to BOG, from and after the effective date hereof, equal or exceed one hundred percent (100%) of all of the Direct Costs (as such term is defined below in this Section 2.2. As used in this Section 2.2, the term "Direct Costs" means and includes all costs (excluding any costs for BOG's overhead, office administration, insurance, amortization or depreciation) incurred and paid by BOG under the terms of the Agreements or otherwise related to the West Bradxxx XXX, xxcluding
Sample 1

Related to Aspect's Payout Back

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