BOG Override Sample Clauses

BOG Override. Participant agrees that its interest in all Options, Leases and Farm-Ins that are currently owned or hereafter acquired within the Project Areas shall be burdened with an overriding royalty in all oil, gas and other minerals in, under and that may be produced, saved and marketed pursuant to such Leases, Options and Farm-ins, in favor of BOG (hereinafter referred to as the "BOG Override"), in an amount equal to the lesser of: (i) two percent (2% of 8/8ths); or (ii) the positive difference, if any, between 25% and all existing royalty and overriding royalty burdens, it being understood that the BOG Override is not to reduce the net revenue interest in any Option, Lease or Farm-In below 75%. All permitted third-party burdens and lease burdens identified in Sections 4.2 and 4.3 below shall be calculated and applied to all Options, Leases and Farm-Ins prior to the calculation and assessment of the BOG Override.
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BOG Override. 6 Section 4.2. Other Third-Party Burdens. 6 Section 4.3. Lease Burdens. 6

Related to BOG Override

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  • Special Allocations Regarding LTIP Units Subject to the terms of any Partnership Units ranking senior to the LTIP Units with respect to return of capital or any preferential or priority return, any Liquidating Capital Gains shall first be allocated to the LTIP Holders until the Economic Capital Account Balances of such holders, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Partnership Unit Economic Balance, multiplied by (ii) the number of LTIP Units; provided that no such Liquidating Capital Gains will be allocated with respect to any particular LTIP Unit unless and to the extent that the Partnership Unit Economic Balance exceeds the Partnership Unit Economic Balance in existence at the time such LTIP Unit was issued. For this purpose, “Liquidating Capital Gains” means net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the Carrying Value of the Partnership assets under Section 704(b) of the Code. The “Economic Capital Account Balances” of the LTIP Holders will be equal to their Capital Account balances, plus the amount of their shares of any Partner Nonrecourse Debt Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to their ownership of LTIP Units. Similarly, the “Partnership Unit Economic Balance” shall mean (i) the Capital Account Balance of the General Partner, plus the amount of the General Partner’s share of any Partner Nonrecourse Debt Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Partnership Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under this Section 5.1(e), divided by (ii) the number of General Partner’s Partnership Units. Any such allocations shall be made among the LTIP Holders in proportion to the amounts required to be allocated to each under this Section 5.1(e). The parties agree that the intent of this Section 5.1(e) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Partnership Units (on a per-Unit basis), but only if and to the extent the Capital Account balance associated with the General Partner’s Partnership Units has increased on a per-Unit basis since the issuance of the relevant LTIP Unit.

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