First BI Reversion Sample Clauses

First BI Reversion. With respect to any Acquisition Tranche, upon the first occurrence of an IRR Hurdle Achievement Point for such Acquisition Tranche (including, for purposes of clarity, as a result of DGOC’s payment to Oaktree of an Acceleration Payment with respect to such Acquisition Tranche in accordance with Section 4.5), the Working Interest of the applicable members of the Oaktree Group in all of the Tranche JV Interests included in such Acquisition Tranche will automatically be deemed to be reduced to the Oaktree Reversionary Interest, and the Working Interest of the applicable members of the DGOC Group in all of such Tranche JV Interests will automatically be deemed to be increased to the DGOC Reversionary Interest (each such change in Working Interests, the “First BI Reversion”), which such First BI Reversion shall be effective as of the date on which (x) the IRR Hurdle Achievement Point first occurred for such Acquisition Tranche or (y) the date on which Oaktree received the applicable Acceleration Payment to Oaktree, as applicable (each such date, a “First BI Reversion Date”).
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