Tangible Costs. Ten percent (10%) of the Partnership’s subscription proceeds received from the Participants shall be used by the Partnership to pay Tangible Costs. All remaining Tangible Costs in excess of an amount equal to 10% of the Partnership’s subscription proceeds shall be charged 100% to the Managing General Partner.
Tangible Costs. All Tangible Costs shall be allocated entirely to the Partnership; provided, however, that to the extent, if any, that the total costs allocated to MD pursuant to paragraphs (a) and (c) above are less than an amount equal to 17.65% of the subscriptions by Partners to the Partnership (“Deficit Amount”), then MD shall be allocated an amount of Tangible Costs equal to the Deficit Amount.
Tangible Costs. Those costs associated with property acquisition and the drilling and completion of oil and gas wxxxx which are generally accepted as capital expenditures pursuant to the provisions of the Code. This includes all costs of equipment, parts and items of hardware used in drilling and completing a well, and those items necessary to deliver acceptable oil and gas production to purchasers to the extent installed downstream from the wellhead of any well and which are required to be capitalized pursuant to applicable provisions of the Code and Regulations. Tangible Costs also includes, for all purposes under this Agreement, any and all Tangible Costs which are attributable to mineral interests owned by third parties in any wxxxx, but which costs are charged to the Partnership under participation agreements, farmout agreements, operating agreements, drilling contracts and any other agreements, or any other interests in favor of third parties which burden any well or to which the Partnership is subject, even though payment by the Partnership of Tangible Costs in excess of the Partnership’s permanent share of the Working Interest in the well may be treated under the Code as payment of depletable Lease Acquisition Costs for tax purposes and therefore not depreciable as Tangible Costs.
Tangible Costs. Tangible Costs shall be charged 66% to the Managing General Partner and 34% to the Participants. However, if the total Tangible Costs for all of the Partnership's xxxxx that would be charged to the Participants exceeds an amount equal to 10% of the Partnership's subscription proceeds, then the excess shall be charged to the Managing General Partner.
Tangible Costs. All Tangible Costs shall be allocated entirely to the Partnership; provided, however, that to the extent, if any, that the total costs allocated to MD pursuant to paragraphs (a) and (b) above are less than an amount equal to 25% of the subscriptions by Partners to the Partnership ("Deficit Amount"), then MD shall be allocated an amount of Tangible Costs equal to the Deficit Amount; provided, further, that in determining the amount of total costs allocated to MD pursuant to paragraphs (a) and (c) above are less than an amount equal to 25% of the subscriptions by Partners to the Partnership, then MD will be allocated an amount of Tangible Costs equal to the deficit amount.
Tangible Costs. All Tangible Costs shall be allocated entirely to the Partnership.
