Common use of Executive Rights Clause in Contracts

Executive Rights. Executive Rights include, without limitation, the right to collect any and all bonuses, delay rentals, shut in rental and royalty payments and all other payments made under any of the Partnership Properties, the right to grant, amend, ratify, correct or otherwise modify any oil, gas or mineral lease or real property conveyance involving any of the Partnership Properties, the right to agree to and to execute pooling agreements or unitization agreements or modifications or ratifications thereof, the right to agree to and to execute division orders or amended or corrected division orders, the right to agree to, execute and deliver or record corrective deeds, the right to execute transfer orders or stipulations of interest covering any of the Partnership Properties, the right to agree to and to execute any and all documents or instruments necessary or appropriate to cure existing or after-discovered title defects affecting the Partnership Properties, and any other similar executive rights provided or defined under the laws of any state or other jurisdiction. Fair Market Value. When this phrase is capitalized, it shall mean the fair market value of a Partnership Unit, as determined utilizing a PV20 methodology calculated by an independent and reputable financial firm selected by the Managing Partner in its sole discretion. Fiscal Year. The Partnership’s fiscal year shall be the calendar year ending December 31.