No EUOL, from what I understand, it's now Covenant's standard procedure to contract first refusal for LDS stuff only. They send out the contract, with an addendum already attached -- at least, that's what a few other authors have told me.
Specifically, they demand refusal on works that:
1) Deal with LDS subjects -or-
2) Are more marketable to an LDS audience than a mainstream audience.
Of course, both of those are subjective categories...
There's an interesting article in the LDS Storymakers book, LDS Publishing Secrets, which basically says the Covenant contract is unenforceable. They give several reasons, not the least of which is that unconscionable contracts aren't legal, and no other reputable publisher would consider Covenant's contract conscionable. (That article is written by a handful of very bitter, unhappy people. It's entertaining.)
But truth be told, I don't mind the Covenant contract at all. Maybe I'll regret it years down the road, but I don't have any trouble with it right now.