Advances and Payments by Non-Operators. Unless otherwise provided for in the agreement, the Operator may require the Non-Operators to advance their share of estimated cash outlay for the succeeding month’s operation. Operator shall adjust each monthly billing to reflect advances received from the Non-Operators. Each Non-Operator shall pay its proportion of all bills within fifteen (15) days after receipt. If payment is not made within such time, the unpaid balance shall bear interest monthly at the rate of ten per cent (10%) per annum or the maximum contract rate permitted by the applicable usury laws in the state in which the Joint Property is located, whichever is the lesser.
Appears in 4 contracts
Samples: Unit Agreement (Resaca Exploitation, Inc.), Unit Operating Agreement (Resaca Exploitation, Inc.), Unit Operating Agreement (Resaca Exploitation, Inc.)
Advances and Payments by Non-Operators. Unless otherwise provided for in the agreementAgreement, the Operator may require the Non-Operators to advance their share of estimated cash outlay for the succeeding month’s 's operation. Operator shall adjust each monthly billing to reflect advances received from the Non-Operators. Each Non-Operator shall pay its proportion of all bills within fifteen (15) days after receiptreceipt or by the first day of the month for which the advance is required, whichever is later. If payment is not made within such time, the unpaid balance shall bear interest monthly at the rate of ten per cent (10%) per annum or the maximum contract rate permitted by the applicable usury laws in the state in which the Joint Property is located, whichever is plus attorney's fees, court costs, and other costs in connection with the lessercollection of unpaid amounts.
Appears in 1 contract
Samples: Operating Agreement (Enterprise Products Partners L P)
