Common use of Completion Accounts to be kept Clause in Contracts

Completion Accounts to be kept. This clause 7 provides for adjustments to take into account the following: (a) The balance between the Operator and the Vendor at the Effective Date (being the difference of cumulative cash call paid since inception to the Effective Date to the Operator less xxxxxxxx received from the Operator since inception to the Effective Date). (b) All Vendor cash flow payments and receipts from the Effective Date to the Completion Date. (c) The Vendor shall prepare a “cash adjustment statement” (the Cash Adjustment Statement) comprising the balance between the Vendor and the Operator at the Effective Date (referred to in paragraph (a)) and a cashflow account (Cashflow Account) in respect of the Sale Interest for the Interim Period, taking into account the items under clause 7.2. (d) Where the balance between the Operator and the Vendor at the Effective Date is payable from the Vendor to the Operator, it will be charged to the Vendor Account. Where the balance between the Vendor and the Operator is a receivable from the Operator it will be charged to the Purchaser Account. (e) The Cashflow Account will record the adjustment to be made for all Vendor cash flow receipts and payments from the Effective Date to the Completion Date. Net income received by the Vendor from the Effective Date will be charged to the Vendor Account and net expenses will be charged to the Purchaser Account. (f) The Vendor shall periodically (but not less that every 30 days from the date of this Agreement) provide the Purchaser a copy of an updated Cash Adjustment Statement.

Completion Accounts to be kept. This clause 7 provides for adjustments to take into account the following: (a) The balance between the Operator and the Vendor at the Effective Date (being the difference of cumulative cash call paid since inception to the Effective Date to the Operator less xxxxxxxx bxxxxxxx received from the Operator since inception to the Effective Date). (b) All Vendor cash flow payments and receipts from the Effective Date to the Completion Date. (c) The Vendor shall prepare a “cash adjustment statement” (the Cash Adjustment Statement) comprising the balance between the Vendor and the Operator at the Effective Date (referred to in paragraph (a)) and a cashflow account (Cashflow Account) in respect of the Sale Interest for the Interim Period, taking into account the items under clause 7.2. (d) Where the balance between the Operator and the Vendor at the Effective Date is payable from the Vendor to the Operator, it will be charged to the Vendor Account. Where the balance between the Vendor and the Operator is a receivable from the Operator it will be charged to the Purchaser Account. (e) The Cashflow Account will record the adjustment to be made for all Vendor cash flow receipts and payments from the Effective Date to the Completion Date. Net income received by the Vendor from the Asset Transfer Agreement Effective Date will be charged to the Vendor Account and net expenses will be charged to the Purchaser Account. (f) The Vendor shall periodically (but not less that every 30 days from the date of this Agreement) provide the Purchaser a copy of an updated Cash Adjustment Statement.

Completion Accounts to be kept. This clause 7 provides for adjustments to take into account the following: (a) The balance between the Operator and the Vendor at the Effective Date (being the difference of cumulative cash call paid since inception to the Effective Date to the Operator less xxxxxxxx bxxxxxxx received from the Operator since inception to the Effective Date). (b) All Vendor cash flow payments and receipts from the Effective Date to the Completion Date. (c) The Vendor shall prepare a “cash adjustment statement” (the Cash Adjustment Statement) comprising the balance between the Vendor and the Operator at the Effective Date (referred to in paragraph (a)) and a cashflow account (Cashflow Account) in respect of the Sale Interest for the Interim Period, taking into account the items under clause 7.2. (d) Where the balance between the Operator and the Vendor at the Effective Date is payable from the Vendor to the Operator, it will be charged to the Vendor Account. Where the balance between the Vendor and the Operator is a receivable from the Operator it will be charged to the Purchaser Account. (e) The Cashflow Account will record the adjustment to be made for all Vendor cash flow receipts and payments from the Effective Date to the Completion Date. Net income received by the Vendor from the Effective Date will be charged to the Vendor Account and net expenses will be charged to the Purchaser Account. (f) The Vendor shall periodically (but not less that every 30 days from the date of this Agreement) provide the Purchaser a copy of an updated Cash Adjustment Statement.

Completion Accounts to be kept. This clause 7 provides for adjustments to take into account the following: (a) The balance between the Operator and the Vendor at the Effective Date (being the difference of cumulative cash call paid since inception to the Effective Date to the Operator less xxxxxxxx bxxxxxxx received from the Operator since inception to the Effective Date). (b) All Vendor cash flow payments and receipts from the Effective Date to the Completion Date. (c) The Vendor shall prepare a “cash adjustment statement” (the Cash Adjustment Statement) comprising the balance between the Vendor and the Operator at the Effective Date (referred to in paragraph (a)) and a cashflow account (Cashflow Account) in respect of the Sale Interest for the Interim Period, taking into account the items under clause 7.2.. Asset Transfer Agreement (d) Where the balance between the Operator and the Vendor at the Effective Date is payable from the Vendor to the Operator, it will be charged to the Vendor Account. Where the balance between the Vendor and the Operator is a receivable from the Operator it will be charged to the Purchaser Account. (e) The Cashflow Account will record the adjustment to be made for all Vendor cash flow receipts and payments from the Effective Date to the Completion Date. Net income received by the Vendor from the Effective Date will be charged to the Vendor Account and net expenses will be charged to the Purchaser Account. (f) The Vendor shall periodically (but not less that every 30 days from the date of this Agreement) provide the Purchaser a copy of an updated Cash Adjustment Statement.

Completion Accounts to be kept. This clause 7 provides for adjustments to take into account the following: (a) The balance between the relevant Operator and the Vendor at the Effective Date (being the difference of cumulative cash call paid since inception to the Effective Date to the relevant Operator less xxxxxxxx bxxxxxxx received from the relevant Operator since inception to the Effective Date). (b) All Vendor cash flow payments and receipts from the Effective Date to the Completion Date. (c) The Vendor shall prepare a “cash adjustment statement” (the Cash Adjustment Statement) comprising the balance between the Vendor and the relevant Operator at the Effective Date (referred to in paragraph (a)) and a cashflow account (Cashflow Account) in respect of the Sale Interest for the Interim Period, taking into account the items under clause 7.2. (d) Where the balance between the relevant Operator and the Vendor at the Effective Date is payable from the Vendor to the relevant Operator, it will be charged to the Vendor Account. Where the balance between the Vendor and the relevant Operator is a receivable from the relevant Operator it will be charged to the Purchaser Account. (e) The Cashflow Account will record the adjustment to be made for all Vendor cash flow receipts and payments from the Effective Date to Asset Transfer Agreement the Completion Date. Net income received by the Vendor from the Effective Date will be charged to the Vendor Account and net expenses will be charged to the Purchaser Account. (f) The Vendor shall periodically (but not less that every 30 days from the date of this Agreement) provide the Purchaser a copy of an updated Cash Adjustment Statement.