Costs and Revenues to be Apportioned. (a) Subject to Sections 7.1(b) and 7.1(c), below and except as otherwise provided in this Agreement, all costs and expenses relating to the Assets (including maintenance, development, capital and operating costs) and all revenues relating to the Assets (including proceeds from the sale of production and fees from processing, treating or transporting Petroleum Substances on behalf of Third Parties) shall be apportioned as of the Effective Time between Vendor and Purchaser on an accrual basis in accordance with generally accepted accounting principles, provided that:
Costs and Revenues to be Apportioned. (a) Except as otherwise provided in this Agreement, all costs and expenses relating to the Assets (including, without limitation, maintenance, development, capital and operating costs) and all revenues relating to the Assets (including, without limitation, proceeds from the sale of production and fees from processing, treating or transporting Petroleum Substances on behalf of Third Parties) shall be apportioned as of the Effective Time between Vendor and Purchaser on an accrual basis in accordance with generally accepted accounting principles, provided that:
Costs and Revenues to be Apportioned. (a) Subject to paragraph 7.1(b) below and except as otherwise provided in this Agreement, all costs and expenses relating to the Assets (including, without limitation, maintenance, development, capital and operating costs) and all revenues relating to the Assets (including, without limitation, proceeds from the sale of production and fees from processing, treating or transporting Petroleum Substances on behalf of Third Parties) shall be apportioned as of the Effective Date between Vendor and Purchaser on an accrual basis in accordance with generally accepted accounting principles, provided that:
(i) advances made by Vendor in respect of the costs of operations on Lands or lands pooled or unitized therewith or facilities interests included in the Assets which have not been applied to the payment of costs prior to the Closing Date and stand to the credit of Wild Rose or Vendor will be transferred to Purchaser and an adjustment will be made in favour of Vendor equal to the amount of the advance transferred;
(ii) deposits made by Wild Rose or Vendor relative to operations on the Lands, including any security deposits made with the AER, shall be returned to Vendor;
(iii) costs and expenses of work done, services provided and goods supplied shall be deemed to accrue for the purposes of this Article when the work is done or the goods or services are provided, regardless of when such costs and expenses become payable;
(iv) no adjustments shall be made in respect of Wild Rose’s or Vendor’s income taxes; and
(v) all rentals and similar payments in respect of Petroleum Substances or Surface Rights comprised in the Assets and all taxes (other than income taxes) levied with respect to the Assets or operations in respect thereof shall be apportioned between Vendor and Purchaser on a per diem basis as of the Closing Date.
(b) Vendor and its Representatives shall not be liable to make any adjustment in favour of, or make any payment to, Purchaser pursuant hereto in respect of any liability which relates to the period which arose prior to the Date of Appointment and which will not constitute a liability to Purchaser.
Costs and Revenues to be Apportioned. Except as otherwise provided in this Agreement, all costs and expenses relating to the Purchased Assets and all revenues relating to the Purchased Assets shall be apportioned as of the Closing Date between the Debtor and the Purchaser on an accrual basis in accordance with generally accepted accounting principles. No adjustments to the Purchase Price will be made for any change in condition, value, quantity or quality of the Purchased Assets, or with respect to Purchaser’s ability to obtain any consents pursuant to Section 8.1.
