Common use of Division of Operating Expenses; Royalties Clause in Contracts

Division of Operating Expenses; Royalties. As between Buyer and Seller: (i) all Operating Expenses attributable to the Purchased Assets before the Effective Time shall be borne by Seller; (ii) all Operating Expenses attributable to the Purchased Assets after the Effective Time shall be borne by Buyer, except to the extent accounted for as an increase to the Base Purchase Price in accordance with Section 1.6(a)(i); (iii) Seller shall retain responsibility for, and shall timely pay and discharge (or cause to be paid and discharged), all Royalties to the extent attributable to Hydrocarbons produced from the Subject Interests before the Effective Time; (iv) Seller shall be responsible for and shall timely pay and discharge (or cause to be discharged) all Royalties with respect to payments that have been received by Seller prior to Closing to the extent attributable to Hydrocarbons produced from the Subject Interests during the Interim Period, which payments and discharges shall be accounted for as an increase in the Purchase Price under Section 1.6(a)(i); and (v) Buyer shall be responsible for and shall timely pay and discharge (or cause to be discharged) all Royalties with respect to payments that are received by Buyer at or after Closing. If a Party receives after the Closing Date any bills or accounts or any reimbursement in relation to Operating Expenses for which the other Party or Parties are responsible under this Section 1.11, then the receiving Party shall promptly forward the same to the responsible Party or Parties (for payment, in the case of any such bills or accounts). If a Party receives after the Closing Date any xxxx, account or reimbursement in relation to Operating Expenses for which each Party is liable in part under this Section 1.11, the receiving Party shall promptly forward a copy of the same to the other Party or Parties, but each Party shall be required to pay only such portion of any xxxx or account for which it is responsible in accordance with this Section 1.11.

Division of Operating Expenses; Royalties. As between Buyer and Seller: (i) all Operating Expenses attributable to the Purchased Assets before the Effective Time shall be borne by Seller; (ii) all Operating Expenses attributable to the Purchased Assets after the Effective Time shall be borne by Buyer, except to the extent accounted for as an increase to the Base Purchase Price in accordance with Section 1.6(a)(i); (iii) Seller shall retain responsibility for, and shall timely pay and discharge (or cause to be paid and discharged), all Royalties royalties to the extent attributable to Hydrocarbons produced from the Subject Interests before the Effective Time; (iv) Seller shall be responsible for and shall timely pay and discharge (or cause to be discharged) all Royalties royalties with respect to payments that have been received by Seller prior to Closing to the extent attributable to Hydrocarbons produced from the Subject Interests during the Interim Period, which payments and discharges shall be accounted for as an increase in the Purchase Price under Section 1.6(a)(i); and (v) Buyer shall be responsible for and shall timely pay and discharge (or cause to be discharged) all Royalties royalties with respect to payments that are received by Buyer at or after Closing. If a Party receives after the Closing Date any bills or accounts or any reimbursement in relation to Operating Expenses for which the other Party or Parties are responsible under this Section 1.11, then the receiving Party shall promptly forward the same to the responsible Party or Parties (for payment, in the case of any such bills or accounts). If a Party receives after the Closing Date any xxxx, account or reimbursement in relation to Operating Expenses for which each Party is liable in part under this Section 1.11, the receiving Party shall promptly forward a copy of the same to the other Party or Parties, but each Party shall be required to pay only such portion of any xxxx or account for which it is responsible in accordance with this Section 1.11.

Division of Operating Expenses; Royalties. As between Buyer and Seller: (i) all Operating Expenses attributable to the Purchased Assets before the Effective Time shall be borne by Seller; (ii) all Operating Expenses attributable to the Purchased Assets after the Effective Time shall be borne by Buyer, except to the extent accounted for as an increase to the Base Purchase Price in accordance with Section 1.6(a)(i); (iii) Seller shall retain responsibility for, and shall timely pay and discharge (or cause to be paid and discharged), all Royalties royalties to the extent attributable to Hydrocarbons produced from the Subject Interests before the Effective Time; (iv) Seller shall be responsible for and shall timely pay and discharge (or cause to be discharged) all Royalties royalties with respect to payments that have been received by Seller prior to Closing to the extent attributable to Hydrocarbons produced from the Subject Interests during the Interim Period, which payments and discharges shall be accounted for as an increase in the Purchase Price under Section 1.6(a)(i); and (v) Buyer shall be responsible for and shall timely pay and discharge (or cause to be discharged) all Royalties royalties with respect to payments that are received by Buyer at or after Closing. If a Party receives after the Closing Date any bills or accounts or any reimbursement in relation to Operating Expenses for which the other Party or Parties are responsible under this Section 1.11, then the receiving Party shall promptly forward the same to the responsible Party or Parties (for payment, in the case of any such bills or accounts). If a Party receives after the Closing Date any xxxx, account or reimbursement in relation to Operating Expenses for which each Party is liable in part under this Section 1.11, the receiving Party shall promptly forward a copy of the same to the other Party or Parties, but each Party shall be required to pay only such portion of any xxxx or account for which it is responsible in accordance with this Section 1.11.. Asset Purchase Agreement between Proprietary and Confidential Colfax Exploration Partners I, LLC and Xxxxxxx Resources, Inc. Intended for Addressee Only