Common use of Further Revenues and Expenses Clause in Contracts

Further Revenues and Expenses. After the completion of the post-Closing adjustments under this Section 2.3: (a) if either party receives revenues that belong to the other party under this Agreement, the party receiving the revenues agrees to promptly remit those revenues to the other party; and (b) if either party pays expenses that are the responsibility of the other party under this Agreement, then the party on whose behalf the expenses were paid agrees to promptly reimburse the other party for the expenses paid on its behalf upon receiving reasonably satisfactory evidence of such payment. However, neither party will be obligated to reimburse the other party for any such expense in excess of Ten Thousand Dollars ($10,000) unless it has been consulted about that expense prior to payment.

Appears in 2 contracts

Samples: Purchase Agreement (Centennial Resource Development, Inc.), Purchase Agreement (Centennial Resource Development, Inc.)

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Further Revenues and Expenses. After the completion of the post-Closing adjustments under this Section 2.3: , (ai) if either party receives revenues that belong to the other party under this Agreement, the party receiving the revenues agrees to promptly remit those revenues to the other party; , and (bii) if either party pays expenses that are the responsibility of the other party under this Agreement, then the party on whose behalf the expenses were paid agrees to promptly reimburse the other party for the expenses paid on its behalf upon receiving reasonably satisfactory evidence of such payment. However, neither party will be obligated to reimburse the other party for any such expense in excess of Ten Thousand Dollars ($10,000) 5,000 unless it has been consulted about that expense prior to payment.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Parsley Energy, Inc.), Purchase and Sale Agreement (Gasco Energy Inc)

Further Revenues and Expenses. After the completion of the post-Closing adjustments under this Section 2.3: , (ai) if either party receives revenues that belong to the other party under this Agreement, the party receiving the revenues agrees to promptly remit those revenues to the other party; , and (bii) if either party pays expenses that are the responsibility of the other party under this Agreement, then the party on whose behalf the expenses were paid agrees to promptly reimburse the other party for the expenses paid on its behalf upon receiving reasonably satisfactory evidence of such payment. However, neither party will be obligated to reimburse the other party for any such expense in excess of Ten Thousand Dollars ($10,000) 5,000 unless it has been consulted about that expense prior to payment, unless that payment was required by a government agency or other government entity.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (High Plains Gas, Inc.), Purchase and Sale Agreement (Stone Energy Corp)

Further Revenues and Expenses. After the completion of the post-post- Closing adjustments under this Section 2.3: , (ai) if either party receives revenues that belong to the other party under this Agreement, the party receiving the revenues agrees to promptly remit those revenues to the other party; , and (bii) if either party pays expenses that are the responsibility of the other party under this Agreement, then the party on whose behalf the expenses were paid agrees to promptly reimburse the other party for the expenses paid on its behalf upon receiving reasonably satisfactory evidence of such payment. However, neither party will be obligated to reimburse the other party for any such expense in excess of Ten Thousand Dollars ($10,000) 5,000 unless it has been consulted about that expense prior to payment, unless that payment was required by a government agency or other government entity.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Southwest Royalties Holdings Inc)

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Further Revenues and Expenses. After the completion of the post-Closing adjustments under this Section 2.3: (a) if either party Party receives revenues that belong to the other party Party under this Agreement, the party Party receiving the revenues agrees to promptly remit those revenues to the other partyParty; and (b) if either party Party pays costs or expenses that are the responsibility of the other party Party under this Agreement, then the party Party on whose behalf the costs or expenses were paid agrees to promptly reimburse the other party Party for the costs and expenses paid on its behalf upon receiving reasonably satisfactory evidence of such payment. However, neither party Party will be obligated to reimburse the other party Party for any such cost or expense (other than and excluding with respect to taxes) in excess of Ten Thousand Dollars ($10,000) unless it has been consulted about that cost or expense prior to payment.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Carrizo Oil & Gas Inc)

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