Net Profits Account Sample Clauses

Net Profits Account. (a) A single account (the "Net Profits Account") shall be maintained by El Paso for the Subject Xxxxx. The Net Profits Account shall be credited with the aggregate Gross Proceeds received by El Paso, and shall be charged with the aggregate Production Costs (or as the case may be, Excess Production Costs) with respect to the Subject Xxxxx, in each case using the Cash Method of Accounting. (b) On or before the date of payment as set forth in Section 3.2 hereof, El Paso shall furnish to Ramshorn a detailed statement clearly reflecting the credits and debits to on a per well basis, and the balance of, the Net Profits Account and the Payout Account as of the close of business on the last Business Day of the preceding calendar month. Any Excess Production Costs reflected by any such statement shall be carried forward to the next and succeeding month or months until the Excess Production Costs shall have been liquidated. In the event that Net Profits exist in the Net Profits Account at the end of any month, payment to Ramshorn of the amount of Net Profits pursuant to Section 3.2 shall be accomplished by wire transfer to Ramshorn's account, pursuant to instructions given by Ramshorn to El Paso. Following any such payment, the balances of the Net Profits Account and the Payout Account shall be reduced by the amount of such payment.

Net Profits Account. An account (the “Net Profits Account”) shall be maintained by COC for the Subject Properties. The Net Profits Account shall be credited with the aggregate of any Net Profit received by COC. On or before the date of each payment as set forth in Article 4.3.2 hereof, COC shall furnish to Domain a detailed statement clearly reflecting the credits and debits against and the balance of the Net Profits Account as of the close of business on the last day of the preceding Month. For each Month that the Net Profits Account contains funds, payment to Domain of NPI Payments shall be accomplished by wire transfer to Domain’s banking account, pursuant to the instructions set forth in Exhibit C. Following any such payment, the balance of the Net Profits Account shall be reduced by the amount of such payment.

Net Profits Account. Grantor shall establish and maintain true and correct books and records in order to determine the credits and debits to a Net Profits Account to be maintained by Grantor at all times during the Net Profits Period, in accordance with the terms of this Conveyance and prudent and accepted accounting practices. For purposes of this Section 3.1:

Net Profits Account. A net profits account is maintained for each Member. The net profits account of each Member is his capital account less his purchased interests amounts paid to the company. i. The purchase amount paid by that Member to be used to compute the net profits account includes the principal amount to be paid although not yet paid. ii. The purchase amount to be used to compute the net profits account does not include any debt interest assessed for unpaid purchase amounts. Except to the extent otherwise provided below, each account is computed, as of any particular time, by reference to purchases and distributions having occurred prior to such time, and by reference to allocation of items of income, gain, loss and deduction with respect to Accounting Periods that have ended prior to such time. If a net profits account is computed during the winding up of the Company, or following the sale of all, or substantially all of the Company's assets, reference is made to all items of income, gain, loss and deduction accountable up to such time.