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.
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. 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. 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.
