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.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Nabors Industries LTD), Purchase and Sale Agreement (Nabors Industries LTD)
Net Profits Account. (a) A single account (the "Net Profits Account") shall be maintained by El Paso for the Subject XxxxxWells. The Net Profits Account shall be credited with the aggregate Gross Xxxxx 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 XxxxxWells, in each case using the Cash Method of Accounting.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Vermejo Minerals Corp), Purchase and Sale Agreement (Vermejo Minerals Corp)
