Common use of Net Profits Account Clause in Contracts

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. (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. (b) On or before the date of payment as set forth in Section 3.2 hereof, El Paso shall furnish to Ramshorn Lehman a detailed statement clearly reflecting the credits and debits to on debitx xx xn 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 Lehman of the amount of Net Profits pursuant to Section 3.2 shall be accomplished xxxxxplished by wire transfer to RamshornLehman's account, pursuant to instructions given by Ramshorn Lehman to El PasoPasx. Following Xxxxxwing any such payment, the balances of the Net Profits Nxx Xxxfits Account and the Payout Account shall be reduced by the amount of such payment.

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. (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.