Common use of Payment Of Costs, Royalties And Taxes Clause in Contracts

Payment Of Costs, Royalties And Taxes. All royalties and all ad valorem, property, production, severance and similar taxes and assessments based on, or measured by, the Vendor's ownership of the Assets, the production of Petroleum Substances from the Lands or the receipt of proceeds therefrom and operating or capital costs or expenses that are payable by the Vendor and which accrued prior to the Effective Date have been properly and fully paid and discharged (or will be paid and discharged after Closing in the manner and at the time prescribed by the Leases and the Regulations);

Payment Of Costs, Royalties And Taxes. All royalties and all ad valorem, property, production, severance and similar taxes and assessments based on, or measured by, the Vendor's ’s ownership of the Assets, the production of Petroleum Substances from the Lands or the receipt of proceeds therefrom and operating or capital costs or expenses that are payable by the Vendor and which accrued prior to the Effective Date have been properly have been disclosed to the Purchaser and fully paid and discharged (or will be paid and discharged after Closing in the manner and at the time prescribed assumed by the Leases and Purchaser on the Regulations)Closing Date;