Production Accounting Sample Clauses
Production Accounting. Seller shall perform all accounting functions through production month of January, 2005. This shall include, without limitation, production accounting, revenue, royalty and tax accounting and disbursement and joint interest billing. The parties shall prepare the letters in lieu so that Seller receives the revenue associated with the production months for which it is performing the foregoing functions. Seller shall disburse to Buyer the net revenue for each production month on or before the 15th day of the second month following the relevant production month. Seller and Buyer shall cooperate in order to allow Buyer to install and run parallel accounting and production systems to facilitate a smooth transition of accounting operations to Buyer.
Production Accounting. In the event Closing takes place on or after the 16th day of a calendar month, for purposes of the Vendor's and Purchaser's respective production accounting departments, Vendor shall continue to be responsible for administering the production accounting for the calendar month in which Closing takes place. In the event Closing takes place before the 16th day of a calendar month, for purposes of the Vendor's and Purchaser's respective production accounting departments, Purchaser shall be responsible for administering the production accounting for the calendar month in which Closing takes place.