Revenues, Expenses and Capital Expenditures. All merchantable oil, liquid hydrocarbon and non-hydrocarbon substances stored in tanks and vessels on the Properties (including any and all line fill owned by Seller or its Affiliates downstream of the custody transfer point) will be gauged to the bottom of the flange by Seller or the operator of the Properties, as applicable, as of the Effective Time, and Seller shall be entitled to the proceeds associated with such oil, liquid hydrocarbon and non-hydrocarbon substances so gauged when sold. Oil, liquid hydrocarbon and non-hydrocarbon substances in treating equipment and separation equipment below pipeline connections as of the Effective Time shall not be considered to be merchantable and shall become the property of Buyer. Seller shall be entitled to all operating revenues and related accounts receivable arising in the ordinary course of business attributable to the Properties and shall be responsible for all operating expenses and related accounts payable (except as provided below) arising in the ordinary course of business attributable to the Properties, in each case to the extent they relate to the period of time prior to the Effective Time. Buyer shall be entitled to all operating revenues and related accounts receivable arising in the ordinary course of business attributable to the Properties and responsible for the payment of all operating expenses and related accounts payable arising in the ordinary course of business attributable to the Properties, in each case to the extent they relate to time after the Effective Time. Notwithstanding anything contained in this Agreement to the contrary, Buyer shall assume and be solely responsible for:
(a) any and all suspense funds associated with the Properties, (b) any and all gas imbalances associated with the Properties, and (c) any and all capital expenditures associated with the Properties to the extent said capital expenditures were incurred (or the obligation to incur said costs and expenses was undertaken) by Seller within the period of time six (6) months prior to Closing and exceed Three Million Three Hundred Thousand Dollars and No/100 ($3,300,000). The actual amounts or values associated with the above shall be accounted for in the Final Accounting Settlement.
Revenues, Expenses and Capital Expenditures. All revenues attributable to the operation of the Properties prior to the Effective Time shall be owned by and for the account of Seller or Altex. Seller or Altex shall be entitled to all operating revenues and related accounts receivable attributable to the Properties and shall be responsible for all capital expenditures, operating expenses and related accounts accrued attributable to the Properties, in each case to the extent they relate to the time prior to the Effective Time. Buyer shall be entitled to all operating revenues and related accounts receivable attributable to Seller’s interests in the Properties and shall be responsible for the payment of all capital expenditures, operating expenses and related accounts which are accrued or attributable to Seller’s interests in the Properties, in each case to the extent they relate to time on and after the Effective Time. The actual amounts or values associated with the above shall be accounted for in the Final Accounting Settlement.
Revenues, Expenses and Capital Expenditures. All Hydrocarbons produced prior to the Effective Time (irrespective of whether payment for the same has been made or received) which are attributable to the Properties shall belong to Seller, and all such Hydrocarbons produced from and after the Effective Time shall belong to Buyer. Seller shall be entitled to all revenues and related accounts receivable attributable to the ownership or operation of the Properties, and shall be responsible for all costs and expenses and related accounts payable attributable to the ownership or operation of the Properties, to the extent they relate to the time prior to the Effective Time. Buyer shall be entitled to all revenues and related accounts receivable attributable to the ownership or operation of the Properties, and shall be responsible for all costs and expenses and related accounts payable attributable to the ownership or operation of the Properties, to the extent they relate to the time from and after the Effective Time. The actual amounts or values associated with the above shall be accounted for in the Final Accounting Settlement. Buyer shall assume Seller's suspense funds associated with the acquired Properties as of the Effective Time, and these funds shall be accounted for in the Final Accounting Settlement.
Revenues, Expenses and Capital Expenditures. Except as expressly provided otherwise in this Agreement:
6.2.1 Seller is entitled to all Operating Revenues attributable to the Properties for the period prior to the Effective Time and is responsible for all Charges attributable to the Properties for the period prior to the Effective Time;
6.2.2 Seller also is entitled to the sum of Six Hundred Fifty Thousand Dollars (US$650,000) per month (prorated on a daily basis for any partial month) (as an agreed reimbursement in lieu of Seller’s actual overhead) for the period from the Effective Time until the Closing Date; and
6.2.3 Buyer is entitled to all Operating Revenues attributable to the Properties for the period on and after the Effective Time and is responsible for all Charges (except producing, drilling and overhead costs payable to Seller or its Affiliates, other than pursuant to Article 6.2.2) attributable to the Properties for the period on and after the Effective Time. Actual amounts shall be accounted for in the Final Accounting Settlement, unless previously accounted for under the Transition Agreement. Whether Charges and Operating Revenues are attributable to periods before or after the Effective Time shall be determined in accordance with Generally Accepted Accounting Principles and Council of Petroleum Accountants Societies (XXXXX) standards, based on the accrual method of accounting.
Revenues, Expenses and Capital Expenditures. All revenues attributable to the operation of the Seller Property prior to the Effective Time shall be owned by and for the account of Seller. Seller shall be (i) entitled to all operating revenues and related accounts receivable attributable to the Seller Property and to the extent received by any Buyer, such Buyer shall promptly, after such receipt by it, fully disclose, account for and transmit same to Seller and (ii) responsible for all capital expenditures, operating expenses and related accounts payable attributable to the Seller Property, in each case, to the extent they relate to the time prior to the Effective Time. To the extent Buyer receives invoices for or otherwise incurs capital expenditures, operating expenses or related accounts relating to the period of time prior to the Effective Time, Seller shall pay such amounts to Buyer no later than fifteen (15) days following invoice from Buyer. It is specifically provided that Seller shall only be responsible for capital expenditures related to the Seller Property to the extent that the work for which such capital expenditures are made actually occurs prior to the Effective Time; and, any prepayments made by Seller for work that occurs after the Effective Time will be reimbursed to Seller. Buyer shall be (i) entitled to all operating revenues and related accounts receivable attributable to the Seller Property and to the extent received by Seller, Seller shall promptly, after such receipt by it, fully disclose, account for and transmit same to Buyer and (ii) responsible for the payment of all capital expenditures, operating expenses and related accounts payable attributable to the Seller Property, in each case, to the extent they relate to the period of time on and after the Effective Time. The actual amounts or values known and associated with the above shall be accounted for in the Final Settlement Statement.
Revenues, Expenses and Capital Expenditures. Except as expressly provided otherwise in this Agreement: HOUSTON 1139976v.13
6.2.1 Seller is entitled to all revenues and accounts receivable attributable to the Properties it transfers, and is responsible for all expenses, accounts payable and capital expenditures attributable to the Properties it transfers, in each case to the extent they relate to the period prior to the Effective Time.
6.2.2 Seller also is entitled to the sum of Three Hundred Forty Thousand Dollars (US$340,000) per month (prorated on a daily basis for any partial month) (as an agreed reimbursement in lieu of Seller’s actual overhead) for the period from the Effective Time until the Closing Date.
6.2.3 Buyer is entitled to all revenues and accounts receivable attributable to the Properties it acquires, and is responsible for all expenses, accounts payable and capital expenditures attributable to the Properties it acquires, in each case to the extent they relate to the period from and after the Effective Time.
6.2.4 Seller shall estimate the above amounts and incorporate such estimate into the Preliminary Settlement Statement. The actual amounts (to the extent the same differ from the estimate included in the Preliminary Settlement Statement) shall be accounted for in the Final Settlement Statement.
Revenues, Expenses and Capital Expenditures. All revenues attributable to the operation of the Seller Property prior to the Effective Time shall be owned by and for the account of Seller. Seller shall be (i) entitled to all operating revenues and related accounts receivable attributable to the Seller Property and to the extent received by any Buyer, such Buyer shall promptly, after such receipt by it, fully disclose, account for and transmit same to Seller and (ii) responsible for all capital expenditures, operating expenses and related accounts payable attributable to the Seller Property, in each case, to the extent they relate to the time prior to the Effective Time. To the extent Buyer receives invoices for or otherwise incurs capital expenditures, operating expenses or related accounts relating to the period of time prior to the Effective Time, Seller shall pay such amounts to Buyer no later than fifteen
Revenues, Expenses and Capital Expenditures. Except as expressly provided otherwise in this Agreement:
(a) Seller is entitled to all revenues and accounts receivable attributable to the Properties it transfers, and is responsible for all expenses, accounts payable and capital expenditures attributable to the Properties it transfers, in each case to the extent they relate to the period prior to the Effective Time.
(b) Seller is entitled to all producing, drilling and operator overhead receipts attributable to the Properties for which it serves as operator on or prior to the Closing to the extent they relate to the period prior to the Effective Time. HOUSTON 1151220v.11
(c) Seller also is entitled to the sum of Three Hundred Forty Thousand Dollars ($340,000) per month (prorated on a daily basis for any partial month) (as an agreed reimbursement in lieu of Seller’s actual overhead attributable to the Properties) for the period from the Effective Time until the Closing Date.
(d) Purchaser is entitled to all revenues and accounts receivable attributable to the Properties it acquires, and is responsible for all expenses, accounts payable and capital expenditures attributable to the Properties it acquires, in each case to the extent they relate to the period from and after the Effective Time.
(e) Seller shall estimate the amounts above in Sections 6.2(a), (b) and (d) and incorporate such estimate and the amount in Section 6.2(c) into the Preliminary Settlement Statement. The actual amounts (to the extent the same differ from the estimate included in the Preliminary Settlement Statement) shall be accounted for in the Final Settlement Statement.
Revenues, Expenses and Capital Expenditures. All merchantable oil, liquid hydrocarbon and non- hydrocarbon substances stored in tanks and vessels on the Properties (including any and all line fill owned by Seller or its Affiliates downstream of the custody transfer point) will be gauged to the bottom of the flange by Seller or the operator of the Properties, as applicable, as of the Effective Time, and Seller shall be entitled to the proceeds associated with such oil, liquid hydrocarbon and non-hydrocarbon substances so gauged when sold (which proceeds for the purposes of this Article shall be deemed to be equal to the average daily price received for such substances for the month of December) Buyer and its representatives shall have the right to observe, and to receive reasonable advance written notice of, the gauging of such tanks and vessels, and Seller shall provide such advance notice and access to the Properties for such purpose. Oil, liquid hydrocarbon and non-hydrocarbon substances in treating equipment and separation equipment below pipeline connections as of the Effective Time shall not be considered to be merchantable and shall become the property of Buyer. Seller shall
Revenues, Expenses and Capital Expenditures. All revenues attributable to the operation of the Properties prior to the Effective Time shall be owned by and for the account of Sellers. Sellers shall be entitled to all operating revenues and shall be responsible for all operating expenses and related accounts payable arising in the ordinary course of business attributable to the Properties, in each case to the extent they relate to the time prior to the Effective Time. Buyer shall be entitled to all operating revenues and shall be responsible for the payment of all operating expenses and related accounts payable arising in the ordinary course of business attributable to the Properties, in each case to the extent they relate to time after the Effective Time. The actual amounts or values associated with the above shall be accounted for to the extent known in the Closing Statement with the final reconciliation contained in the Final Accounting Statement. At Closing Buyer shall assume liability for suspense funds, if any, associated with the acquired Properties as of the Effective Time. These suspense funds, if any, shall be reflected as a Purchase Price reduction in the Closing Statement.
