Common use of Suspended Funds Clause in Contracts

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Laws, and shall be liable for the payment thereof to the proper parties; provided that, CELLC will retain all responsibility and liability for (a) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (b) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutes. If the Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes and CELLC fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC the Suspended Funds in such account that existed as of the Effective Time, and CELLC shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC the Seller will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Laws, and shall be liable for the payment thereof to the proper parties; provided that, CELLC except that the Seller will retain all responsibility and liability for (a) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (b) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutes. If the Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes and CELLC the Seller fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC the Seller the Suspended Funds in such account that existed as of the Effective Time, and CELLC the Seller shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.

Suspended Funds. As part After the Closing, Seller shall provide to Buyer a listing showing all proceeds from production attributable to the Interests which are currently held in suspense, being those funds which Seller is holding which are owing to third party owners of royalty, overriding royalty, working or other interests in respect of past production of oil, gas or other hydrocarbons attributable to the final accounting in connection with the Final Statement pursuant Assets. Seller covenants to Section 2.8, CELLC will deliver to the Buyer the Suspended Funds along with an Buyer, within thirty (30) days after Closing, in “Excel” spreadsheet containing format, the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds suspended funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Lawslaws, rules and regulations, and shall be liable for the payment thereof to the proper parties; provided that, CELLC Seller will retain all responsibility and liability for (ai) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (bii) penalties and interest, if any, attributable to the Suspended Suspense Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutes. If In the event Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes and CELLC Seller fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC Seller the Suspended Funds in such account that existed as of the Effective Time, and CELLC Seller shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds. BUYER SHALL BE RESPONSIBLE FOR PROPER DISTRIBUTION OF ALL THE SUSPENDED PROCEEDS, TO THE EXTENT TURNED OVER TO IT BY SELLER, TO THE PARTIES LAWFULLY ENTITLED TO THEM, AND HEREBY AGREES TO INDEMNIFY, DEFEND AND HOLD HARMLESS SELLER FROM AND AGAINST ANY AND ALL CLAIMS, LIABILITIES, LOSSES, COSTS AND EXPENSES ARISING OUT OF OR RELATING TO THOSE SUSPENDED PROCEEDS TURNED OVER TO BUYER, EXCEPT AS PROVIDED ABOVE.

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC CALLC will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Laws, and shall be liable for the payment thereof to the proper parties; provided that, CELLC except that CALLC will retain all responsibility and liability for (a) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time Closing Date and (b) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective TimeClosing Date, payable to any state under existing escheat or unclaimed property statutes. If the Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes and CELLC CALLC fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC CALLC the Suspended Funds in such account that existed as of the Effective Time, Time and CELLC CALLC shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC the Sellers will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Laws, and shall be liable for the payment thereof to the proper parties; provided that, CELLC the Sellers will retain all responsibility and liability for (a) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (b) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutes. If the Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes statutes, it shall so notify the Sellers and CELLC fails if the Sellers fail to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC the Sellers the Suspended Funds in such account that existed as of the Effective Time, and CELLC the Sellers shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC The Sellers will deliver to the Buyer Buyer, within thirty (30) days after the Suspended Funds along with an Closing Date, in “Excel” spreadsheet containing or other acceptable format, the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Lawslaws, rules and regulations, and shall be liable for the payment thereof to the proper parties; provided that, CELLC Sellers will retain all responsibility and liability for (ai) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (bii) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutesstatues. If the Buyer determines determine that any such penalties or interest are due to the respective suspense account owner or any state under such statutes and CELLC Seller fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC Seller the Suspended Funds in such account that existed as of the Effective Time, and CELLC Seller shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC the Seller will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Laws, and shall be liable for the payment thereof to the proper parties; provided that, CELLC the Seller will retain all responsibility and liability for (a) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (b) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutes. If the Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes statutes, it shall so notify the Seller and CELLC if the Seller fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to CELLC the Seller the Suspended Funds in such account that existed as of the Effective Time, and CELLC the Seller shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.

Suspended Funds. As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC will deliver to the Buyer Buyer, within thirty (30) days after the Suspended Funds along with an Closing Date, in “Excel” spreadsheet containing or other acceptable format, the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries. Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Lawslaws, rules and regulations, and shall be liable for the payment thereof to the proper parties; provided that, CELLC will retain all responsibility and liability for (ai) statutory penalties and interest, if any, owing to any interest owner attributable to the Suspended Funds accruing prior to the Effective Time and (bii) penalties and interest, if any, attributable to the Suspended Funds accruing prior to the Effective Time, payable to any state under existing escheat or unclaimed property statutes. If the Buyer determines that any such penalties or interest are due to the respective suspense account owner or any state under such statutes and CELLC fails to promptly reimburse pay such sums to the Buyer, then the Buyer shall return to CELLC the Suspended Funds in such account that existed as of the Effective Time, and CELLC shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.