Property Costs as defined in Section 2.05(a).
Property Costs means all Capital and Exploratory Expenditures and Operating Expenses incurred in the use, ownership and operation of the Assets in the ordinary course of business, and overhead costs charged or allocated to the Assets under the JOA (or which would be charged or chargeable under the JOA), and including liabilities, losses, costs, and expenses attributable to:
Examples of Property Costs in a sentence
The term “Losses” shall mean any claims, suits, liabilities (including strict liabilities), actions, proceedings, obligations, debts, damages, losses (including, without limitation, unrealized loss of value of the Property), Costs, expenses, fines, penalties, charges, fees, judgments, awards, and amounts paid in settlement of whatever kind including attorneys’ fees (both in-house staff and retained attorneys) and all other costs of defense.
In connection with such reconveyance, Buyer shall pay Seller all revenues received by Buyer with respect to such reconveyed Assets and Seller shall reimburse Buyer for all Property Costs paid by Buyer with respect to such reconveyed Assets.
For purposes of this Section 2.4, determination of whether Property Costs are attributable to the period before or after the Effective Time shall be based on when services are rendered, when the goods are delivered, or when the work is performed.
The Construction Agent will use such proceeds only to pay the Property Acquisition Costs or other Property Costs set forth in the Requisition relating to such funds.
The Construction Agent and the Lessor acknowledge and agree that the Construction Agent's right to request such funds and the Lessor's obligation to advance such funds for the payment of Property Acquisition Costs or other Property Costs is subject in all respects to the terms and conditions of the Participation Agreement and each of the other Operative Agreements.
More Definitions of Property Costs
Property Costs means all amounts attributable to the operation and ownership of the Assets reasonably incurred in the ordinary course of business and not in Breach of this Agreement, but excludes any Damages arising out of or resulting from an Environmental Defect identified by or on behalf of Buyer pursuant to Article 11, which Environmental Defect commenced prior to the Effective Time and for which Environmental Defect Buyer does not receive a reduction of the Purchase Price equal to the Environmental Defect Value. For purposes of allocating revenues, production, proceeds, income, accounts receivable, and products under this Section, (i) liquid hydrocarbons produced into storage facilities will be deemed to be “from or attributable to” the Xxxxx when they pass through the pipeline connecting into the storage facilities into which they are run, and (ii) gaseous hydrocarbons and liquid hydrocarbons produced into pipelines will be deemed to be “from or attributable to” the Xxxxx when they pass through the delivery point sales meters on the pipelines through which they are transported. In order to accomplish the foregoing allocation of production, the parties shall rely upon gauging, metering, and strapping procedures conducted by Seller, with prior notice to Buyer and right of Buyer to witness such procedures, on or about the Effective Time to the extent possible and, unless demonstrated to be inaccurate, shall utilize reasonable interpolating procedures to arrive at an allocation of production when exact gauging, metering, and strapping data is not available on hand as of the Effective Time. Ad valorem taxes for 2007 shall be prorated on a daily basis, with Buyer liable for the portion allocated to the period on and after the Effective Time and Seller liable for the portion allocated to the period before the Effective Time. If the amount of such taxes for part, or all, of the Assets is not available on the Closing Date, proration of taxes shall be made on the basis of taxes assessed in the previous year, with a subsequent cash adjustment of such proration to be made between Seller and Buyer when actual tax figures are available. Property Costs shall not include any amounts which constitute or relate to Retained Liabilities. The "Preliminary Amount" shall be the Purchase Price, adjusted as provided in Section 2.05(b), based upon the best information available at time of the Closing.
Property Costs means all capital expenses, joint interest xxxxxxxx, lease operating expenses, lease rental and maintenance costs, royalties, overriding royalties, leasehold payments, Taxes (other than Excluded Taxes), drilling expenses, workover expenses, geological, geophysical and any other exploration or development expenditures chargeable under applicable operating agreements or other agreements consistent with the standards established by the Council of Petroleum Accountant Societies of North America that are attributable to the Assets during the period in question; provided, however, that Property Costs shall not include any liabilities, losses, costs, or expenses arising attributable to: (a) claims, investigations, administrative proceedings, arbitration or litigation directly or indirectly arising out of or resulting from actual or claimed personal injury or other torts, illness or death; property damage (other than damage to structures, fences, irrigation systems and other fixtures, crops, livestock, and other personal property in the ordinary course of business); (b) violation of any Law (or a private cause or right of action under any Law); (c) environmental damage or liabilities, including Remediation obligations for any contamination of groundwater, surface water, soil, sediments, or Facilities; (d) title and environmental claims (including claims that Leases have terminated); (e) claims of improper calculation or payment of royalties (including overriding royalties and other burdens on production) related to deduction of post-production costs or use of posted or index prices or prices paid by Affiliates; (f) gas balancing and other production balancing obligations; (g) Casualty Losses; or (h) any claims for indemnification, contribution, or reimbursement from any third Person with respect to liabilities, losses, costs and expenses of the type described in the preceding clauses (a) through (g), whether such claims are made pursuant to contract or otherwise.
Property Costs has the meaning set forth in Section 10.2(b) of this Agreement.
Property Costs means all operating expenses (including costs of insurance, rentals, title examination and title curative actions (excluding any title examination or curative costs paid or incurred in connection with any Title Defects asserted or expected to be asserted pursuant to this Agreement or the Assignment, Deed and Xxxx of Sale) and overhead costs in an amount equal to $26,533) per month (prorated for partial months) during the period from the Effective Date to the Closing Date (“Overhead Costs”)) and capital expenditures (including costs of drilling and completing xxxxx, and costs of acquiring equipment) incurred in the ownership and operation of the Assets in the ordinary course of business, but excluding (without limitation) liabilities, losses, costs, expenses, and damages attributable to:
(i) claims, investigations, administrative proceedings, arbitration or litigation directly or indirectly arising out of or resulting from actual or claimed personal injury, illness or death; property damage; environmental damage or contamination; other torts; private rights of action given under any Law; or violation of any Law;
(ii) obligations to plug and/or abandon xxxxx and pipelines, dismantle, decommission, restoring or remove facilities;
(iii) obligations to remediate any contamination of groundwater, surface water, soil, sediments, or Equipment;
(iv) title examination or curative costs paid or incurred in connection with any Title Defects asserted pursuant to this Agreement (or the Assignment, Deed and Xxxx of Sale) and environmental claims;
(v) obligations to pay royalties (including overriding royalties and other burdens on production of Hydrocarbons) as well as claims of improper calculation or payment of same;
(vi) lease maintenance costs, bonuses, broker fees, and other property acquisition costs;
(vii) gas balancing and other production balancing obligations;
(viii) Casualty Loss;
(ix) Taxes;
(x) all matters for which Seller has agreed to indemnify any member of Purchaser Group hereunder, including the Retained Obligations (except any such Retained Obligation described in clause (ii) of Schedule RO that results in an adjustment to the Purchase Price pursuant to Section 2.3 or a turnover obligation pursuant to Section 2.4);
(xi) except for Overhead Costs, overhead costs and general and administrative expenses of Seller or its Affiliates; and
(xii) any claims for indemnification, contribution, or reimbursement from any Third Party with respect to liabilities, lo...
Property Costs means any property rent, property lease costs, business rates on a property, property taxes, insurance of buildings, provision of security controlling physical access to building(s), landscaping of the external area of the building(s), and provision of cleaning and waste disposal services.
Property Costs means the cost category for allowable real property costs and lease and rental costs.