Common use of ADVANCES AND PAYMENTS BY THE PARTIES Clause in Contracts

ADVANCES AND PAYMENTS BY THE PARTIES. A. If gross expenditures for the Joint Account are expected to exceed $50,000 in the next succeeding month’s operations, the Operator may require the Non-Operators to advance their share of the estimated cash outlay for such month’s operations. Unless otherwise provided in the Agreement, any billing for such advance shall be payable within 30 days after receipt of the advance request or by the first day of the month for which the advance is required, whichever is later. The Operator shall adjust each monthly billing to reflect advances received from the Non-Operators for such month. If a refund is due, the Operator shall apply the excess to subsequent month’s ▇▇▇▇▇▇▇▇ or advances, unless a refund is specifically requested. B. Except as provided below, each Party shall pay its proportionate share of all bills in full within thirty (30) days of receipt date. If payment is not made within such time, the unpaid balance shall bear interest compounded monthly at the prime rate published by the Wall Street Journal on the first day of each month the payment is delinquent, plus three percent (3%), per annum, or the maximum contract rate permitted by the applicable usury Laws governing the Joint Property, whichever is the lesser, plus attorney’s fees, court costs, and other costs in connection with the collection of unpaid amounts. If the Wall Street Journal ceases to be published or discontinues publishing a prime rate, the unpaid balance shall bear interest compounded monthly at the prime rate published by the Federal Reserve plus three percent (3%) per annum. Interest shall begin accruing on the first day of the month in which the payment was due. [X] Electronic Fund Transfer (optional) C. Payments by Parties for monthly cash advances and ▇▇▇▇▇▇▇▇ shall be made by Electronic Fund Transfer (EFT) or Automated Clearing House (ACH) transaction.