Common use of Basis of Adjustments Clause in Contracts

Basis of Adjustments. All benefits and obligations of every kind and nature payable or paid and received or receivable in respect of the Assets, including without limitation, royalty payments, maintenance, development, operating and capital costs and the proceeds for the sale of production, shall, except as otherwise provided herein, be apportioned between Vendor and Purchaser as of the respective Effective Date. Costs and expenses accruing between the First and Second Closing Dates will be apportioned equally between Purchaser and Vendor. Costs and expenses for work done, services provided and goods and services supplied shall be deemed to accrue for the purposes of this Article when the work is done and the goods or services are provided, regardless of when such costs and expenses become payable.