Intangible Drilling Costs Sample Clauses

The Intangible Drilling Costs clause defines how expenses related to non-physical aspects of drilling, such as labor, site preparation, and services, are treated for accounting and tax purposes. Typically, these costs are incurred during the drilling and preparation of oil and gas wells but do not result in the acquisition of tangible property, like equipment or casing. The clause clarifies which costs qualify as intangible and how they may be deducted or capitalized, helping parties allocate expenses appropriately. Its core function is to ensure consistent treatment of these costs, aiding in financial planning and compliance with tax regulations.
Intangible Drilling Costs. Ninety percent (90%) of the Partnership’s subscription proceeds received from the Participants shall be used to pay 100% of the Intangible Drilling Costs.
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Intangible Drilling Costs. All Intangible Drilling Costs shall be allocated entirely to the Partnership.
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Intangible Drilling Costs. Those expenditures associated with property acquisition and the drilling and completion of oil and gas w▇▇▇▇ that under present law are generally accepted as fully deductible currently for federal income tax purposes. This includes all expenditures made with respect to any well before the establishment of production in commercial quantities for wages, fuel, repairs, hauling, supplies and other costs and expenses incident to and necessary for the drilling of the well and the preparation of the well for the production of oil or gas, that are currently deductible pursuant to the Code and Regulations, which are generally termed “intangible drilling and development costs,” including the expense of plugging and abandoning any well before a completion attempt. Intangible Drilling Costs shall also include, for all purposes under this Agreement, any and all Intangible Drilling Costs which are attributable to mineral interests owned by third parties in any w▇▇▇▇, but are charged to, and paid by, the Partnership under participation agreements, farmout agreements, operating agreements, fixed cost drilling contracts and any other agreements or any other interest in favor of third parties which burdens any well or to which the Partnership is subject, even though payment by the Partnership of those Intangible Drilling Costs which are in excess of the Partnership’s permanent share of the Working Interest in the w▇▇▇▇ may be treated under the Code as payment of depletable Lease Acquisition Costs for tax purposes and therefore not currently deductible as Intangible Drilling Costs. Investor Partner. Any General Partner or Limited Partner of the Partnership other than the Managing Partner, but shall not include any Person who becomes a General Partner or Limited Partner after the date of the Partnership Agreement and is designated as something other than an Investor Partner by the Managing Partner.
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Intangible Drilling Costs. Intangible Drilling Costs shall be charged 100% to the Participants.
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Intangible Drilling Costs. Not less than 94% of the Partnership’s subscription proceeds received from the Participants shall be used by the Partnership to pay 100% of the Intangible Drilling Costs of the Partnership’s ▇▇▇▇▇ as provided in §5.01(a)(5), including cost overruns, if any, for Intangible Drilling Costs.
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Intangible Drilling Costs. For federal income tax purposes, all intangible drilling and development costs incurred by ▇▇▇▇▇, IRP or the Company before the Effective Date (other than those intangible drilling and development costs incurred during 2007) have been or will be capitalized by ▇▇▇▇▇ pursuant to Code Section 59(e) and an election was or will be made to amortize the costs over a 60-month period. None of ▇▇▇▇▇, IRP or the Company has elected or will elect to expense any such costs for such tax purposes.” 2.4 Subject to the Company receiving proceeds under the Cash Grant of at least $30,000,000, Sections 6.3 and 6.4 are hereby deleted in their entirety.
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Intangible Drilling Costs. The Partnership shall elect to deduct intangible drilling and development costs on its federal income tax return in accordance with the option granted by Section 263(c) of the Code.
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Related to Intangible Drilling Costs

  • Operating Costs Tenant shall pay to Landlord the Tenant’s Percentage of Operating Costs (as hereinafter defined) incurred by Landlord in any calendar year. Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Operating Costs, such monthly amounts to be sufficient to provide Landlord, by the end of the calendar year, a sum equal to the Operating Costs, as reasonably estimated by Landlord from time to time. The initial monthly estimated payments shall be in an amount equal to 1/12th of the Initial Estimate of Tenant’s Percentage of Operating Costs for the Calendar Year. If, at the expiration of the year in respect of which monthly installments of Operating Costs shall have been made as aforesaid, the total of such monthly remittances is greater than the actual Operating Costs for such year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, the difference; if the total of such remittances is less than the Operating Costs for such year, Tenant shall pay the difference to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement of the Operating Costs, prepared, allocated and computed in accordance with generally accepted accounting principles. Any reimbursement for Operating Costs due and payable by Tenant with respect to periods of less than twelve (12) months shall be equitably prorated.

  • Leasing Costs The Sellers shall be responsible for all Leasing Costs that are payable by reason of (i) the execution of an “Existing Lease” (i.e., a Lease existing as of the date of this Agreement) prior to the date of this Agreement, (ii) the renewal, extension, expansion of, or the exercise of any other option under, an Existing Lease, prior to the date of this Agreement, and (iii) amendments of an Existing Lease entered into prior to the date of this Agreement. If the Closing occurs, the Buyer shall be responsible for all Leasing Costs (including commissions to the Sellers’ in-house leasing agents that are customary arms-length terms that would otherwise be negotiated with a third-party leasing agent) that become due and payable as a result of (1) any New Leases, (2) amendments entered into during the Interim Period in accordance with this Agreement to renew, extend, expand or otherwise amend Existing Leases or New Leases, or (3) any renewals, extensions or expansions of, or the exercise of any other option under, Existing Leases or New Leases exercised by tenants during the Interim Period or on or after the Closing Date; provided, however, that Buyer shall have been provided the details of all such Leasing Costs prior to the Closing Date and approved the same in writing. In addition, the Buyer shall assume the economic effect of any “free rent” or other concessions pertaining to the period from and after the Closing; provided, however, that Buyer shall have been provided the details of all such Leasing Costs prior to the Closing Date and approved the same in writing. If, as of the Closing Date, the Sellers shall have paid any Leasing Costs for which the Buyer is responsible pursuant to the foregoing provisions, the Buyer shall reimburse the Sellers therefor at Closing; provided, however, that Buyer shall have been provided the details of all such Leasing Costs prior to the Closing Date and approved the same in writing. The Sellers shall pay (or cause to be paid), prior to Closing, or credit the Buyer at Closing (to the extent unpaid) all Leasing Costs for which the Sellers are responsible pursuant to the foregoing provisions, and (subject to the reimbursement obligations set forth above), the Sellers shall pay (or cause to be paid) when due all Leasing Costs payable after the date of this Agreement and prior to Closing. Notwithstanding anything to the contrary, (a) the Buyer shall receive a credit at Closing for any unfunded contractual Leasing Costs and (b) the Sellers shall be responsible (and the Buyer shall not be responsible) for any leasing commissions or brokerage fees which become due and payable after the Closing pursuant to any leasing or brokerage agreement relating to the Properties, including the Leasing and Brokerage Agreements, except as specifically set forth in Section 3.3(g)(ii). In addition to the foregoing, at Closing, the Buyer shall be responsible (and shall reimburse the Sellers at Closing) for the leasing commissions, tenant improvement costs and concessions for the Leases and the amounts set forth on Schedule 3.3(g)(ii) attached hereto. For purposes hereof, the term “Interim Period” shall mean the period from the date of this Agreement until the Closing Date. On the Closing Date, the Sellers shall deliver to the Buyer all Lease Termination Payments received by or on behalf of the Sellers from and after the date hereof, except, however, the Buyer acknowledges approval of the Leases referenced on Schedule 3.3(g)(ii).

  • Property Expenses In addition to the Rent, the Tenant is required to pay: (check one)

  • Closing Costs and Prorations Taxes and assessments for the current year, if any, shall be prorated between the prior owner of the Personal Property and Buyer as of the date of closing. Seller shall pay one-half (½) of Closing Agent’s closing and escrow fees. Buyer shall pay one-half (½) of Closing Agent’s closing and escrow fees. In addition, Buyer shall pay all other closing costs, including but not limited to: (1) recording fees for the cost of recording the State Deed; (2) the cost for any title insurance purchased at Buyer’s option; (3) lender fees, if any, together with all associated recording fees, if any;

  • Personal Property Taxes Lessee shall pay, prior to delinquency, all taxes assessed against and levied upon Lessee Owned Alterations, Utility Installations, Trade Fixtures, furnishings, equipment and all personal property of Lessee. When possible, Lessee shall cause such property to be assessed and billed separately from the real property of Lessor. If any of Lessee's said personal property shall be assessed with Lessor's real property, Lessee shall pay Lessor the taxes attributable to Lessee's property within ten (10) days after receipt of a written statement.