Common use of Statements and Payments Clause in Contracts

Statements and Payments. No later than the sixtieth (60th) day following the end of each month during the Term (the “Due Date”): (i) Operator shall deliver to the Company a statement setting forth (a) the Produced Water volumes, Fresh Water volumes and Skim Oil sales for which the Operator owes a payment to the Company pursuant to Section 2.3(b) for such subject month, expressed in Barrels and multiplied by the applicable Fee, and (b) payments for Surface Damages (to the extent not previously paid) and any other fees and expenses due pursuant to Section 2.3(b)(iv), in each case as set forth in the applicable Lease or Easement for the subject month; and (ii) Operator shall pay in full any amounts due as reflected on the applicable statement by check or ACH transfer to the Company’s designated bank account. If Operator fails to pay the undisputed amount of any statement within sixty (60) days after the Due Date for such statement, interest on such amounts will accrue from the Due Date through and including the date such Party actually makes payment, at the Overdue Rate. In the event the Company disputes in good faith all or any portion of a statement, then the undisputed portion, if any, shall be due and payable in accordance with Section 2.3(e)(ii). In the event that the dispute is resolved in favor of the Company, then Operator shall promptly pay the disputed amount plus interest at the Overdue Rate from the date the disputed payment was originally due pursuant to Section 2.3(e)(ii) through, and including, the date paid.