Common use of Proration Date Clause in Contracts

Proration Date. Seller and Buyer agree that all revenues attributable to the Assets and all Property Expenses (as defined below) will be apportioned between Buyer and Seller as of the Effective Date. Accordingly, Seller shall be entitled to any production revenues or other amounts realized from and accruing to the Assets attributable to the period of time before the Effective Date, and shall be liable for the payment of all Property Expenses, attributable to the Assets for the period of time before the Effective Date, and (ii) Buyer shall be entitled to any production revenues or other amounts realized from and accruing to the Assets attributable to the period of time on and after the Effective Date, and shall be liable for the payment of all Property Expenses, attributable to the Assets for the period of time on and after the Effective Date. Subject to the provisions of Section 14.3, the settlement of the Parties evidenced by the Final Settlement Statement shall be a final settlement between the Parties for all liabilities and obligations related to the Assets, including Property Expenses.