Common use of Accounts Payable and Operating Expenses Clause in Contracts

Accounts Payable and Operating Expenses. All operating expenses shall be prorated between the Sellers and Purchaser as of the Closing Date on an accrual basis, based on the actual number of days in the month during which the Closing Date occurs for monthly expenses, and based on a 365 day year for annual expenses. The Sellers shall be responsible for all operating expenses attributable to the period before the Closing Date and Purchaser shall be responsible for all operating expenses attributable to the period on and after the Closing Date.

Accounts Payable and Operating Expenses. All operating expenses shall be prorated between the Sellers Seller and Purchaser as of the Closing Date on an accrual basis, based on the actual number of days in the month during which the Closing Date occurs for monthly expenses, and based on a 365 day year for annual expenses. The Sellers Seller shall be responsible for all operating expenses attributable to the period before the Closing Date and Purchaser shall be responsible for all operating expenses attributable to the period on and after the Closing Date.