Ad Valorem and Property Taxes. All ad valorem taxes, real property taxes, personal property taxes and similar obligations (the "Taxes") shall be apportioned as of the Effective Date between Buyer and Seller. All such Taxes allocable to periods prior to the Effective Date shall be paid by Seller, and all such Taxes allocable to the Effective Date and after shall be paid by Buyer. Any refunds of Taxes allocable to periods prior to the Effective Date shall be the property of Seller. Any refunds of Taxes allocable to periods after the Effective Date shall be the property of Buyer. Buyer shall file or cause to be filed all required reports and returns incident to such Taxes which are due on or after the Effective Date, and shall pay or cause to be paid to the taxing authorities all such Taxes reflected on such reports and returns; provided, however, Seller shall promptly reimburse Buyer for any amounts owing by Seller with respect thereto pursuant to this paragraph.
Ad Valorem and Property Taxes. All ad valorem taxes, real property taxes, personal property taxes and similar obligations shall be apportioned as of the ASSET PURCHASE AND SALE AGREEMENT PAGE 35 36 Effective Date between Buyer and Seller. All such taxes allocable to the period prior to the Effective Date shall be paid by Seller, and all such taxes allocable to the period after the Effective Date and after shall be paid by Buyer. Any refunds of taxes allocable to periods prior to the Effective Date shall be the property of Seller. Seller shall pay ad valorem taxes for 1998 based on 1997 production. Buyer shall file or cause to be filed all required reports and returns incident to such taxes which relate to any period ending after the Effective Date, and shall pay or cause to be paid to the taxing authorities all such taxes reflected on such reports and returns, subject to Buyer's right to require Seller to pay any portion thereof relating to a period prior to the Effective Date under Article 14(g).
Ad Valorem and Property Taxes. All ad valorem taxes, real property taxes, personal property taxes and similar obligations (“Property Taxes”) attributable to the Assets shall be apportioned as of the Effective Time between Sellers and Buyer; provided, however, that any such taxes which are calculated based on the value or amount of production during a given period shall be apportioned to the period during which such production occurred; regardless of the date on which such taxes are assessed and/or payable. The owner of record on the assessment date shall file or cause to be filed all required reports and returns incident to the Property Taxes and shall pay or cause to be paid to the taxing authorities all Property Taxes relating to the tax periods during which the Effective Time occurs. If Sellers is the owner of record on the assessment date, then Buyer shall pay to Sellers, Buyer’s pro rata portion, if any, of such Property Taxes within fifteen (15) days from the date such taxes are required to be
Ad Valorem and Property Taxes. All ad valorem and property taxes of the Companies shall be prorated between Buyer and Seller as of the Effective Time for the Current Tax Period. The allocation of ad valorem and property taxes for the Current Tax Period shall, where possible, be computed based upon the tax rate and values applicable to the Current Tax Period; otherwise, allocation shall be estimated based upon ad valorem and property taxes assessed against the Mineral Assets for the immediately preceding tax period. All ad valorem and property taxes attributable to periods prior to the Current Tax Period are the obligation of, and shall be borne by, Seller. All ad valorem and property taxes attributable to periods from and after the Current Tax Period shall be borne by Buyer.
Ad Valorem and Property Taxes. All ad valorem taxes, real property taxes, personal property taxes and similar obligations (the “Taxes”) shall be apportioned as of the Effective Date between APCLARKand BPI. All such Taxes allocable to periods prior to the Effective Date shall be paid by BPI, and all such Taxes allocable to the Effective Date and after shall be paid by APCLARK. Any refunds of Taxes allocable to periods prior to the Effective Date shall be the property of BPI. Any refunds of Taxes allocable to periods after the Effective Date shall be the property of APCLARK. APCLARK shall file or cause to be filed all required reports and returns incident to such Taxes which are due on or after the Effective Date, and shall pay or cause to be paid to the taxing authorities all such Taxes reflected on such reports and returns; provided, however, BPI shall promptly reimburse APCLARK for any amounts owing by BPI with respect thereto pursuant to this paragraph.
Ad Valorem and Property Taxes. All ad valorem and property taxes and assessments relating to the Purchased Assets for calendar year 2003 shall be prorated between Buyer and Seller as of the Closing Date. Payment of any amount owed by Buyer to Seller or by Seller to Buyer shall be made at the Closing (to the extent such amounts are then ascertainable) or within thirty (30) days after the actual ad valorem and property taxes with respect to the Purchased Assets for calendar year 2003 have been determined.
Ad Valorem and Property Taxes. All ad valorem taxes, real property taxes, personal property taxes and similar obligations shall be apportioned as of the Effective Date between Buyer and Seller. All such taxes allocable to the period prior to the Effective Date shall be paid by Seller, and all such taxes allocable to the period after the Effective Date and after shall be paid by Buyer. Any refunds of taxes allocable to periods prior to the Effective Date shall be the property of Seller. Seller shall pay ad valorem taxes for 1998 based on 1997 production, and Buyer shall reimburse Seller for the lesser of 50% of the amount of such taxes or $150,000. Buyer shall file or cause to be filed all required reports and returns incident to such taxes which relate to any period ending after the Effective Date, and shall pay or cause to be paid to the taxing authorities all such taxes reflected on such reports and returns, subject to Buyer's right to require Seller to pay any portion thereof relating to a period prior to the Effective Date under Article 14(g). (d)
Ad Valorem and Property Taxes. All ad valorem and real property taxes ("Property Taxes") attributable to the Property with respect to the 2007 tax period, which includes the tax period in 2007 prior to the Effective Date, shall be the responsibility of and paid by Cimmarron.
Ad Valorem and Property Taxes. All ad valorem and property taxes and any similar assessment based upon or measured by Seller's ownership interests in the Assets or the production of Hydrocarbons therefrom or the receipt of proceeds on sales therefrom shall be prorated between Seller and Purchaser as of the Effective Time based upon such taxes assessed against the Assets for the tax period in question, or if there is insufficient information for such tax period, based upon taxes assessed for the immediately preceding tax period just ended. All such taxes will be prorated on the basis of a 365 day year. Ad valorem and similar taxes assessed for periods prior to the Effective Time shall be borne by Seller and ad valorem taxes assessed for periods on or after the Effective Time shall be borne by Purchaser (ad valorem and similar taxes shall be considered assessed for the period for which they are stated to be assessed, even if the same are based on production or other activities occurring in prior periods).
Ad Valorem and Property Taxes. All ad valorem taxes, real property taxes, personal property taxes and similar obligations (the "Taxes") shall be apportioned as of the Effective Date between Buyer and Seller. All such Taxes allocable to periods prior to the Effective Date shall be paid by Seller, and all such Taxes allocable to the Effective Date and after shall be paid by Buyer. Any refunds of Taxes allocable to periods prior to the Effective Date shall be the property of Seller. Any refunds of Taxes allocable to periods after the Effective Date shall be the property of Buyer. Buyer shall file or cause to be filed all required reports and returns incident to such Taxes which are due on or after the Effective Date, and shall pay or cause to be paid to the taxing authorities all such Taxes reflected on such reports and returns; provided, however, Seller shall promptly reimburse Buyer for any amounts owing by Seller with respect thereto pursuant to this paragraph. (d) SALES TAXES, FILING FEES, ETC. Buyer shall be liable for any sales taxes or other transfer taxes, as well as any applicable conveyance, transfer and recording fees, and real estate, transfer, stamp or other taxes imposed upon the sale of the Assets. Seller agrees to use its reasonable best efforts to assist Buyer in obtaining any applicable exemptions to any applicable state sales tax. If Seller is required by applicable state law to report and pay these taxes or fees, Buyer shall promptly deliver a check to Seller in full payment, and Seller shall deliver said check to the appropriate taxing authorities and shall bear any and all penalties, costs and expenses associated with the failure of Seller to deliver said check.
