Common use of Apportionment of Property Taxes Clause in Contracts

Apportionment of Property Taxes. (a) Real property and personal property taxes and similar ad valorem obligations levied with respect to the Real Property and Improvements and Equipment related thereto for taxable periods which include, but do not end on, the date hereof, shall be apportioned between Member and the Company, based on the number of days included in the taxable period up to and including October 31 on the one hand, and the number of days included in the taxable period following October 31 on the other hand. (b) If the actual taxes and assessments payable during the current taxable year are not known as of the date the apportionment pursuant to this Section 3A.1 is to be completed, the apportionment of such taxes shall be upon the basis of taxes and assessments for the Contributed Assets payable during the immediately preceding year. If the taxes and assessments payable during the current year are later determined to be more or less than the taxes and assessments payable during the preceding year, Member and the Company shall promptly adjust the apportionment theretofore made pursuant to this Section 3A.1 and Member or the Company, as the case may be, shall pay to the other any amount required as a result of such adjustment.

Apportionment of Property Taxes. (a) Real property and personal property taxes and similar ad valorem obligations levied with respect to the Real Property and Improvements and Equipment related thereto Contributed Assets for taxable periods which include, but do not end on, the date hereof, shall be apportioned between Member and the Company, based on the number of days included in the taxable period up to and including October 31 on the one hand, and the number of days included in the taxable period following October 31 on the other hand. (b) If the actual taxes and assessments payable during the current taxable year are not known as of the date the apportionment pursuant to this Section 3A.1 is to be completed, the apportionment of such taxes shall be upon the basis of taxes and assessments for the Contributed Assets payable during the immediately preceding year. If the taxes and assessments payable during the current year are later determined to be more or less than the taxes and assessments payable during the preceding year, Member and the Company shall promptly adjust the apportionment theretofore made pursuant to this Section 3A.1 and Member or the Company, as the case may be, shall pay to the other any amount required as a result of such adjustment.