Common use of Income and Expense Allocations Clause in Contracts

Income and Expense Allocations. All income, except any Intangible Personal Property, and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between the Contributors and the Acquiror. The Contributors shall be entitled to all income (including all cash box receipts and cash credits for unused expendables), and responsible for all expenses for the period of time up to but not including 12:01 a.m. on the Closing Date, and the Acquiror shall be entitled to all income and responsible for all expenses for the period of time from, after and including the Closing Date. All adjustments shall be shown on the settlement statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the settlement statements) and shall increase or decrease (as the case may be) the amount payable by the Acquiror pursuant to Section 2.3(d). Without limiting the generality of the foregoing, the following items of income and expense shall be allocated as of the Closing Date:

Income and Expense Allocations. All income, except any Intangible Personal Property, and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between the Contributors Contributor and the Acquiror. The Contributors Contributor shall be entitled to all income (including all cash box receipts and cash credits for unused expendables)income, and responsible for all expenses for the period of time up to but not including 12:01 a.m. on the date of Closing (the "Effective Date"), and the Acquiror shall be entitled to all income and responsible for all expenses for the period of time from, after and including the Closing Datedate of Closing. All adjustments shall be shown on the settlement statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the settlement statements) and shall increase or decrease (as the case may be) the amount payable by the Acquiror pursuant to Section 2.3(d2.4(d). Without limiting the generality of the foregoing, the following items of income and expense shall be allocated as of the Closing Datedate of Closing: