Common use of Pro-rations and Adjustments Clause in Contracts

Pro-rations and Adjustments. (a) All income and expenses of the Existing Line Property shall be apportioned as of 12:01 a.m., on the day of the Closing, as if Developer were vested with title thereto during the entire day upon which Closing occurs. Such prorated items shall include, without limitation, the following: (i) taxes and assessments levied against the Existing Line Property; and (ii) fees, rents, deposits, or other amounts, if any, held by or due Company in connection with any licenses, permits, easements, or other agreements related to the Existing Line Property that are transferred to Developer;