Proration of Ad Valorem Taxes. Buyer and Seller shall only prorate ad valorem real estate and personal property taxes for the Property that are actually due and payable during Closing Tax Year, regardless of the year for which such taxes are assessed. There shall be no proration of ad valorem real estate or personal property taxes other than as set forth hereinabove and, as between Buyer and Seller, subject to this Section 6.3, Buyer agrees that it shall be solely responsible for all such ad valorem real estate and personal property taxes due and payable after the Closing. Because ad valorem real estate taxes and personal property taxes are paid quarterly throughout the Closing Tax Year with the next such quarterly payment being due on December 31, 2007, the proration of the ad valorem real estate and personal property taxes actually due and payable during the Closing Tax Year shall be calculated as follows:
(a) Seller shall be responsible for that portion of such taxes equal to (i) the total such taxes due and payable between October 1, 2007 and December 31, 2007 (the “Payment Period”), multiplied by (ii) a fraction, the numerator of which shall be the number of days in the Payment Period prior to the Closing Date, and the denominator of which shall be 365; and
(b) Buyer shall be responsible for that portion of such taxes equal to (i) the total such taxes due and payable during the Payment Period, multiplied by (ii) a fraction, the numerator of which shall be the number of days in the Payment Period subsequent to and including the Closing Date, and the denominator of which shall be 365.
Proration of Ad Valorem Taxes. Ad valorem taxes relating to the ownership of Compression Equipment transferred pursuant to Section 4.1 shall be prorated on a daily basis between the Exterran Entities and the Partnership Group with the Exterran Entities and the Partnership Group responsible for the prorated portion of such taxes for the period (for purposes of this Section 4.7, “period” means the period beginning on the assessment date for ad valorem taxes through the day before the next assessment date for such taxes) of their respective ownership of such transferred Compression Equipment. As between the Exterran Entities and the Partnership Group, the party that receives the ad valorem tax billing (the “Billed Party”) shall provide a copy of such billing to the other party together with a calculation of the prorated ad valorem taxes owed by each party. The party that did not receive the ad valorem tax billing shall pay its prorated portion of the ad valorem taxes to the Billed Party prior to the due date of such taxes and the Billed Party shall be responsible for the timely payment of the ad valorem taxes to the taxing authorities.
Proration of Ad Valorem Taxes. All general real estate and ad valorem taxes and other state, county or municipal taxes, charges and assessments affecting the Property will be prorated as of 12:01 a.m. on the Closing Date, based on (if applicable) the maximum discount available for early payment. In the event final, current bills for such taxes are not available at Closing, such taxes will be prorated on the basis of the taxes for most recent year for which final bills are available.
Proration of Ad Valorem Taxes. Ad valorem taxes relating to the ownership of Compression Equipment transferred pursuant to Section 4.1 shall be prorated on a daily basis between the Exterran Entities and the Partnership Group with the Exterran Entities and the Partnership Group responsible for the prorated portion of such taxes for the period of their respective ownership of such transferred Compression Equipment. As between the Exterran Entities and the Partnership Group, the party that receives the ad valorem tax billing (the “Billed Party”) shall provide a copy of such billing to the other party together with a calculation of the prorated ad valorem taxes owed by each party. The party that did not receive the ad valorem tax billing shall pay its prorated portion of the ad valorem taxes to the Billed Party prior to the due date of such taxes and the Billed Party shall be responsible for the timely payment of the ad valorem taxes to the taxing authorities.
Proration of Ad Valorem Taxes. In the case of any taxable period beginning on or before and ending after the Closing Date (a “Straddle Period”), Purchaser and the Seller shall apportion all property and similar ad valorem Taxes with respect to the Purchased Assets based upon the number of days in such Straddle Period. The Seller shall be responsible for all such Taxes with respect to the Purchased Assets for the portion of such Straddle Period ending on the Closing Date, and Purchaser shall be responsible for all such Taxes with respect to the Purchased Assets for the portion of such Straddle Period beginning after the Closing Date, as determined on a daily pro rata basis. If the final prorated amounts are not known as of the Closing Date, such amounts shall be estimated, and adjustments thereto shall be made after the Closing at such time as they are known to the Parties.
Proration of Ad Valorem Taxes. All Taxes required to be paid by the tenant under the Lease for the calendar year of the Closing shall be prorated between Seller and Purchaser as of 11:59 P.M. eastern time on the day immediately preceding the Closing Date. If the actual amount of such Taxes for the calendar year of Closing is not known as of the Closing Date, the proration at the Closing will be based on the most current ad valorem tax billing information available and Purchaser and Seller agree to adjust said proration after the Closing upon receipt of the actual bills. The agreement to adjust such proration shall survive Closing.
Proration of Ad Valorem Taxes. Ad valorem real and tangible personal property taxes with respect to the Acquired Assets for the calendar year in which the Closing occurs shall be prorated between the Seller and the Purchaser as of the Closing Date, on the basis of no applicable discount. If the amount of such taxes with respect to any of the Acquired Assets for the calendar year in which the Closing occurs has not been determined as of the Closing Date, then the taxes with respect to such Acquired Assets for the preceding calendar year, on the basis of no applicable discount, shall be used to calculate such prorations, with known changes in valuation or millage applied. The prorated taxes shall be an adjustment to the amount of cash due from the Purchaser at the Closing. If the actual amount of any such taxes varies by more than Ten Thousand and No/100 dollars ($10,000.00) from estimates used at the Closing to prorate such taxes, then the Parties shall re-prorate such taxes within ten (10) days following request by either Party based on the actual amount of the tax xxxx.
Proration of Ad Valorem Taxes. All general real estate and ad valorem taxes and other state, county or municipal taxes, charges and assessments affecting the Property will be prorated as of 12:01 a.m. on the Closing Date, based on (if applicable) the maximum discount available for early payment. In the event final, current bills for such taxes are not available at Closing, such taxes will be prorated on the basis of the taxes for the most recent year for which final bills are available. The parties agree that, notwithstanding the foregoing, real estate taxes shall be prorated based on 2015 real estate taxes being in the amount of $3,000,000, and such taxes shall be reprorated upon issuance of the final tax xxxx, which obligation shall survive Closing.
Proration of Ad Valorem Taxes. Buyer and Seller shall only prorate ad valorem real estate and personal property taxes for the Property that are actually due and payable during Closing Year. There shall be no proration of ad valorem real estate or personal property taxes other than as set forth hereinabove and, as between Buyer and Seller, Buyer agrees that it shall be solely responsible for all such ad valorem real estate and personal property taxes due and payable after the Closing. The proration of the ad valorem real estate and personal property taxes actually due and payable during the Closing Year shall be calculated as follows:
(a) Seller shall be responsible for that portion of such taxes equal to (i) the total such taxes due and payable during the Closing Year, multiplied by (ii) a fraction, the numerator of which shall be the number of days in the Closing Year prior to the Closing Date, and the denominator of which shall be 365; and
(b) Buyer shall be responsible for that portion of such taxes equal to (i) the total such taxes due and payable during the Closing Year, multiplied by (ii) a fraction, the numerator of which shall be the number of days in the Closing Year subsequent to and including the Closing Date, and the denominator of which shall be 365.
Proration of Ad Valorem Taxes. Taxes on the Assets that accrue ratably with the lapse of time during the applicable taxable period shall be prorated on a per diem basis based upon the number of days during the applicable taxable period in which Closing occurs that fall on or before the Closing Date (which shall be allocated to Seller and for which Seller shall be solely responsible) and the number of days in such period following the Closing Date (which shall be allocated to Buyer and for which Buyer shall be solely responsible).
