Shared Accounts Payable Sample Clauses

Shared Accounts Payable. All accounts or rentals payable by Seller for goods sold and delivered to Seller, for land, personalty or other property leased, or for services rendered prior to the Closing Date in connection with Seller's Business or the Assets shall be retained by Seller. If, however, the accrual period with respect to any account or rental payable for the lease of land, personalty or other property included in the Assets or for services rendered as a direct part of Seller's Business begins before and ends after the Closing Date, such account or rental payable (a "Shared Payable") shall be apportioned between Seller and Refinery Buyer in accordance with GAAP, to the extent applicable, and otherwise in a fair and equitable manner based on the number of days in such period before and after the Closing Date and the relative values of the land, personalty or other property leased or the services rendered during such period before and after the Closing Date, with Seller being obligated to pay the portion of such Shared Payable which is attributable to the period prior to the Closing Date and with Refinery Buyer being obligated to pay the portion of such Shared Payable which is attributable to the period after the Closing Date.