Common use of Straddled Periods Clause in Contracts

Straddled Periods. In the case of any Straddle Period, the amount of Taxes allocable to the portion of the Straddle Period ending on the Closing Date shall be deemed to be: (i) in the case of Taxes imposed on a periodic basis, including real, personal and intangible property Taxes, the amount of such Taxes shall be equal to the amount of such Taxes for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days during the Straddle Period that are in the Pre-Closing Tax Period and the denominator of which is the number of days in the Straddle Period; and (ii) in the case of Taxes not described in (i) above, the amount of such Taxes shall be computed as if such taxable period ended as of the close of business on the Closing Date.