Common use of Income and Expenses Clause in Contracts

Income and Expenses. Except as set forth in this Section 5.6 “Taxes, Prorations and Closing Costs,” all items of income and expense, including rents and other charges under the Assigned Contracts, in each case, for the period prior to the Closing, will be for the account of Seller or TOPIII, and all items of income and expense, including rents and other charges under the Assigned Contracts, for the period on and after the Closing will be for the account of Purchaser, all as determined by the accrual method of accounting. If either Party actually receives any rents or other charges under the Assigned Contracts that are, in whole or in part, designated as payments for the period credited to the other Party under this Section 5.6(b) “Income and Expenses,” the recipient will, within a reasonable period of time, remit such amounts to the other Party.

Income and Expenses. Except as set forth in this Section 5.6 “"Taxes, Prorations and Closing Costs,” " all items of income and expense, including rents and other charges under the Assigned Contracts, in each case, for the period prior to the Closing, will be for the account of Seller or TOPIIITNMP, and all items of income and expense, including rents and other charges under the Assigned Contracts, for the period on and after the Closing will be for the account of Purchaser, all as determined by the accrual method of accounting. If either Party actually receives any rents or other charges under the Assigned Contracts that are, in whole or in part, designated as payments for the period credited to the other Party under this Section 5.6(b) “"Income and Expenses,” " the recipient will, within a reasonable period of time, remit such amounts to the other Party.