Common use of Apportionment of Ad Valorem and Property Taxes Clause in Contracts

Apportionment of Ad Valorem and Property Taxes. All ad valorem, real property taxes and personal property taxes, including interest and penalties attributable thereto (hereinafter "Property Taxes"), attributable to the Assets with respect to the tax assessment period ("Tax Period") during which the Effective Time occurs shall be apportioned as of the Effective Time between Seller and Buyer, with Seller paying a fraction thereof based upon the number of days in the Tax Period prior to the Effective Time and Buyer paying the balance thereof. This allocation prevails even if the assessment for the Tax Period is attributable, in whole or in part, to a prior calendar year. The owner of record on the assessment date shall file or cause to be filed all required reports and returns incident to the Property Taxes and shall pay or cause to be paid to the taxing authorities all Property Taxes relating to the Tax Period during which the Effective Time occurs. If Seller is the owner of record on the assessment date, then Buyer shall pay to Seller Buyer's pro rata portion of Property Taxes within thirty (30) days after receipt of Seller's invoice therefor, except to the extent taken into account as an adjustment to the Purchase Price pursuant to Section 3.2. If Buyer is the owner of record as of the assessment date then Seller shall pay to Buyer Seller's pro rata portion of Property Taxes within thirty (30) days after receipt of Buyer's invoice therefor, except to the extent taken into account as an adjustment to the Purchase Price pursuant to Section 3.2.

Apportionment of Ad Valorem and Property Taxes. All ad valorem, real property taxes and personal property taxes, including interest and penalties penalties, attributable thereto (hereinafter "Property Taxes"), attributable to the Assets with respect to the tax assessment period ("Tax Period") during which the Effective Time occurs shall be apportioned as of the Effective Time between Seller the Buyer and Buyerthe Seller, with the Seller paying a fraction thereof based upon the number of days in the Tax Period prior to the Effective Time and the Buyer paying the balance thereof. This allocation prevails even if the assessment for the Tax Period is attributable, in whole or in part, to a prior calendar year. The owner of record on the assessment date shall file or cause to be filed all required reports and returns incident to the Property Taxes and shall pay or cause to be paid to all the taxing authorities all Property Taxes relating to the Tax Period during which the Effective Time occurs. If the Seller is the owner of record on the assessment date, then the Buyer shall pay to the Seller Buyer's pro rata portion of Property Taxes within thirty (30) days after the receipt of the Seller's invoice therefor, except to the extent taken into account as an adjustment to the a Purchase Price adjustment pursuant to Section 3.2. If Buyer is the owner of record as of on the assessment date date, then the Seller shall pay to the Buyer Seller's pro rata portion of Property Taxes within thirty (30) days after the receipt of the Buyer's invoice therefor, except to the extent taken into account as an adjustment to the a Purchase Price adjustment pursuant to Section 3.2.

Apportionment of Ad Valorem and Property Taxes. All ad valoremvalorem taxes, real property taxes, personal property taxes and personal property taxes, including interest and penalties attributable thereto similar obligations (hereinafter "“Property Taxes"), ”) attributable to the Assets with respect to the tax assessment period ("Tax Period") during which the Effective Time occurs shall be apportioned as of the Effective Time between Seller and Buyer, with Seller paying a fraction thereof based upon the number of days in the Tax Period prior Purchaser as an adjustment to the Effective Time and Buyer paying Purchase Price pursuant to Section 2.2(d); provided, however, that any Property Taxes which are calculated based on the balance thereof. This allocation prevails even if value or amount of production during a given period shall be apportioned to the assessment for period during which such production occurred, regardless of the Tax Period is attributable, in whole or in part, to a prior calendar yeardate on which such taxes are assessed and/or payable. The owner of record on the assessment date shall file or cause to be filed all required reports and returns incident to the Property Taxes and shall pay or cause to be paid to the taxing authorities all Property Taxes relating to the Tax Period tax periods during which the Effective Time occurssuch production occurred. If Seller is the owner of record on the assessment date, then Buyer shall pay to Seller Buyer's Purchaser’s pro rata portion portion, if any, of such Property Taxes within thirty (30) days after receipt of Seller's invoice therefor, except to the extent shall be taken into account as an adjustment to the Purchase Price pursuant to Section 3.22.2. If Buyer Purchaser is the owner of record as of the assessment date then Seller shall pay to Buyer Purchaser Seller's ’s pro rata portion of such Property Taxes Taxes, if any, within thirty fifteen (3015) days from the date such taxes are required to be paid to the taxing authorities and after receipt of Buyer's Purchaser’s invoice therefor, except to the extent Seller’s pro rata portion of such Property Taxes has been taken into account as an adjustment to the Purchase Price pursuant to Section 3.22.2.