Closing Statement Operations Settlement Sample Clauses
The Closing Statement/Operations Settlement clause outlines the process for finalizing all financial and operational matters between parties at the conclusion of a transaction, such as the sale of a business or property. It typically details how revenues, expenses, and other operational items are accounted for up to the closing date, and may require the preparation of a formal statement summarizing these figures. This clause ensures that both parties have a clear and agreed-upon understanding of their respective financial obligations and entitlements at closing, thereby preventing disputes and facilitating a smooth transition of ownership or responsibility.
Closing Statement Operations Settlement. (a) Closing Statement. Taxes, rents, revenues and expenses pertaining to assigned Operating Agreements, prepaid utility charges, and material deviations, if any, in the amount of the Personal Property at the Hotels occurring in the period between the first and second inventories provided for in Section 10.02 shall be allocated and prorated between Buyer and Sellers pursuant to a written Closing Statement to be prepared by Sellers and executed by Buyer and Sellers at the Closing. Any additional amounts owed by Buyer or credits due to Buyer shall be reflected in such statement and the Purchase Price shall be adjusted accordingly.
Closing Statement Operations Settlement. (a) Closing Statement. Taxes, rents (including but not limited to any rents paid more than one month in advance), revenues and expenses pertaining to assigned Operating Agreements, any security deposits held by Sellers under any leases affecting the Property (other than the Operating Leases), prepaid utility charges, and material deviations, if any, in the amount of the Personal Property at the Hotels occurring in the period between the first and second inventories provided for in Section 10.02 shall be allocated and prorated between Buyer and Sellers pursuant to a written Closing Statement to be prepared by Sellers and executed by Buyer and Sellers at the Closing. Any additional amounts owed by Buyer or credits due to Buyer shall be reflected in such statement and the Purchase Price shall be adjusted accordingly.
Closing Statement Operations Settlement