Common use of Proration Method Clause in Contracts

Proration Method. For purposes of calculating prorations, ---------------- Purchaser will be deemed to own the Assets, and, therefore, entitled to the income therefrom and responsible for the expenses thereof, as of 11:59 p.m. local time on the day prior to Closing. All prorations will be made on the basis of the actual number of days of the month that will have elapsed as of the Closing Date and based upon a 365 or 366 day year (as applicable). The amount of the prorations will be subject to adjustment in cash after the Closing, as and when complete and accurate information becomes available, and the Parties agree to cooperate and use their good faith efforts to make such adjustments.