Proration of Taxes. Except as otherwise agreed to by Purchaser and Seller, whenever it is necessary to determine the liability for Taxes for a portion of a taxable year or period that begins before and ends after the Closing Date, the determination of the Taxes for the portion of the year or period ending on, and the portion of the year or period beginning after, the Closing Date shall be determined by assuming that the taxable year or period ended at the Close of Business on the Closing Date.
Appears in 4 contracts
Samples: Purchase and Assumption Agreement (Solera National Bancorp, Inc.), Purchase and Assumption Agreement (Solera National Bancorp, Inc.), Branch Purchase and Assumption Agreement (Rurban Financial Corp)
Proration of Taxes. Except as otherwise agreed to by Purchaser and Sellerthe parties, whenever it is necessary to determine the liability for Taxes for a portion of a taxable year or period that begins before and ends after the Closing Date, the determination of the Taxes for the portion of the year or period ending on, and the portion of the year or period beginning after, the Closing Date shall be determined by assuming that the taxable year or period ended at the Close close of Business business on the Closing Date.
Appears in 3 contracts
Samples: Certificate of Deposit Assumption Agreement (United Pan Am Financial Corp), Branch Purchase and Assumption Agreement (Center Financial Corp), Branch Purchase and Assumption Agreement (Plumas Bancorp)
Proration of Taxes. Except as otherwise agreed to by Purchaser and Sellerthe ------------------ parties, whenever it is necessary to determine the liability for Taxes for a portion of a taxable year or period that begins before and ends after the Closing Date, the determination of the Taxes for the portion of the year or period ending on, and the portion of the year or period beginning after, the Closing Date shall be determined by assuming that the taxable year or period ended at the Close close of Business business on the Closing Date.
Appears in 1 contract
Samples: Purchase and Assumption Agreement (Sun Bancorp Inc /Nj/)
Proration of Taxes. Except as otherwise agreed to by Purchaser and Sellerthe parties, ------------------ whenever it is necessary to determine the liability for Taxes for a portion of a taxable year or period that begins before and ends after the Closing Date, the determination of the Taxes for the portion of the year or period ending on, and the portion of the year or period beginning after, the Closing Date shall be determined by assuming that the taxable year or period ended at the Close close of Business business on the Closing Date.
Appears in 1 contract
Samples: Purchase and Assumption Agreement (Hawaiian Electric Industries Inc)
