Common use of PRORATION OF REAL AND PERSONAL PROPERTY TAXES Clause in Contracts

PRORATION OF REAL AND PERSONAL PROPERTY TAXES. Personal and real property taxes and assessments on the Purchased Assets shall be prorated between Purchaser and Seller as of the Apportionment Date, provided, however, that Seller shall not be responsible for any increased assessments on real and personal property resulting from the transactions contemplated hereby. All such prorations shall be allocated so that items relating to time periods ending prior to the Closing Date shall be allocated to Seller and items related to time periods beginning on or after the Closing Date shall be allocated to Purchaser The amount of all such prorations shall be settled and paid on the Closing Date unless, with respect to Seller's obligations hereunder, otherwise ordered by the Bankruptcy Court or as otherwise required by applicable Bankruptcy Law.

PRORATION OF REAL AND PERSONAL PROPERTY TAXES. Personal and real property taxes and assessments on the Purchased Assets shall be prorated between Purchaser and Seller as of the Apportionment Date, provided, however, that Seller shall not be responsible for any increased assessments on real and personal property resulting from the transactions contemplated hereby. All such prorations shall be allocated so that items relating to time periods ending prior to the Closing Date shall be allocated to Seller and items related to time periods beginning on or after the Closing Date shall be allocated to Purchaser The amount of all such prorations shall be settled and paid on the Closing Date unless, with respect to Seller's obligations hereunder, otherwise ordered by the Bankruptcy Court or as otherwise required by applicable Bankruptcy LawDate.