Common use of Ad Valorem, Real Property and Personal Property Taxes Clause in Contracts

Ad Valorem, Real Property and Personal Property Taxes. All Ad Valorem Taxes, Real Property Taxes, Personal Property Taxes, and similar obligations (“Property Taxes”) on the Property are KMG’s obligation for periods before the Calculation Date and W&T’s obligation for periods after the Calculation Date. If Property Taxes for the current tax year have not been assessed and paid by KMG as of the Closing Date, W&T for the Surviving Entity shall file all required reports and returns incident to the Property Taxes and pay the Property Taxes for the current tax year and subsequent periods. KMG will reimburse W&T promptly for KMG’s proportionate share of these taxes, prorated as of the Calculation Date, upon receipt of evidence of W&T’s payment of the taxes. W&T will reimburse KMG promptly for W&T’s proportionate share of these taxes, prorated as of the Calculation Date, as a closing adjustment to the Base Merger Consideration, upon receipt of evidence of KMG’s payment of the taxes.