Common use of Adjustment After Closing Clause in Contracts

Adjustment After Closing. Any revenue or expense which cannot be ascertained with certainty as of the Closing Date shall be prorated on the basis of the parties' reasonable estimates of such amounts and shall be the subject of a final proration as soon thereafter as the precise amounts can be ascertained but in no event later than one hundred and eighty (180) days after the Closing. A statement setting forth such agreed proration shall be delivered to the Escrow Holder, provided Escrow Holder shall not be required to calculate any prorations. Seller and Buyer shall each cooperate with the other diligently and promptly to correct any errors in computations or estimates under this Section 7.8 and shall promptly pay to the party entitled thereto any refund, credit or other payment necessary to comply with this Section 7.8. This Section 7.8 shall survive the Closing. Either party owing the other party a sum of money based on adjustments made to prorations after the Closing shall promptly pay that sum to the other party, together with interest thereon at the rate of ten percent (10%) per annum from the date of demand of payment to the date of payment if payment is not made within ten (10) days after demand therefor.

Adjustment After Closing. Any revenue or expense which cannot be ascertained with certainty as of the Closing Date shall be prorated on the basis of the parties' reasonable estimates of such amounts and shall be the subject of a final proration as soon thereafter as the precise amounts can be ascertained but in no event later than one hundred and eighty twenty (180120) days after the Closing. A statement setting forth such agreed proration for purposes of Closing shall be delivered by Buyer and Seller to the Escrow Holder, provided Escrow Holder shall not be required to calculate any prorations. Seller and Buyer shall each cooperate with the other diligently and promptly to correct any errors in computations or estimates under this Section 7.8 8.8 and shall promptly pay to the party entitled thereto any refund, credit or other payment necessary to comply with this Section 7.88.8. This Section 7.8 8.8 shall survive the Closing. Either party owing the other party a sum of money based on adjustments made to prorations after the Closing shall promptly pay that sum to the other party, together with interest thereon at the rate of ten percent Ten Percent (10%) per annum from the date of demand of payment to the date of payment if payment is not made within ten (10) days after demand therefor.