Proration Date Sample Clauses
The Proration Date clause defines the specific date on which certain financial obligations, such as rent, taxes, or utilities, are divided proportionally between parties in a transaction, typically in real estate deals. For example, if a property sale closes mid-month, the Proration Date determines how the monthly property taxes or rent are split between the buyer and seller. This clause ensures that each party is responsible only for their fair share of costs, preventing disputes and ensuring an equitable allocation of expenses.
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Proration Date. 12:00 a.m., Eastern Daylight Time, on the date of Closing or such other date as shall be specified in Paragraph 9 hereof.
Proration Date. Seller and Buyer agree that all revenues attributable to the Assets and all Property Expenses (as defined below) will be apportioned between Buyer and Seller as of the Effective Date. Accordingly, Seller shall be entitled to any production revenues or other amounts realized from and accruing to the Assets attributable to the period of time before the Effective Date, and shall be liable for the payment of all Property Expenses, attributable to the Assets for the period of time before the Effective Date, and (ii) Buyer shall be entitled to any production revenues or other amounts realized from and accruing to the Assets attributable to the period of time on and after the Effective Date, and shall be liable for the payment of all Property Expenses, attributable to the Assets for the period of time on and after the Effective Date. Subject to the provisions of Section 14.3, the settlement of the Parties evidenced by the Final Settlement Statement shall be a final settlement between the Parties for all liabilities and obligations related to the Assets, including Property Expenses.
Proration Date. The effective date of the prorations provided in Section 4.2 hereof, which is midnight on the eve of the Closing Date.
Proration Date. Taxes and assessments, insurance, assumed interest, rents, and other expenses and revenue of the Properties shall be prorated through 11:59 P.M. on the day prior to Closing (“Proration Date”).
Proration Date. Interest and rents of the Properties and allocable to the Interests shall be prorated through 11:59 P.M. on the day prior to Closing (“Proration Date”).
Proration Date. All prorations shall be as of the Closing, it being specifically understood that State will not be responsible for payment of any taxes.
Proration Date. The term “Proration Date” shall mean the specific date set for Closing in Section 3 or any subsequent date set for Closing, provided that the actual date of Closing occurs within five (5) business days after said date set for Closing.
Proration Date. The effective date of the prorations provided in Section 4.2 hereof, which is 11:59 p.m. on the eve of the Closing Date.
Proration Date. All prorations have been made as of the Closing Date.
Proration Date. All prorations shall be made as of 12:01 a.m., according to the time zone in which the Project is located, on the Closing Date as if Buyer were vested with title to the Project during the entire Closing Date, so that all items of income and operating expenses for the Closing Date shall be allocated to Buyer. Any errors in the apportionments pursuant to this Section 3.4 shall be corrected by appropriate re-adjustment between Seller and Buyer post-closing, provided that notice of any such error, with supporting calculations, shall be given by Buyer to Seller or by Seller to Buyer, as the case may be, no later than March 31, 2012.