Common use of Proration Items Clause in Contracts

Proration Items. Cash due at the Closing shall be adjusted for all revenue and expenses of the Project, whereby the portion thereof allocable to periods beginning as of the Closing Date shall be credited to the Joint Venture, or charged to the Joint Venture, as applicable, and the portion thereof allocable to periods ending on the day before the Closing Date shall be credited to the Contributors, or charged to the Contributors, as applicable, all of which prorations shall be made on the Closing Date or, in the case of allocations to be made after the Closing Date as more particularly provided below, upon receipt of such payments or payment of such expenses. TRT and Contributors agree to cause their accountants to prepare a proration schedule (the "Proration Schedule") of adjustments 10 Business Days prior to Closing. If there is a net amount due to the Joint Venture, the Contributors shall pay such amount directly to the Joint Venture on the Closing Date. If there is a net amount due to the Contributors, the Joint Venture shall pay such amount to the Contributors on the Closing Date. The following items shall be prorated between the Joint Venture and the Contributors or credited to the Joint Venture or the Contributors, and the provisions of this Section 7.1 shall survive Closing hereunder:

Proration Items. Cash due at the Closing shall be adjusted for all revenue and expenses of the Project, whereby the portion thereof allocable to periods beginning as of the Closing Date shall be credited to the Joint Venture, or charged to the Joint Venture, as applicable, and the portion thereof allocable to periods ending on the day before the Closing Date shall be credited to the Contributors, or charged to the Contributors, as applicable, all of which prorations shall be made on the Closing Date or, in the case of allocations to be made after the Closing Date as more particularly provided below, upon receipt of such payments or payment of such expenses. TRT and Contributors agree to cause their accountants to prepare a proration schedule (the "“Proration Schedule"”) of adjustments 10 Business Days prior to Closing. If there is a net amount due to the Joint Venture, the Contributors shall pay such amount directly to the Joint Venture on the Closing Date. If there is a net amount due to the Contributors, the Joint Venture shall pay such amount to the Contributors on the Closing Date. The following items shall be prorated between the Joint Venture and the Contributors or credited to the Joint Venture or the Contributors, and the provisions of this Section 7.1 shall survive Closing hereunder: