Common use of Proration of Certain Expenses Clause in Contracts

Proration of Certain Expenses. Except as otherwise provided in Section 10.2 with respect to Taxes, all expenses and other payments in respect of all rents and other payments (including any prepaid amounts) due under the Real Property Leases and any other leases constituting part of the Purchased Assets shall be prorated between Seller, on the one hand, and Purchaser, on the other hand, as of the Closing Time. Seller shall be responsible for all rents (including any percentage rent, additional rent and any accrued tax and operating expense reimbursements and escalations), charges and other payments of any kind accruing during any period under the Real Property Leases or any such other leases up to and including the Closing Time. Purchaser shall be responsible for all such rents, charges and other payments accruing during any period under the Real Property Leases or any such other leases after the Closing Time. Purchaser shall timely pay the full amount of any invoices received by it and shall submit a request for reimbursement to Seller for Seller’s share of such expenses pursuant to the preceding sentences, and, likewise, Seller shall timely pay the full amount of any invoices received by it and Purchaser shall reimburse Seller for Purchaser’s share of such expenses.

Appears in 1 contract

Sources: Asset Purchase Agreement (Goodman Networks Inc)

Proration of Certain Expenses. Except as otherwise provided in Subject to Section 10.2 11.2 with respect to Taxes, all expenses and other payments in respect of all rents and other payments (including any prepaid amounts) due under the Real Property Leases and any other leases constituting part of the Purchased Assets shall be prorated between Seller, on the one hand, and Purchaser, on the other hand, as of the Closing TimeDate. Seller shall be responsible for all rents (including any percentage rent, additional rent and any accrued tax and operating expense reimbursements and escalations), charges and other payments of any kind accruing during any period under the Real Property Leases or any such other leases up to and including the Closing TimeDate. Purchaser shall be responsible for all such rents, charges and other payments accruing during any period under the Real Property Leases or any such other leases after the Closing TimeDate. Purchaser shall timely pay the full amount of any invoices received by it and shall submit a request for reimbursement to Seller for Seller’s share of such expenses pursuant to the preceding sentences, and, likewise, and Seller shall timely pay the full amount of any invoices received by it and Purchaser shall reimburse Seller for Purchaser’s share of such expenses. Notwithstanding the foregoing, Seller shall be solely responsible for all liabilities relating to pending insurance premium audits including any future audits due on insurance policies of Seller (except for audits under insurance policies assigned to and assumed by Purchaser and relating to periods from and after the Closing). In addition, Purchaser will be responsible for night shift labor expense on Sunday, June 18, 2006, only to the extent such labor expenses relate to sales deliveries scheduled on or subsequent to the Closing Date.

Appears in 1 contract

Sources: Asset Purchase Agreement (Core-Mark Holding Company, Inc.)

Proration of Certain Expenses. Except as otherwise provided in Subject to Section 10.2 11.2 with respect to Taxes, all expenses and other payments in respect of all rents and other payments (including any prepaid amounts) due under the Assumed Real Property Leases Lease and any other leases constituting part of the Purchased Assets shall be prorated between SellerSeller and the Subsidiaries, on the one hand, and Purchaser, on the other hand, as of the Closing TimeDate. Seller shall be responsible for all rents (including any percentage rent, additional rent and any accrued tax and operating expense reimbursements and escalations), charges and other payments of any kind accruing during any period under the Assumed Real Property Leases Lease or any such other leases up to and including the Closing TimeDate; provided, that Seller reserves the right to dispute any Taxes owed with respect to any computer equipment leases assumed by Purchaser. Subject to any disputed Tax payments as set forth above, Purchaser shall be responsible for all such rents, charges and other payments accruing during any period under the Assumed Real Property Leases Lease or any such other leases that are Purchased Assets after the Closing TimeDate. Purchaser shall timely pay the full amount of any invoices received by it and shall submit a request for reimbursement to Seller for Seller’s share of such expenses pursuant to the preceding sentences, and, likewise, and Seller shall timely pay the full amount of any invoices received by it and Purchaser shall reimburse Seller for Purchaser’s share of such expenses.

Appears in 1 contract

Sources: Asset Purchase Agreement (Netbank Inc)

Proration of Certain Expenses. Except as otherwise provided in Subject to Section 10.2 11.2 with respect to Taxes, all expenses and other payments in respect of all rents and other payments (including any prepaid amounts) due under the Real Property Leases and any other leases constituting part of the Purchased Assets shall be prorated between SellerSeller and its Affiliates, on the one hand, and Purchaser, on the other hand, as of the Closing TimeDate. Seller shall be responsible for all rents (including any percentage rent, additional rent and any accrued tax and operating expense reimbursements and escalations), charges and other payments of any kind accruing during any period under the Real Property Leases or any such other leases Purchased Assets up to and including the Closing TimeDate. Purchaser shall be responsible for all such rents, charges and other payments accruing during any period under the Real Property Leases or any such other leases Purchased Assets after the Closing TimeDate. Purchaser shall timely pay the full amount of any invoices received by it after the Closing and shall submit a request for reimbursement to Seller for Seller’s pro rata share of such expenses pursuant to the preceding sentencesexpenses, andalong with any supporting documentation that Seller may reasonably request, likewise, and Seller shall timely pay the full amount of any invoices received by it and Purchaser shall reimburse Seller for Purchaser’s share of such expenses.

Appears in 1 contract

Sources: Asset Purchase Agreement (First Horizon National Corp)