Common use of Service Contract Payments Clause in Contracts

Service Contract Payments. At least 10 Business Days prior to Closing, Contributors shall estimate the amount of expenses due under any Service Contracts and shall provide same to TRT. All payments made under any Service Contracts assumed by the Joint Venture or an LLC Subsidiary at Closing shall be prorated as of the Closing Date. Any payment due and owing under any Service Contract that are allocable to both periods ending on the day before the Closing Date and periods beginning as of the Closing Date but that has not been made as of the Closing Date shall be prorated on a post-closing basis at the time the payment is actually made (provided, that payments made after the Closing Date for which the Joint Venture or any LLC Subsidiary has received reimbursement from Tenants under Space Leases shall not be prorated to the extent of such reimbursement). Following the Closing, and in any event, within 90 days of the Closing, Contributors shall provide TRT with a final reconciliation showing all payments made under the Services Contracts and any payments made to or from Contributors in reconciliation of same.