Payment Pro Rata Clause Samples

The Payment Pro Rata clause establishes that payments or distributions will be made proportionally among parties based on their respective shares or interests. In practice, if multiple parties are owed money or entitled to a distribution, each will receive an amount corresponding to their percentage of the total claim or entitlement. This ensures fairness by preventing any single party from receiving more than their due share, and it is commonly used in contexts such as debt repayments, liquidation proceeds, or dividend distributions. The core function of this clause is to allocate payments equitably and transparently among all eligible parties, thereby avoiding disputes over unequal treatment.
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Payment Pro Rata. (a) The Administrative Agent agrees that ---------------- promptly after its receipt of each payment from or on behalf of the Borrower in respect of any Obligations hereunder, it shall distribute such payment to the Banks pro rata based upon their respective shares, if any, of the Obligations --- ---- with respect to which such payment was received. (b) Each Bank and each Agent agrees that, if it acquires custody, control or possession of any Collateral or Collateral Proceeds, contrary to the payment and application provisions of this Agreement, then such Bank or such Agent shall segregate such Collateral or Collateral Proceeds from other funds and property of such Bank or Agent and shall forthwith pay over to the Collateral Agent in the same form as so received (with any necessary endorsement), to be held as Collateral (in the case of non-cash Collateral) or to be applied (in the case of cash) to the Obligations in accordance with the application provisions of Section 5.02(B), Section 5.02(C) or Section 11.12, as applicable. (c) Each Bank and each Agent agrees that, if it receives any amount hereunder (whether by voluntary or mandatory payment or prepayment, by realization upon security, by exercise of the right of set-off or banker's lien, by counterclaim or cross-action, by the enforcement of any right under the Credit Documents, or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans, Unpaid Drawings, or Fees, of a sum which, with respect to the related sum or sums received by the other Banks or Agents, is in a greater proportion than (x) the total amount of such Obligation then due and payable to such Bank or Agent under the provisions of this Agreement bears to (y) the total amount of such Obligation then due and payable to all of the Banks or Agents immediately prior to such receipt, then such Bank or Agent receiving such excess payment shall segregate such excess amount from other funds of such Bank or Agent and shall forthwith pay over to the Collateral Agent such excess in the same form as so received (with any necessary endorsement) to be applied to the Obligations in accordance with the application provisions of Section 5.02(B), Section 5.02(C) or Section 11.12, as applicable.
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Payment Pro Rata. Payment to the Secured Parties under the Notes shall be made in proportion to the principal and accrued interest then outstanding on any such date of payment to each, until such obligations are paid or retired in full.
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Payment Pro Rata. Payment to the Secured Parties under the 2008 Notes shall be made in proportion to the principal and accrued interest then outstanding on any such date of payment to each, until such obligations are paid or retired in full. Payment to the Secured Parties under the 2009 Notes shall be made in proportion to the principal and accrued interest then outstanding on any such date of payment to each, until such obligations are paid or retired in full. Payment to the Secured Parties under the 2010 Notes shall be made in proportion to the principal and accrued interest then outstanding on any such date of payment to each, until such obligations are paid or retired in full. No obligations to holders of the 2009 Notes or 2010 Notes shall prevent the Company from making payments to the holders of the 2008 Notes, no obligations to holders of the 2008 Notes or 2010 Notes shall prevent the Company from making payments to the holders of the 2009 Notes, and no obligations to holders of the 2008 Notes or 2009 Notes shall prevent the Company from making payments to the holders of the 2010 Notes.
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Payment Pro Rata. The amount of each required payment of the Notes will be allocated among all Notes at the time outstanding with respect to which payment is then due in proportion, as nearly as practicable, to the respective outstanding principal amounts of such Notes. You agree that, if you shall obtain payment with respect to any Note held by you in excess of your rightful portion as set forth above through the exercise (subject to Section 8.11 herein) of a right of set-off, banker's lien or counterclaim, or from any other source, you shall promptly purchase from any other Holders of participations in the Notes held by any other Holders in such amounts, and make such other adjustments from time to time, as shall be equitable to the end that all Holders shall share the benefit of such payment pro rata as specified in the preceding sentence; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Holder, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. You further agree that for the purpose of this Section 2.3, all exercises of right of set-off, banker's lien or counterclaim by any Holder shall be deemed to have been made against and in respect of the Note or Notes held by such ▇▇▇▇▇▇ and not against any other obligation of the Association to it.
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Payment Pro Rata. (a) The Administrative Agent agrees that promptly after its receipt of each payment from or on behalf of the Borrower in respect of any Obligations hereunder, it shall distribute such payment to the Banks pro rata based upon their respective shares, if any, of the Obligations with respect to which such payment was received. (b) Each of the Banks agrees that, if it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right of setoff or banker's lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents, or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans, Unpaid Drawings, Commitment Commission or Fees, of a sum which, with respect to the related sum or sums received by other Banks, is in a greater proportion than the total of such Obligation then owed and due to such Bank bears to the total of such Obligation then owed and due to all of the Banks immediately prior to such receipt, then such Bank receiving such excess payment shall purchase for cash without recourse or warranty from the other Banks an interest in the Obligations of the respective Credit Party to such Banks in such amount as shall result in a proportional participation by all the Banks in such amount; provided that if all or any portion of such excess amount is thereafter recovered from such Bank, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.
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Related to Payment Pro Rata

  • Pro Rata Upon termination of employment for any reason other than discharge for proven or admitted dishonesty, an employee shall receive whatever vacation pay is due, prorated on the basis of the number of straight-time hours worked, provided that the employee has been in the continuous employ of the Employer for six (6) months or longer. Said vacation pay shall be prorated according to the ratio that the straight-time hours actually worked bear to 2,080 hours. The forfeiture of vacation pay for proven or admitted dishonesty shall not be retroactive beyond the employee's last anniversary date. 1. Employees whose employment is terminated, and who have been in the continuous employ of the Employer more than six (6) months, but less than one (1) year, shall not be entitled to such pro rata pay where termination of employment is due to a discharge or to a voluntary quit, but shall receive prorated vacation only where termination of employment is due to a layoff. 2. Any employee who has been in the employ of the same Employer for twelve (12) consecutive calendar months, but not to exceed eighteen (18) consecutive calendar months, shall upon termination of employment be entitled to receive a pro rata of his earned vacation on the basis of one (1) workweek consisting of forty (40) hours at straight-time pay for all months for which no vacation has been paid. 3. Where an employee has been in the employ of the same Employer in excess of eighteen (18) consecutive calendar months, he shall receive upon termination, a pro rata of accrued vacation pay on the basis of eighty (80) hours at straight-time pay for all months for which no vacation has been paid, but in no event shall vacation pay for the first year's employment exceed one (1) week's pay. It is further provided that employees who voluntarily quit after eighteen (18) consecutive calendar months of employment with the same Employer, and prior to two (2) years employment with the same Employer, shall receive pro rata of accrued vacation pay on the basis of forty (40) hours at the straight-time rate of pay. 4. An employee who has been in the employ of the same Employer for five (5) years or more shall, upon termination, receive accrued vacation pay on the basis of three (3) weeks per year for all time in excess of five (5) years for which no vacation pay has been received. 5. An employee who has been in the employ of the same Employer for fifteen (15) years or more shall, upon termination, receive accrued vacation pay on the basis of four (4) weeks per year for all time in excess of fifteen (15) years for which no vacation pay has been received. 6. An employee who has been in the employ of the same Employer for twenty (20) years or more shall, upon termination, receive accrued vacation pay on the basis of five (5) weeks per year for all time in excess of twenty (20) years for which no vacation pay has been received.

  • Pro Rata Payments Payments to the Holders shall be pro rata with other Holders who purchased Notes in the same offering, based on the Principal Amount of each such Note. If a Holder receives a payment in excess of his, her, or its pro rata share, the excess shall be deemed to be held in trust for the benefit of other Holders.

  • Payments Pro Rata (a) Except as otherwise provided in this Agreement, the Facility Agent agrees that promptly after its receipt of each payment from or on behalf of the Borrower in respect of any Credit Document Obligations hereunder, it shall distribute such payment to the Lenders (other than any Lender that has consented in writing to waive its pro rata share of any such payment) pro rata based upon their respective shares, if any, of the Credit Document Obligations with respect to which such payment was received. (b) Other than in connection with assignments and participations (which are governed by Section 13), each of the Lenders agrees that, if it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents, or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans, Commitment Commission, of a sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Credit Document Obligation then owed and due to such Lender bears to the total of such Credit Document Obligation then owed and due to all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for cash without recourse or warranty from the other Lenders an interest in the Credit Document Obligations of the respective Credit Party to such Lenders in such amount as shall result in a proportional participation by all the Lenders in such amount; provided that if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. (c) Notwithstanding anything to the contrary contained herein, the provisions of the preceding Sections 14.05(a) and (b) shall be subject to the express provisions of this Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting Lenders.

  • Pro Rata Distributions During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

  • Payment Amount Payment for the Services shall be as follows: (choose one) ☐ - $______________________ for the Services (“Payment”). ☐ - At an hourly rate of $____ per hour (“Payment”). ☐ - Other. ______________________________________________ (“Payment”) If the Subcontractor asserts a claim which involves, in whole or in part, acts or omissions which are the responsibility of the Client or another person for whom a claim may be submitted, including but not limited to, claims for failure to pay, an extension of time, impacts, delay damages, or extra work, the Contractor shall present the Subcontractor's claim to the Client or other responsible party provided the Subcontractor presents to Contractor competent supporting evidence and in sufficient time for the Contractor to do so. The Subcontractor shall cooperate fully with the Contractor in any and all steps the Contractor takes in connection with prosecuting such a claim and shall hold harmless and reimburse the Contractor for all expenses, including legal expenses, incurred by the Contractor which arise out of the Contractor's submission of the Subcontractor's claims to the Client or other responsible party(ies). The Subcontractor shall be bound by any adjudication or award in any action or proceeding resolving such a claim.