Pro Rata Payment Sample Clauses
A Pro Rata Payment clause establishes that payments or distributions will be made proportionally among parties based on their respective shares or interests. In practice, this means that 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 ownership. For example, if two creditors are owed different amounts, each will receive a share of any available funds in proportion to their outstanding balance. This clause ensures fairness and equity in the allocation of payments, preventing any one party from receiving more than their due share when resources are limited.
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Pro Rata Payment. The Company agrees that any payments to the Holders of the Notes (including, without limitation, upon acceleration pursuant to Section 6) shall be made pro rata among all such Holders based upon the aggregate unpaid principal amount of the Notes held by each such Holder. If any Holder of a Note obtains any payment (whether voluntary, involuntary, by application of offset or otherwise) on such Note in excess of such Holder’s pro rata share of payments obtained by all Holders of the Notes, such Holder shall make payments to the other Holders of the Notes based on such participation in the Notes held by them as is necessary to cause such Holders to share the excess payment ratably among each of them as provided in this Section 2(c).
Pro Rata Payment. If the Borrower is not able to pay to the holders of the June 2008 Notes the full amounts due at any time when payments under the June 2008 Notes become due and payable by the Borrower, either on the Maturity Date or upon the occurrence of an Event of Default, the holders of the June 2008 Notes shall share ratably in any distribution of the Borrower pro rata in proportion to the respective amounts of each such holder’s June 2008 Notes.
Pro Rata Payment. All payments owed to the Holders of the Notes (whether for principal, interest, or otherwise) shall be made pro rata among such Holders based upon the aggregate unpaid principal amount of the Notes held by each such Holder.
Pro Rata Payment. Except as otherwise expressly provided in this Note, all payments to the holders of the Notes (whether for principal, interest or otherwise) shall be made pro rata among such holders based upon the aggregate unpaid principal amount of the Notes held by each such holder. If any holder of a Note obtains any payment (whether voluntary, involuntary, by application of offset or otherwise) of principal, interest or other amount with respect to any Note in excess of such holder’s pro rata share of such payments obtained by all holders of the Notes (other than as expressly provided herein), by acceptance of a Note each such holder agrees to purchase from the other holders of the Notes a participation in the Notes held by them as is necessary to cause such holders to share the excess payment ratably among each of them as provided in this paragraph.
Pro Rata Payment. Pro rata payments in case of retirement or death shall be made as soon as is practicable thereafter.
Pro Rata Payment. In the event of the following:
(i) the Company terminates the Executive's employment for Cause (as defined below),
(ii) the Executive dies or becomes disabled (being the inability of the Executive to perform the essential requirements of the job with or without reasonable accommodation),
(iii) the Executive resigns prior to the occurrence of a Change in Control (as defined below) of the Company at a time when there is no uncured breach by the Company of any term of this Agreement, or
(iv) the Executive resigns after the occurrence of a Change in Control for any reason other than for Good Reason (as defined below); then in each case the Executive shall be entitled to receive only his Base Salary on a pro rata basis to the date of termination or resignation.
Pro Rata Payment. Except as specified in Section 6.3(a)(viii) (Replacement Debt) or to the extent that any Facility Lender waives or declines receipt of its Pro Rata Payment of any prepayment in accordance with the terms of any Senior Debt Instrument to which it is a party, at any time the Borrower makes a payment or prepayment in whole or in part of the Senior Debt Obligations owed to one or more Facility Lenders, the Borrower shall make a Pro Rata Payment to all other Facility Lenders (and in the case of outstanding Term Loans, pro rata); provided that:
(a) except as otherwise provided in any individual Facility Agreement, the mandatory prepayments described in Section 3.4(a)(vi) (
Pro Rata Payment. If the Borrower is not able to pay to the holders of the Second Amended 2008 Notes the full amounts due at any time when payments under the Second Amended 2008 Notes become due and payable by the Borrower, either on the Maturity Date or upon the occurrence of an Event of Default, the holders of the Second Amended 2008 Notes shall share ratably in any distribution of the Borrower pro rata in proportion to the respective amounts of each such holder’s Second Amended 2008 Notes.
Pro Rata Payment. If the Company terminates the Executive’s employment for Cause, or if the Executive voluntarily resigns prior to the occurrence of a Change in Control of the Company at a time when there is no uncured Breach by the Company of this Agreement, then in either case the Executive shall be entitled to receive only his then current Base Salary on a pro rata basis to the date of such termination or resignation.
Pro Rata Payment. If the Unit Commencement Date, commencement or termination of this Agreement falls upon any date other than the first or last day of any calendar month, the applicable fees and charges for said month shall be in the same proportion that the number of days the Agreement is in effect for that month bears to the total number of days in that month.