Portions Clause Samples
The "Portions" clause defines how specific parts or segments of a larger work, contract, or deliverable are treated within the agreement. It typically clarifies whether individual sections, chapters, or components can be considered separately for purposes such as delivery, payment, or rights allocation. For example, in a publishing contract, this clause might specify if an author can reuse certain chapters elsewhere or if payment is tied to the completion of distinct sections. Its core function is to provide clarity on the treatment of subdivided elements, preventing disputes over ownership, usage, or obligations related to parts of the whole.
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Portions. (a) In addition to any Portions described in the Agreement Particulars, the ALT or the Principal's Representative may at any time determine that any part of the Alliance Works will be regarded as a Portion.
(b) References in this Agreement to Alliance Works, Certificate of Completion, Completion, Date for Completion, and Date of Completion will be read as referring to a Portion where the context requires or permits.
Portions. The LIBOR-based interest rate shall be subject to the terms and conditions described later in this Agreement. Any principal amount bearing interest at the LIBOR-based interest is referred to as a "Portion."
Portions. Subject to the terms and conditions of this Section 2, portions of the principal indebtedness evidenced by the Revolving Notes (all of the indebtedness evidenced by the Revolving Notes bearing interest at the same rate for the same period of time being hereinafter referred to as a "Portion") may, at the option of the Company, bear interest with reference to the Domestic Rate ("Domestic Rate Portions") or with reference to the Adjusted LIBOR ("LIBOR Portions"), and Portions may be converted from time to time from one basis to another. All of the indebtedness evidenced by a particular class of Revolving Notes which is not part of a LIBOR Portion shall constitute a single Domestic Rate Portion. LIBOR Portions may be denominated in U.S. Dollars or an Alternative Currency, but Domestic Rate Portions must be denominated in U.S. Dollars only. All of the indebtedness evidenced by Revolving Notes of the same type which bears interest with reference to a particular Adjusted LIBOR for a particular Interest Period and is denominated in a particular currency shall constitute a single LIBOR Portion. There shall not be more than five (5) LIBOR Portions applicable to the Revolving Notes outstanding at any one time, and each Lender shall have a ratable interest in each Portion based on its Percentage. Anything contained herein to the contrary notwithstanding, the obligation of the Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at the time no Default or Event of Default shall have occurred and be continuing. The Company hereby promises to pay interest on each Portion at the rates and times specified in this Section 2.