Proportional Payment definition
Proportional Payment. If the first or last payment year for the contributions determined in this Tenth Clause do not correspond to an entire Fiscal Year, these shall be paid in proportion to the number of months corresponding to said Fiscal Year. When the exploration period or the production period do not begin on January one, the first payments shall be made within thirty (30) days from the start of the respective period. When the Contractor does not pay the given contributions in this Tenth Clause on the given dates, the corresponding legal interest will be charged.
Proportional Payment means payment through a combination of cash, a reduction in the then outstanding principal of the Note and delivery to the Buyer of shares of Preferred Stock (within an agreed upon value for purposes of this Section 10 only of $1,000 per share and allowing payment with fractional shares) in proportion to the amount of the Cash Payment (without taking into account the adjustment provided by Section 2.5(a)), principal amount of the Note and aggregate liquidation preference of the Preferred Stock to be received by the Seller at the Closing pursuant to Section 2.3. By way of illustration, a Proportional Payment on a $100,000 claim would consist of $49,000 in cash (4,000,000/8,250,000), reduction of the principal amount of the Note by $12,000 (1,000,000/8,250,000) and delivery to the Buyer of 39 shares of Preferred Stock within an agreed upon value for purposes of this Section 10 only of $1,000 per share (3,250,000/8,250,000). If a Proportional Payment in the proportions set forth above would, if made, result in the aggregate cash paid by the Seller and/or the Shareholders exceeding the limit set forth in Section 10.4(c)(ii) and/or the aggregate reduction in principal amount of the Note exceeding the limit set forth in Section 10.4(c)(iii), then (i) the amount of such Proportional Payment otherwise required to be paid in cash that would result in the aggregate cash paid by the Seller and/or the Shareholders exceeding the limit set forth in Section 10.4(c)(ii) may be satisfied by a reduction in the principal amount of the Note and (ii) the amount of such Proportional Payment otherwise required to be satisfied by a reduction in the principal amount of the Note (including after giving effect to clause (i) hereof) that would result in the aggregate reduction in principal amount of the Note exceeding the limit set forth in Section 10.4(c)(iii) may be satisfied by delivery to the Buyer of shares of Preferred Stock.
Examples of Proportional Payment in a sentence
In no event will the Company be responsible for payment to the Investor of the BurTech Payment or for any amount that exceeds the amount of the Company’s Proportional Payment.
When we live in different communities where transportation will be by airplane, we agree to assist our child(ren) by considering jet lag, settling in times, and "best option in light of the price" schedules appropriate to our child(ren)'s age and needs.