— also known as a pro rata liability clause, Standard Other insurance clause Prorata is a Latin term meaning “proportionate” and refers to a share receivable or an amount payable on the basis of a fraction of the value, such as ownership, liability or time spent. A tenant of a rental property can pay their share on a pro rata monthly payment if the rent ends before the end of the month. Proportional; according to a certain rate, percentage or proportion. Thus, creditors (of the same class) of an insolvency estate must be paid on a pro rata basis, i.e. each receives a dividend in the same proportion of the total amount of its claim borne by the sum of assets to the sum of debts. In insolvency, where the debtor is insolvent, creditors generally agree to pay a proportionate share of what is owed to them. If the debtor still has funds, the money is divided proportionally among the creditors, depending on the amount of each debt. Pro-rata is a financial term that includes equal shares. Translated as “proportional” in Latin, when something is spent “prorated,” it means that anyone who owns a stake in a company receives equal pay based on the amount of equity they own.
Pro-rata is often used to determine dividends. (proh rat-ah or proh ray-tah) adj. from Latin for “in proportion”, refers to a share to be received or an amount to be paid on the basis of the fraction of ownership, responsibility or time spent. Examples: An heir who receives a quarter of an estate may be liable for a quarter of the inheritance tax as a proportionate share. The buyer of a rental property pays his proportionate share of the property tax for the part of the year in which he holds the property. A pro-rata clause in an automobile insurance policy provides that if an insured person has other insurance policies for the same type of risk, the policy-issuing company with the prorated clause will only be liable for a portion of the damage resulting from the ratio between its insurance limit and the total limits of all available insurance. PROPORTION. Depending on rate, proportion or allocation. A creditor of an insolvency estate must be paid pro rata with creditors of the same class. A lack of bad manners, as well as a good sense of humor 🙂 I am an entrepreneurial attorney in the Seattle area dedicated to helping clients build and plan for the future. I graduated from the University of Chicago with a law degree and worked at a leading global law firm. But I found it much more rewarding to advise real people on legal matters.
Contact us to discuss how we can work together! Immediately after the date, which is the second anniversary of the balance sheet date (the “Escrow End Date”), Buyer and Seller must provide the Trustee with a joint written instruction to distribute all remaining amounts to the Indemnity Escrow Account, namely: the amount of all outstanding claims as of the end date of the escrow account (the “Trust Reserve Amount”), to members according to their proportional share. Supported by Black`s Law Dictionary, Free 2nd ed., and The Law Dictionary. “They have great service and I`ll be sure to spread the word.” I am an experienced trademark lawyer and enjoy helping clients protect and develop their brand names through trademark registration and enforcement. I have worked with a variety of clients in a variety of industries, including e-commerce, software-as-a-service (SaaS), and consumer products, to register trademarks for product names, logos, and slogans in the U.S. and abroad. No collection due to such claims; provided that eligible Class 8 ticket holders receive their proportionate share of the cash payment by donation. [Latin, proportional.] An expression that describes a division based on a specific rate, percentage, or percentage. 12 years PQE lawyer with extensive experience in sports, media and technology. No recovery due to such claims and no proportionate share of cash payment. Once the conditions set out in Article 5 have been met, each lender agrees (individually and not jointly) to advance to borrowers the lender`s proportionate share of a global loan (the “Loan”) in an advance to the borrower on the balance sheet date equal to the total amount of the maximum facility.
Daniel is an experienced corporate lawyer and works closely with corporations, private corporations, high net worth individuals, family offices, start-ups and entrepreneurs. Daniel graduated from Gonzaga University School of Law and was admitted to the Illinois Bar. Results-oriented business lawyer with a focus on the healthcare sector. Previously, he worked at Biglaw, working on large multi-million dollar mergers and acquisitions, financings and external management consulting. I have brought my skills to the small business market to provide the highest level of professionalism and sophistication to small businesses and start-ups.