Common use of Pro-rata Application Clause in Contracts

Pro-rata Application. If funds remaining in the Revenue Account at any level in Section 4.1 are insufficient to pay all amounts set forth in a Disbursement Requisition at such level, funds shall be applied on a pro rata basis among payees and accounts specified in a Disbursement Requisition at such level or, solely with respect to clauses SECOND and SEVENTH of Section 4.1 and so long as there is no Default or Event of Default, as otherwise directed by the Issuer in writing.

Pro-rata Application. If funds remaining in the Revenue Account at any level in Section 4.1 are insufficient to pay all amounts set forth in a Disbursement Requisition at such level, funds shall be applied on a pro rata basis among payees and accounts specified in a Disbursement Requisition at such level or, solely with respect to clauses SECOND SECOND, FOURTH and SEVENTH NINTH of Section 4.1 and so long as there is no Default or Event of Default, as otherwise directed by the Issuer in writing.