Common use of Pro Rata Interest Clause in Contracts

Pro Rata Interest. (a) The Notes shall be equally and ratably entitled to the benefits of this Loan Agreement without preference, priority or distinction, all in accordance with the terms and provisions of this Loan Agreement. All Notes issued hereunder are and are to be equally and ratably secured by this Loan Agreement without preference, priority or distinction on account of the actual time or times of the delivery of the Notes so that, all Notes shall have the same right, Lien and preference under this Loan Agreement and shall all be equally and ratably secured hereby with like effect as if they had all been executed, authenticated and delivered simultaneously on the date hereof. (b) The execution and delivery of this Agreement shall be upon the express condition that if the conditions specified in Section 701 of this Loan Agreement are met, the security interest and all other estate and rights granted by this Loan Agreement with respect to the Notes shall cease and become null and void and all of the property, rights, and interest granted as security for the Notes shall revert to and revest in the Issuer without any other act or formality whatsoever.