Common use of Pro Rata Interest Clause in Contracts

Pro Rata Interest. At least three (3) Business Days before Parent’s payment of any Milestone, Member Representative will provide Parent with an updated calculation of each Member’s Pro Rata Interest (the “Updated Pro Rata Interest”) that will replace the previous percentage of such Member’s Pro Rata Interest (the “Replaced Pro Rata Interest”) effective as of the date Parent paid the most recent Milestone Payment to the Members. After Member Representative delivers the Updated Pro Rata Interest to Parent, all references in this Agreement to a Member’s Pro Rata Interest shall be equal to the Updated Pro Rata Interest. Member Representative’s delivery of each Member’s Updated Pro Rata Interest to Parent will have no effect on previous calculations under this Agreement made using the Replaced Pro Rata Interest.