Priority of compensation Sample Clauses
The "Priority of compensation" clause establishes the order in which parties are entitled to receive compensation in the event of a loss, claim, or distribution of funds. This clause typically specifies which creditors, claimants, or stakeholders are paid first, and may outline tiers or classes of priority, such as secured creditors before unsecured creditors. By clearly defining the sequence of payments, the clause helps prevent disputes and ensures that compensation is distributed fairly and according to agreed-upon rules.
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Priority of compensation. The mortgagee enjoys primary priority of compensation. The mortgagee can enforce mortgage right directly under the contract rather than enforce the guarantee right(if any) to the creditor antecedently. The mortgager agrees that under no condition, the mortgagee does not enforce or not enforce any right under the loan documents with creditors in time, including but not limit to credit, the security right and breach remedy right should be regarded as be negligent or quit to enforce the rights and will not affect his fully enforcing rights under the contract.
Priority of compensation. Payments of Incentive Compensation (or deferred compensation in the event of termination by Waterford) by Waterford shall be made to Len prior to any distributions by Waterford to its members; provided that, if Permitted Quarterly Tax Distributions are withheld by the Trustee for the Senior Note Holders identified in Section 4.1 above because of an alleged default or violation under the Indenture referred to in Section 4.1 above or otherwise relating to the Notes to such Senior Note Holders, Len's Incentive Compensation shall be subordinated to distributions to Waterford's members in such amounts necessary to enable them to pay their taxes with regard to income of Waterford. PART C ITEMS OF GENERAL APPLICATION
Priority of compensation. The mortgagee shall be entitled to the priority of compensation. The mortgagee may directly exercise lien under the contract without exercising other guarantee of right (if any) for the debtor. The mortgagor agrees that in any cases, no exercising or delayed exercising of rights (including but not limited to obligee’s rights, security interest and remedial rights of default) by the mortgagee does not constitute delaying in or abandon its rights, and does not prevent the mortgagee from exercising its rights under the contract.