Priority Payments Clause Samples

The Priority Payments clause establishes the order in which payments are to be made when multiple obligations exist under an agreement. Typically, it specifies that certain debts or expenses—such as administrative costs, taxes, or secured claims—must be paid before others, especially in scenarios like insolvency or liquidation. By clearly defining the hierarchy of payments, this clause ensures that critical or legally mandated obligations are satisfied first, thereby reducing disputes and providing predictability for all parties involved.
Priority Payments. Before any distributions are made under Section 6.3, the Partnership, at such times as the General Partner reasonably determines, will pay available Net Cash Flow in the following order and priority:
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Priority Payments. The Claims Administrator will develop and maintain procedures for the detection of potentially fraudulent Claims. The Claims Administrator will be independent of the Reorganized Debtor and other Released Parties based on qualification standards described in the Settlement Facility Agreement. The Claims Administrator will serve for the duration of the Settlement Program. If the Claims Administrator dies or resigns or becomes unable to perform his or her duties, the Debtor's Representatives and the Claimants' Advisory Committee (described below), will designate a replacement, subject to the approval of the MDL 926 Court. C.
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Priority Payments. Members shall be entitled to distributions only after the following priority payments have been paid in full: (i) first payment to any and all outstanding loans, plus any accrued interest, (ii) second payment to The David L. Raucher Revocable Trus▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ of $150,000.00, on the terms and conditions provided in Article 9, Section 9.5 of this Agreement, and (iii) third payment to Capitol Development, Inc., in the amount of $150,000.00 on the terms and conditions provided in Article 9, Section 9.5 of this Agreement.
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Priority Payments. You must continue to meet your priority payments such as taxes, fines, child support payments, mortgage/rent, rates, utilities and payments due under consumer hire agreements such as hire purchase on a vehicle. If you fail to maintain payments to these priority creditors, they can take action against you or your assets. You could also lose access to services or essential goods or face repossession or eviction. If in doubt about what constitutes essential services, please call the team at The Debt Advisor who will be pleased to help. If you have been referred to The Debt Advisor by a third party, there may be a fee payable. This fee is paid by The Debt Advisor and is not an additional fee that you have to pay. If we refer you to a service provider, we may earn commission. Creditors will ensure that you are removed from their credit related marketing lists for the duration of the plan. If a creditor chooses to sell a debt, the buyer must be contractually obliged to honour the existing plan for so long as it operates in accordance with its terms. We intend to rely on the written terms set out in this Agreement. If you require any changes to this agreement you must ask for these changes to be put in writing by us. In this way we seek to avoid any misunderstanding or problems surrounding what we and you are expected to do. The fee covers the work we undertake in setting up your plan which includes drafting your debt management plan, sending it to creditors, liaising with creditors to gain their acceptance of the plan and dealing with creditors’ queries. In addition, our fees cover distribution of your payment to creditors and handling creditor and client queries. The fee we charge to cover these services is calculated at 17.5% of your monthly payment, subject to a minimum of £25.00 if your monthly payment is £99.99 or less and a minimum of £30.00 if your monthly payment is £100.00 or more. Our maximum management fee is capped at £100.00. In addition, during the first 6 months we will apply an Additional Charge as follows;  Up to 5 active debts £10 per month  6 – 10 active debts £15 per month  11 + active debts £20 per month Creditors will receive a reduced payment during this time of not less than 52% of your monthly payment. You may go into arrears or further arrears during this period but these arrears will be included in your plan. We will send to your creditors increased offers of payment once the Additional Charge is ceased and a copy will be shared wit...
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Priority Payments. (a) Upon closing CBSA will assume responsibility for the finances of CFPI. Existing revenue sources from CFPI will continue to be deposited into the existing CFPI bank account and all existing business expenses of CFPI will continue to be disbursed from this account in the following monthly priority order: (1) Payroll; (2) Payment on the Promissory Notes to ▇▇▇▇▇▇; (3) Rent on the CFPI current business premises; and
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Related to Priority Payments

  • Priority of Payments (a) Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement. For clarification purposes, Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, shall be paid to the Master Servicer and the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement. Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

  • Priority Allocations (A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4) with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit (the amount of the excess, an “Excess Distribution” and the Unit with respect to which the greater distribution is paid, an “Excess Distribution Unit”), then (1) there shall be allocated gross income and gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount of such items allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii)(A) for the current taxable period and all previous taxable periods is equal to the amount of the Excess Distribution; and (2) the General Partner shall be allocated gross income and gain with respect to each such Excess Distribution in an amount equal to the product obtained by multiplying (aa) the quotient determined by dividing (x) the General Partner’s Percentage Interest at the time when the Excess Distribution occurs by (y) a percentage equal to 100% less the General Partner’s Percentage Interest at the time when the Excess Distribution occurs, times (bb) the total amount allocated in clause (1) above with respect to such Excess Distribution. (B) After the application of Section 6.1(d)(iii)(A), all or any portion of the remaining items of Partnership gross income or gain for the taxable period, if any, shall be allocated (1) to the holders of Incentive Distribution Rights, Pro Rata, until the aggregate amount of such items allocated to the holders of Incentive Distribution Rights pursuant to this Section 6.1(d)(iii)(B) for the current taxable period and all previous taxable periods is equal to the cumulative amount of all Incentive Distributions made to the holders of Incentive Distribution Rights from the Closing Date to a date 45 days after the end of the current taxable period; and (2) to the General Partner an amount equal to the product of (aa) an amount equal to the quotient determined by dividing (x) the General Partner’s Percentage Interest by (y) the sum of 100 less the General Partner’s Percentage Interest times (bb) the sum of the amounts allocated in clause (1) above.

  • Priority Debt The Company will not permit Priority Debt to exceed 15% of Consolidated Total Assets (as of the end of the Company’s then most recently completed fiscal quarter) at any time.

  • Priority as to Distributions (i) Except as provided in Section 16.2.C.(ii) below, no distributions shall be declared or paid or set apart for payment and no other distribution of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units as to distributions and upon liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or made available for a sinking fund for the redemption of such units) and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for Junior Units as to distributions and upon liquidation, and except for the redemption of Partnership Interests corresponding to any REIT Series A Preferred Shares or any other REIT shares of any other class or series of capital stock ranking, as to dividends or upon liquidation, on parity with or junior to the Series A Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent necessary to preserve the General Partner’s status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative distributions on the Series A Preferred Units for all past periods and the then current period shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. (ii) When distributions are not paid in full (and a sum sufficient for such full payment is not so set apart) upon the Series A Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series A Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be declared pro rata so that the amount of distributions declared per Series A Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series A Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of Parity Preferred Units for prior distribution periods if such other class or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series A Preferred Units which may be in arrears.

  • Priority Hiring If the Contract Amount is over $200,000 and this Agreement is for services (other than Consulting Services), this section is applicable. Contractor shall give priority consideration in filling vacancies in positions funded by this Agreement to qualified recipients of aid under Welfare and Institutions Code section 11200 in accordance with PCC 10353.