No Priority Claims Sample Clauses
The "No Priority Claims" clause establishes that no party to the agreement will have a superior right or claim over the other parties regarding the subject matter of the contract. In practice, this means that if multiple parties are owed obligations or payments, none can assert that their claim should be satisfied before others, regardless of timing or circumstance. This clause is essential for ensuring equal treatment among parties and preventing disputes over the order in which claims are addressed, thereby promoting fairness and clarity in the administration of the agreement.
No Priority Claims. Recco has no liability in respect of any Debt (other than under the Operative Documents), or in respect of any guarantee by Recco of the obligations of another.
No Priority Claims. ▇▇▇▇▇ has no liability in respect of any Debt (other than under the Operative Documents), or in respect of any guarantee by ▇▇▇▇▇ of the obligations of another.
No Priority Claims. Except for the obligations and transactions contemplated by the Operative Agreements, the Borrower has no liability in respect of any unsecured Debt under which the lender, creditor or lessor or the Person in whose favor such Debt is issued has any right, by operation of law or otherwise, to have any claim in respect of such obligation or guarantee first satisfied out of the general assets of the Borrower in priority to the claims of its general creditors.
No Priority Claims. Finc▇ ▇▇▇ no liability in respect of any unsecured Debt, or in respect of any guarantee by Finc▇ ▇▇ the obligations of another, under which the lender, creditor or lessor or the Person in whose favor such guarantee is given has any right, by operation of law or otherwise, to have any claim in respect of such obligation or guarantee first satisfied out of the general assets of Finc▇ ▇▇ priority to the claims of its general creditors.