Payment Priorities Sample Clauses

The Payment Priorities clause establishes the order in which payments are distributed among parties when multiple claims or obligations exist. Typically, it specifies which creditors, vendors, or stakeholders are paid first, such as senior lenders before junior lenders or unsecured creditors. This clause ensures that all parties understand their position in the payment hierarchy, reducing disputes and providing clarity in situations like insolvency or liquidation.
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Payment Priorities. If the Collateral Agent receives any proceeds of Collateral, the Collateral Agent shall deliver such proceeds to the Trustee for application in accordance with Section 6.10 of the Base Indenture.
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Payment Priorities. The Revolver B Loans and all Obligations related thereto shall be entitled to repayment prior to all other Indebtedness of the Borrower and its Subsidiaries; provided that, as long as no Default or Unmatured Default has occurred and is continuing, Borrower and its Subsidiaries shall be permitted to (i) make payments on each Payment Date in amounts sufficient to pay accrued interest then due and payable with respect to the Revolving Loans and the Term Loan contemporaneously with payment in full of accrued interest then due and payable with respect to the Revolving B Loans, and (ii) make quarterly installment payments with respect to the Term Loan as required pursuant to Section 2.2., in each case, without first repaying all Obligations related to the Revolver B Loans. 2.7 Section 2.8. is hereby amended by deleting the word “and” at the end of subsection (iii), and adding the following at the end of subsection (iv):
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Payment Priorities. If the Borrower consummates a Qualified Capital Markets Transaction, the parties hereto agree that the proceeds from such transaction shall be applied as follows: FIRST, to all accrued and unpaid interest on the LIFO Loans, on a PRO RATA basis; SECOND, to the outstanding principal installments of the LIFO Loans on a PRO RATA basis; THIRD, in accordance with Section 4.5(c)(vi) of the Senior Credit Agreement; and fOURTH, to the extent of any excess, to the payment of any interest, principal and premium (if any) on the Rollover Loans and any other amounts outstanding under the Loan Documents. 1.7. AMENDMENT OF SECTION 3.04(E)
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Payment Priorities. On each Payment Date (or as otherwise provided herein), provided no Event of Default has occurred and is continuing (and subject to any other conditions to disbursement provided herein), Lender shall disburse amounts from the Cash Management Account, to the extent funds are available therein, to make the following payments in the following order of priority: (i) To the Tax, Ground Rents and Insurance Reserve Account, the amount then required to be deposited therein pursuant to Section 3.4; (ii) To Lender, the amount of all scheduled or delinquent interest payments then due and payable or past due and payable on the Loan, and all other amounts then due and payable under the Loan Documents; (iii) To the FF&E and CapEx Reserve Account, the amount required to be deposited therein pursuant to Section 3.6 (as amended and restated in Section 2.12(f) of the Third Omnibus Amendment); (iv) To the FF&E and CapEx Reserve Account, an additional amount (i.e., in addition to the amount described in Section 3.2(b)(iii) above) equal to $10,000,000, for each semi-annual period (i.e., January 1 through June 30, and July 1 through December 31) during calendar years 2011 and 2012 (Borrower may designate the amount to be disbursed on each Payment Date under this clause (iv), provided that a cumulative amount of $10,000,000 must be disbursed into the FF&E and CapEx Reserve Account under this Section 3.2(b)(iv) by the end of each semi-annual period, or Lender may itself disburse any shortfall existing at the end of such semi-annual period into the FF&E and CapEx Reserve Account); (v) If and only if interest on the Mezzanine Loan is currently payable to Mezzanine Lender under Section 2.7(a) of the Third Omnibus Amendment (that is, a Deferral Period as defined in the Third Omnibus Amendment does not then exist), the amount of the then currently scheduled interest payment on the Mezzanine Loan (and no other payments) to the Mezzanine Lender, pursuant to Mezzanine Lender’s written instruction to Lender; (vi) To pay scheduled quarterly debt service payments only (and no other payments) that are required to be made pursuant to that certain Junior Subordinated Indenture, dated June 17, 2005 (the “Indenture”), between the Operating Partnership and JPMorgan Chase Bank, National Association, as trustee, including, without limitation, as relates to the Securities (as defined in the Indenture) and the Trust Securities (as defined in the Indenture) (such payments, collectively, the “Trust Pre...
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Payment Priorities. (a) For so long as no Default or Event of Default has occurred and is continuing, on each Payment Date, at its election each Borrower may, and after the occurrence and during the continuance of a Default or an Event of Default each Borrower shall, pay or make distributions on the Loans of such Borrower in the amounts and to the Persons in the order of priority set forth below: (i) First, to the Initial Lenders and the Administrative Agent, on a pro rata basis, in an amount equal to any expense reimbursements and indemnified amounts payable thereto in accordance with this Agreement; (ii) Second, subject to Section 2.2(a), to each Lender, pro rata in accordance with such Lender’s Loan Percentage, an amount equal to the accrued and unpaid Interest for such Payment Date; (iii) Third, to each Lender, pro rata in accordance with such ▇▇▇▇▇▇’s Loan Percentage, any remaining amounts to the Loan Balance of each Loan as of such Payment Date (determined prior to giving effect to payments pursuant to this clause).
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Payment Priorities. If at any time the Project Funds from the Project is not sufficient to pay the bills and charges incurred with respect to the Project, Manager shall give notice thereof to Owner as provided in Section 6.4 and Owner shall provide additional funds pursuant to Section 6.3.
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Payment Priorities 
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Related to Payment Priorities

  • Relative Priorities Notwithstanding the date, time, method, manner or order of grant, attachment or perfection (if any) of any Liens securing the Senior Obligations or Junior Lien Obligations granted on the Junior Collateral and notwithstanding any provision of the UCC, or any other applicable Law or the Senior Loan Documents or the Junior Lien Documents, or whether any Senior Secured Party or Junior Secured Party holds possession of all or any part of the Junior Collateral, or any defect or deficiencies in, or failure to perfect, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Senior Obligations or the Junior Lien Obligations or any other circumstance whatsoever, each Junior Secured Party agrees that (a) any Lien on the Junior Collateral securing any Senior Obligations now or hereafter held by or on behalf of any Senior Secured Party or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Junior Collateral securing any Junior Lien Obligations, (b) any Lien on the Junior Collateral securing any Junior Lien Obligations now or hereafter held by any Junior Lender or Junior Lien Representative (or any other agent or trustee therefore) regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be (x) junior and subordinate in all respects to the rights and interests of the Senior Secured Parties and all Liens on the Junior Collateral securing any Senior Obligations, in each case as provided in this Agreement and (y) equal and ratable in all respects with the rights and interests of all other Junior Secured Parties.

  • Priorities If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order:

  • Security Interest/Priority This Security Agreement creates a valid security interest in favor of the Agent, for the benefit of the Lenders, in the Collateral of such Obligor and, when properly perfected by filing, shall constitute a valid perfected security interest in such Collateral, to the extent such security can be perfected by filing under the UCC, free and clear of all Liens except for Permitted Liens.

  • Lien Priorities Notwithstanding (a) the date, manner or order of filing, recordation, or perfection of the security interests or liens granted in favor of Moriah and the Notes Collateral Agent, (b) any provisions of the UCC, or any applicable law or decision, (c) the provisions of the Moriah Loan Agreements, Noteholder Agreements or any contract between any of the Creditors on one hand, and the Borrower or any affiliate thereof, on the other hand, or (d) whether either Moriah or the Notes Collateral Agent holds possession of all or any part of the Collateral, the following, as between Moriah and the Notes Collateral Agent, shall be the relative priority of the security interests and liens of Moriah and the Notes Collateral Agent in the Collateral: (a) Moriah shall have a first and prior security interest to the extent set forth herein in all Accounts and Inventory as defined in the Section 9-102 of the UCC. The Notes Collateral Agent shall have a second and subordinate security interest in the foregoing property and interests in such property; provided, that, any amount of the Moriah Claim in excess of the Maximum Moriah Debt at any time outstanding (together with the interest on such excess) shall not be entitled to the benefit of the priority of the security interest of Moriah provided for in this Section 2.1(a). (b) The Notes Collateral Agent shall have a first and prior security interest in the remainder of the Collateral that is the subject of the Noteholder Agreements and Moriah shall have a second and subordinate security interest in such Notes Collateral whether now owned or hereafter created by any Loan Party. Neither Moriah nor the Notes Collateral Agent shall contest the validity, perfection, priority or enforceability of any lien or security interest heretofore granted to the other Party or granted in connection herewith or contemplated hereby. Notwithstanding any failure of a Party to perfect its security interests in any Collateral or any other defect in any security interests or obligations owing to such Party, the priority and rights as between the parties hereto shall be as set forth herein.

  • Modification; Prior Claims This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof, supersedes all existing agreements between them concerning such subject matter, including, without limitation, the Original Agreement, and may be modified only by a written instrument duly executed by each party.