Preferential Claims Clause Samples
The Preferential Claims clause defines the priority of certain debts or claims over others in the event of insolvency or liquidation. It typically specifies which creditors, such as employees owed wages or government authorities owed taxes, are entitled to be paid before general unsecured creditors. By establishing a clear order of payment, this clause ensures that specific, often legally mandated, obligations are satisfied first, thereby protecting vulnerable parties and providing predictability in the distribution of assets.
Preferential Claims. Reference is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b)(4) and (6) of such Act:
Preferential Claims. 57 ARTICLE XI SUPPLEMENTS AND AMENDMENTS TO THIS PASS THROUGH AGREEMENT AND OTHER DOCUMENTS
Preferential Claims. 39 Section 6.13. Appointment of Authenticating Agent...........................39
Preferential Claims. 46 Section 6.14.
Preferential Claims. Punctually pay, as the same becomes due, all debts and liabilities which by virtue of the provisions of the English Companies ▇▇▇ ▇▇▇▇, the English Insolvency ▇▇▇ ▇▇▇▇ or otherwise would have priority to all or any part of the security created by or pursuant to the UK Security Interests.
Preferential Claims. 38 Section 6.14. APPOINTMENT OF AUTHENTICATING AGENT................................39
Preferential Claims. 46 SECTION 6.14. APPOINTMENT OF AUTHENTICATING AGENT.............................................47
Preferential Claims second in payment of preferential claims (if any) payable by the receiver under the provisions of section 30 of the Receiverships Act 1993;
Preferential Claims upon the reasonable request of the security holder, information on any indebtedness that could in any circumstances constitute a preferential claim as referred to in the Seventh Schedule of the Companies Act 1993, section 30 of the Receiverships Act 1993 or section 153 of the Property Law Act 2007;