Preferential Status Sample Clauses
The Preferential Status clause establishes that certain parties, claims, or obligations are given priority over others in specific situations, such as payment or performance. In practice, this clause may specify that a lender’s claims are to be satisfied before those of other creditors, or that a particular supplier receives priority treatment in the event of insolvency. Its core function is to clearly define the order of precedence among competing interests, thereby reducing uncertainty and potential disputes regarding who is entitled to priority in critical circumstances.
Preferential Status. There are no contracts with customers that either require the continuation of ownership of the Target by, or permit termination by the customer, due to Target’s loss of small business status, woman-owned business status, disadvantaged business status, protégé status, “8(a)” status or other preferential status. Furthermore, there are no contracts that were acquired by the Target due to the Target’s preferential status.
Preferential Status. There are no Contracts with customers that either require the continuation of ownership of the Acquired Companies by, or permit termination by the customer, due to either Acquired Companies’ loss of small business status, woman-or-minority owned business status, disadvantaged business status, protégé status, “8(a)” status or other preferential status. Furthermore, there are no contracts that were acquired by the Acquired Companies due to such Acquired Companies’ preferential status.