Priority of Payment Sample Clauses

Priority of Payment. The Parties agree that the TIRZ Fund will reimburse Developer for Projects Costs in the order of priority of payment for the TIRZ.

Priority of Payment. The assets of the Company will be distributed in liquidation of the Company in the following order: (a) first, to creditors by the payment or provisions for payment of the debts and liabilities of the Company, and the expenses of liquidation, (b) second, to the setting up of any reserves that are reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the Company, and (c) third, the balance of the Company’s assets to the Member.

Priority of Payment. The Customer agrees that the Bank has discretion to determine the order of priority of payment from the funds of the Customer, of any cheque drawn on the Customer’s account or any standing or third party payment instructions from the Customer on a first come first out basis.

Priority of Payment. All payments to be made by the Guarantor hereunder shall be made to the Trustee for application in accordance with Section 6.7 of the Indenture.

Priority of Payment. The assets of the Company will be distributed in Liquidation of the Company in the following order: [a] First, to non-Member creditors of the Company in order of priority as provided by law in payment of unpaid liabilities of the Company to the extent required by law or under agreements with such creditors; [b] Second, to the setting of any reserves which the Members reasonably deem necessary for any anticipated, contingent or unforeseen liabilities or obligations of the Company arising out of or in connection with the conduct of the Company's business. At the expiration of such period as the Members reasonably deem advisable, the balance thereof shall be distributed in accordance with this Section 13.2; [c] Third, to any Member for any other loans or debts owing to such Member by the Company; [d] Fourth, to all Members in proportion to their Capital Account balances to the extent allowable under Section 6.3 until their Capital Account balances are reduced to zero; and, [e] Fifth, the balance, if any, to all Members in proportion to their Ownership Interests percentages under Section 6.2.

Priority of Payment. Payments under this Note shall be applied first to accrued and unpaid interest and then to the Principal Sum outstanding. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.

Priority of Payment. The Parties agree that TIF Funds will be used to reimburse City for eligible Projects Costs in the order of priority of payment for the TIRZ.

Priority of Payment. The assets of the Company will be distributed in Liquidation of the Company in the following order:

Priority of Payment. The assets of the Company will be distributed in Liquidation in the following order: [a] First, to creditors by the payment or provision for payment of the debts and liabilities of the Company and the expenses of Liquidation, including the setting up of any reserves that are reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the Company; [b] Second, to the Members that own Units in proportion to the positive balances in their respective Capital Accounts, measured immediately following the Capital Account adjustments arising from the transactions contemplated by Sections 2.2, 2.3 and 2.4 of the Reorganization Agreement; and [c] Third, to the Members that own Units in proportion to the positive balances in their respective Capital Accounts for their Units after such Capital Accounts have been adjusted to account for the distributions contemplated by Section 12.3[b] and after such Capital Accounts have been adjusted for all allocations of Profits and Losses and items thereof for the Fiscal Year during which such Liquidation occurs.

Priority of Payment. The Borrower shall ensure that its obligations hereunder constitute obligations of the Borrower in accordance with this Agreement ranking at least pari passu in the right of payment with all other present or future direct unsecured and unsubordinated obligations of the Borrower (except with those obligations having priority by operation of law).