Common use of Payment Priority Clause in Contracts

Payment Priority. Notwithstanding any other provision to the contrary, any payment received by the Trustee, whether or not specifically designated as payment of the Assessment or an Assessment Installment, shall first be applied to any property tax, or other non-C-PACER assessment collected by the Trustee, that is due and owing for the Property at the time of the receipt of such payment before any funds are remitted to the Capital Provider; provided, however, that in consideration of a proceeding in which the ad valorem assessment of the Property is being challenged, the Property Owner shall be permitted to designate a payment or portion thereof as an amount being paid under protest as permitted under applicable law.