Common use of Priority Charge Clause in Contracts

Priority Charge. Compensation claims under subsections 8.4.4 and 8.4.5 of this Article shall have priority over Specific Projects and Program Initiatives and, if there are insufficient funds in the appropriate Reserve Account, such claims shall be paid, on a first come first served basis, from Income from the appropriate Account and, to the extent unpaid, including interest on any unpaid portion, calculated at the rate of interest being seventy-five percent (75%) of the prescribed rate of interest as determined from time to time under the Income Tax Act (Canada), rounded to the nearest tenth of a point, shall represent a first charge against and be payable, firstly, from and out of the appropriate Reserve Account, and then from the Income from the appropriate Account in the succeeding calendar year or years.