Common use of Priority in Payment Clause in Contracts

Priority in Payment. The Financier shall have priority over Host Town with respect to payments owed by Cooperative except as expressly set forth in this subsection. Notwithstanding the foregoing, Cooperative and Host Town agree that the terms of any financing for Cooperative’s purchase of the PV System will establish that Host Town shall have first priority over Financier in Host Town’s share of the Net Metering Credits received by the Cooperative for the amount of Net Energy generated by the PV System pursuant to the Cooperative Power Sales Agreement provided that the corresponding Net Energy payment has been made to, or otherwise received by, the Cooperative.

Priority in Payment. The Financier shall have priority over Host Town with respect to payments owed by Cooperative Cooperative, except as expressly set forth in this subsection. Notwithstanding the foregoing, Cooperative and Host Town agree that the terms of any financing for Cooperative’s purchase of the PV System will establish that Host Town shall have first priority over Financier in Host Town’s share of the Net Metering Credits received by the Cooperative for the amount of Net Energy generated by the PV System pursuant to the Cooperative Power Sales Agreement Inter-Governmental PSA provided that the corresponding Net Energy payment has been made to, or otherwise received by, the Cooperative.