Priority Payments Clause Samples
The Priority Payments clause establishes the order in which payments are to be made when multiple obligations exist under an agreement. Typically, it specifies that certain debts or expenses—such as administrative costs, taxes, or secured claims—must be paid before others, especially in scenarios like insolvency or liquidation. By clearly defining the hierarchy of payments, this clause ensures that critical or legally mandated obligations are satisfied first, thereby reducing disputes and providing predictability for all parties involved.
Priority Payments. Before any distributions are made under Section 6.3, the Partnership, as such times as the General Partner reasonably determines, will pay the Partnership’s available cash after required third-party debt service payments, as reasonably determined by the General Partner, in the order and priority set forth below:
Priority Payments. The Claims Administrator will develop and maintain procedures for the detection of potentially fraudulent Claims. The Claims Administrator will be independent of the Reorganized Debtor and other Released Parties based on qualification standards described in the Settlement Facility Agreement. The Claims Administrator will serve for the duration of the Settlement Program. If the Claims Administrator dies or resigns or becomes unable to perform his or her duties, the Debtor's Representatives and the Claimants' Advisory Committee (described below), will designate a replacement, subject to the approval of the MDL 926 Court. C.
Priority Payments. (a) Upon closing CBSA will assume responsibility for the finances of CFPI. Existing revenue sources from CFPI will continue to be deposited into the existing CFPI bank account and all existing business expenses of CFPI will continue to be disbursed from this account in the following monthly priority order:
(1) Payroll; (2) Payment on the Promissory Notes to ▇▇▇▇▇▇;
(3) Rent on the CFPI current business premises; and
Priority Payments. Members shall be entitled to distributions only after the following priority payments have been paid in full:
(i) first payment to any and all outstanding loans, plus any accrued interest, (ii) second payment to The David L. Raucher Revocable Trus▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ of $150,000.00, on the terms and conditions provided in Article 9, Section 9.5 of this Agreement, and (iii) third payment to Capitol Development, Inc., in the amount of $150,000.00 on the terms and conditions provided in Article 9, Section 9.5 of this Agreement.
Priority Payments. You must continue to meet your priority payments such as taxes, fines, child support payments, mortgage/rent, rates, utilities and payments due under consumer hire agreements such as hire purchase on a vehicle. If you fail to maintain payments to these priority creditors, they can take action against you or your assets. You could also lose access to services or essential goods or face repossession or eviction. If in doubt about what constitutes essential services, please call the team at The Debt Advisor who will be pleased to help. If you have been referred to The Debt Advisor by a third party, there may be a fee payable. This fee is paid by The Debt Advisor and is not an additional fee that you have to pay. If we refer you to a service provider, we may earn commission. Creditors will ensure that you are removed from their credit related marketing lists for the duration of the plan. If a creditor chooses to sell a debt, the buyer must be contractually obliged to honour the existing plan for so long as it operates in accordance with its terms. We intend to rely on the written terms set out in this Agreement. If you require any changes to this agreement you must ask for these changes to be put in writing by us. In this way we seek to avoid any misunderstanding or problems surrounding what we and you are expected to do. The fee covers the work we undertake in setting up your plan which includes drafting your debt management plan, sending it to creditors, liaising with creditors to gain their acceptance of the plan and dealing with creditors’ queries. In addition, our fees cover distribution of your payment to creditors and handling creditor and client queries. The fee we charge to cover these services is calculated at 17.5% of your monthly payment, subject to a minimum of £25.00 if your monthly payment is £99.99 or less and a minimum of £30.00 if your monthly payment is £100.00 or more. Our maximum management fee is capped at £100.00. In addition, during the first 6 months we will apply an Additional Charge as follows; Up to 5 active debts £10 per month 6 – 10 active debts £15 per month 11 + active debts £20 per month Creditors will receive a reduced payment during this time of not less than 52% of your monthly payment. You may go into arrears or further arrears during this period but these arrears will be included in your plan. We will send to your creditors increased offers of payment once the Additional Charge is ceased and a copy will be shared wit...