Order of Payment definition

Order of Payment means, in connection with the application, payment or distribution of proceeds of any Collateral pursuant to all applicable terms hereof (including, without limitation, any proceeds of any Collateral pursuant to any Enforcement Action, together with all other proceeds received by any Creditor (including all funds received in respect of post-petition interest or fees and expenses) as a result of any such Enforcement Action or as a result of any distribution of or in respect of any Collateral (whether or not expressly characterized as such) upon or in any Insolvency Proceeding with respect to Borrower or any other Obligor, or the application of any Collateral (or proceeds thereof) to the payment thereof or any distribution of Collateral (or proceeds thereof) upon the liquidation or dissolution of Borrower or any other Obligor), the following order for such application: (i) first, ratably to pay all First Lien Obligations in such order as specified in the relevant First Lien Loan Agreements until all First Lien Obligations have been paid in full in cash (including amounts paid to be held by First Lien Agent and/or the First Lien Lenders as cash collateral in such amounts as First Lien Agent determines is reasonably necessary to secure the First Lien Lenders in connection with (x) any issued and outstanding letters of credit under the First Lien Credit Agreement but not in any event in an amount greater than 105% of the aggregate undrawn face amount of such letters of credit constituting First Lien Obligations, and (y) any Hedging Obligations and Banking Services Obligations); (ii) second, ratably to pay any obligations in respect of any expense reimbursements and indemnities then due and payable to Trustee and Second Lien Agent in respect of the Second Lien Obligations, until paid in full; (iii) third, ratably to pay interest and fees due and payable in respect of the Second Lien Obligations, until paid in full; (iv) fourth, ratably to pay principal and premium, if any, of the Second Lien Obligations, until paid in full; (v) fifth, to the ratable payment of all other obligations, liabilities and indebtedness in respect of the First Lien Loan Agreements and the Obligations (as defined in the First Lien Credit Agreement) then due and payable; and (vi) sixth, to the ratable payment of all other obligations, liabilities and indebtedness in respect of the Second Lien Documents and the Second Lien Obligations then due and payable.
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Order of Payment means the payment of the proceeds of a sale of an Underlying Security or of a surplus or other amount, received by Macquarie or the Security Trustee following exercise of powers or duties under the Instalment Receipts Deed in the following order:
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Order of Payment means an award made by the commissioner.
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Examples of Order of Payment in a sentence

  • Order of Payment of Benefits As described under Benefits Payable to Beneficiaries, Beneficiary(ies) will receive any guaranteed income payments scheduled to continue, or the right to elect to receive a death benefit or become the new Owner, in the following order of classes: Primary Beneficiary Upon the death of the sole surviving Owner after the Payout Start Date, the Primary Beneficiary(ies),if living, will receive the guaranteed income payments scheduled to continue.

  • Any payment due to the former Holder in accordance with the Order of Payment (or the Revised Order of Payment, as applicable) will be made within 10 Business Days of calculating that payment.

  • The proceeds of sale will be used to discharge the Security Interest by repaying the Loan and paying other Exercise Costs in accordance with the Order of Payment.

  • However, where the Intrinsic Value of the CitiFirst Instalment MINI is equal to or greater than 5% of the Final Instalment then the disposal proceeds shall be paid in accordance with the Revised Order of Payment.

  • Where a Listed Entity reduces its capital by cancelling any Underlying Securities, Westpac will receive any cash distribution and the proceeds of sale of any distribution of Underlying Securities or other assets and pay them in accordance with the Order of Payment.

  • For request for issuance of Order of Payment, send an email to the BAC Secretariat ( bacsec-spc@bsp.gov.ph).

  • The applicant company receives the Order of Payment and pays the assessed fee through FDAC Cashier or any other means prescribed by FDA.

  • No party may, either directly or indirectly, alter or amend the Order of Payment set out in the AAPD, a Plan, or Plan Modification.

  • Order of Payment is explained in Section 5.9.6. Ordinary Dividend all Dividends other than Special Dividends.

  • Order of Payment of Benefits As described under Benefits Payable to Beneficiaries, Beneficiary(ies) will receive any guaranteed income payments scheduled to continue, or the right to elect to receive a death benefit or become the new Owner, in the following order of classes: Primary Beneficiary Upon the death of the sole surviving Owner after the Payout Start Date, the Primary Beneficiary(ies),if a natural person, will receive the guaranteed income payments scheduled to continue.


More Definitions of Order of Payment

Order of Payment means, in connection with (i) the application, payment or distribution of proceeds of any Collateral or any proceeds of any Collateral pursuant to any Enforcement Action or otherwise following the occurrence and during the pendency of an Event of Default, (ii) any distribution of or in respect of any Collateral or on account of any claim secured by any Collateral (whether or not expressly characterized as such) upon or in any Insolvency Proceeding with respect to Issuer or any other Obligor, or (iii) any distribution of Collateral (or proceeds thereof) upon the liquidation or dissolution of Issuer or any other Obligor, the following order for such application: (i) first, subject to the First Lien/ Junior Lien Intercreditor Agreement and any other appliable Agreement, ratably to pay all 1.5 Lien Obligations in such order as specified in the relevant 1.5 Lien Documents until all 1.5 Lien Obligations have been paid in full in cash (including on account of interest accrued after the commencement of an Insolvency Proceeding, whether or not allowed in such proceeding; (ii) second, subject to the First Lien/ Junior Lien Intercreditor Agreement and any other appliable Agreement, ratably to pay any Second Lien Obligations in such order as specified in the relevant Agreements, until paid in full and (ii) third, to the Obligors or any other creditor thereof, as their interests may appear.
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Order of Payment means, in connection with (i) the application, payment or distribution of proceeds of any Collateral or any proceeds of any Collateral pursuant to any Enforcement Action or otherwise following the occurrence and during the pendency of an Event of Default, (ii) any distribution of or in respect of any Collateral or on account of any claim secured by any Collateral (whether or not expressly characterized as such) upon or in any Insolvency Proceeding with respect to Borrower or any other Obligor, or (iii) any distribution of Collateral (or proceeds thereof) upon the liquidation or dissolution of Borrower or any other Obligor, the following order for such application: (i) first, ratably to pay all First Lien Obligations in such order as specified in the relevant First Lien Loan Agreements until all First Lien Obligations have been paid in full in cash (including on account of interest accrued after the commencement of an Insolvency Proceeding, whether or not allowed in such proceeding, and including amounts paid to be held by First Lien Agent and/or the First Lien Creditors as cash collateral in such amounts as First Lien Agent determines is reasonably necessary to secure the First Lien Creditors in connection with (x) any issued and outstanding letters of credit under the First Lien Credit Agreement but not in any event in an amount greater than 105% of the aggregate undrawn face amount of such letters of credit constituting First Lien Obligations, and (y) any Hedging Obligations and Banking Services Obligations); (ii) second, subject to the Junior Intercreditor Agreement and any other applicable Agreement, ratably to pay any Junior Lien Obligations in such order as specified in the relevant Agreements, until paid in full and (ii) third, to the Obligors or any other creditor thereof, as their interests may appear.
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Related to Order of Payment

  • Final rate of pay means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, and shall include employee contributions picked up after August 1, 1982, pursuant to KRS 78.610(4). The rate shall be certified to the system by the employer and the following equivalents shall be used to convert the rate to an annual rate: two thousand eighty (2,080) hours for eight (8) hour workdays, one thousand nine hundred fifty (1,950) hours for seven and one-half (7.5) hour workdays, two hundred sixty (260) days, fifty-two (52) weeks, twelve (12) months, one (1) year;

  • Date of Payment means the date on which NYSERDA requisitions a check from its statutory fiscal agent, the Department of Taxation and Finance, to make a Payment.

  • Schedule of Payments means the schedule of payments disclosed on a Contract.

  • Basic Rate of Pay means the incremental step in the Salaries Schedule applicable to an Employee in accordance with the terms of this Collective Agreement, exclusive of all premium payments.

  • Proof of payment means, as applicable, a copy of the check, confirmation of credit card or debit card payment, confirmation of wire or ACH transfer, and any other information required to demonstrate that payment has been made according to the EPA requirements, in the amount due, and identified with the Respondent’s name and Docket No. FIFRA-04-2021-0714(b).

  • Annual Rate of Pay means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include sales commissions or other similar payments or awards.

  • Regular rate of pay means the rate of pay the employee was receiving at the time maternity leave commenced, but does not include retroactive adjustment of rate of pay, acting pay, overtime, shift premium or any other form of supplementary compensation.

  • Record Dates means , , , , , and , and such other date as the Depositor may direct.

  • Record Date Period means the period from the close of business of any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date.

  • weekly rate of pay means an employee’s annual rate of pay divided by 52.176.

  • Actual Rate of Pay means, unless and until the Agency Worker has completed the Qualifying Period, the rate of pay which will be paid for all time worked during an Assignment for each hour worked, as set out in the relevant Assignment Details Form;

  • Debit Payment means a particular transaction where a debit is made.

  • hourly rate of pay means a full-time employee’s weekly rate of pay divided by thirty-seven decimal five (37.5); (taux de rémunération horaire)

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • Deferred Sales Charge Payment Dates means the dates specified for deferred sales fee installments under "Investment Summary--Fees and Expenses" in the Prospectus for the Trust.

  • Guaranty of Payment means each Guaranty of Payment executed and delivered on or after the Closing Date in connection with this Agreement by the Guarantors of Payment, as the same may from time to time be amended, restated or otherwise modified.

  • Payment/Advance Form is that certain form attached hereto as Exhibit B.

  • Monthly Record Date means the "Record Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions" in the Prospectus Part I for a Trust.

  • Interest Payment Dates shall have the meaning set forth in paragraph 1 of each Note.

  • Ordinary rate of pay in Clause 17. - Annual Leave means the average rate the employee received for the four weeks preceding the taking of annual leave or the average rate received for the 12 months preceding such leave, whichever shall be the higher, provided that such average shall be computed taking into consideration any extra rates prescribed for night work, etc., and penalty rates for Sunday work where such work is part of the employee's normal working week of five days but excluding any amounts received by way of overtime or holiday penalty rates.

  • Scheduled Interest Payment means the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.

  • Regular Record Dates May 15 and November 15. Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

  • Standard Rate means, for any day, a rate per annum equal to the Bank's announced Prime Rate minus 0% per annum, and each change in the Standard Rate shall be effective on the date any change in the Prime Rate is publicly announced as being effective.

  • Interest Payment Determination Date means the Interest Accrual Period End Date at the end of each Interest Accrual Period; provided that the Interest Payment Determination Date with respect to the final Interest Accrual Period will be the Rate Cut-off Date.

  • Current rate of pay means the member's actual hourly, daily, weekly, biweekly, monthly, or yearly rate of pay converted to an annual rate as defined in final rate of pay. The rate shall be certified by the employer;

  • Base rate of pay means the employee’s hourly rate of pay excluding any premiums, incentives, add-ons or rollups.