Priority of Payment definition

Priority of Payment means any one of the foregoing;
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Priority of Payment means the order in which payments are made to the "Lead Lender" and to the "Lender".
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Priority of Payment. Should collected funds (excluding security deposits deposited into trust accounts) be insufficient to satisfy the current debts and obligations of the Project, such debts and obligations shall be paid in the following order: First: third-party debt service payments, ground lease payments, real estate taxes, personal property taxes, betterment assessments and any other charges and liabilities which could become a lien against or result in a forfeiture of the Property; Second: Project payroll, including state and federal payroll taxes; Third: insurance premiums due in connection with insurance maintained in accordance with Section 12; Fourth: charges by utility companies (including, but not limited to, gas electric, water, sewer, garbage and cable television); Fifth: bills and charges, if any, incurred by Manager for Manager's services provided to Owner exclusive of the Management Fee and any other fees due to Manager hereunder (if any); Sixth: the Management Fee; Seventh: other bills and charges of third parties, and any and all claims and demands of third parties and liabilities to third parties relating to the Property or the operation thereof which Owner in its discretion determines to pay from the Operating Account. Where the terms of any loan security agreement with Owner conflict with the terms of this section, the terms of such loan security agreement shall control, provide, the Owner has notified Agent of the existence of any such condition.
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Examples of Priority of Payment in a sentence

  • Priority of Payment (as applicable)It is hereby understood and agreed that notwithstanding anything contained herein to the contrary that in the event of a claim hereunder which involves more than one interest and/or coverage and/or peril; it shall be at the sole option of the Insured to apportion recovery under this Policy when submitting final proof of loss, subject to the overall amount of claim not exceeding the overall limit of liability contained herein for any one loss.

  • A discharge in bankruptcy shall not relieve a person from the penalties and disabilities provided in this chapter.Insufficient Funds – Priority of Payment When Money Deposited10476.

  • Following the expiration of the Replenishment Period, the Notes will be subject to redemption (subject to the applicable Class Target Principal Amount) in accordance with the Pre-Enforcement Priority of Payment.

  • Subject to the Limit of Liability, payment pursuant to this Priority of Payment of Claims Condition shall fully discharge the Insurer from its obligations under this Section.

  • Post-enforcement Priority of Payment: the priority of payments set out in Schedule 11 to the Trust Agreement.

  • If the amounts realised from the Mortgaged Property for a Series of Notes are not sufficient to make payment of all amounts due from the Issuer in respect of that Series pursuant to the Trust Documents, the Notes and the other Transaction Documents, then no other assets of the Issuer shall be available to meet any resulting shortfall which shall be borne by the parties in accordance with the order of priority in Condition 5 (Transaction Security and Priority of Payment).

  • Priority of Payment on Monetary Obligation If insufficient to perform an obligation completely, a payment amount shall cover first, the costs to the obligee on acceptance of performance, then, the interest and penalty, and in the remaining part, the principal amount of the debt.

  • The Notes are secured in the manner described in Condition 5 (Transaction Security and Priority of Payment) and recourse in respect of the Notes is limited in the manner described in Condition 14 (Trustee Enforcement Right) and Condition 15 (Limited Recourse and Non-petition).

  • Means the Class J Notes Additional Return payable in respect of the Class J1 Notes, in the amount determined in accordance with item Seventeenth of the Relevant Single Portfolio Priority of Payment.

  • The Residual Optional Instalment collected with respect to each Receivable, will not form part of the Issuer Available Funds and will be paid by the Issuer to the Originator outside of the applicable Priority of Payment, subject and limited to the amount actually collected by the Issuer.


More Definitions of Priority of Payment

Priority of Payment means the order in which payments are to be made hereunder to the Assignors and to the Assignees.
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Priority of Payment means the order in whicx xxxxxxxx are made to the "Lend Lender" and to the "Lender".
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Priority of Payment means only legal priorities. The n arrow reading commends i tself on the assumption that it assists a bondholder majority in accessing a payment stream that is value-maximizing in the restructuring context. Payments are the only things that really count with sovereign debt.
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Priority of Payment means the order in which xxxxxxxx xre made to the "Lead Lender" and to the "Lender".
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Priority of Payment means the priority of payments from time to time applicable according to Section6.1 (of the Ordinary Available Funds before Notification of an Enforcement Event), Section 6.2 (Use of Extraordinary Available Funds before notification of an Enforcement Event), Section 6.3 (Use of the Available Funds after the repayment of the Series A Notes and of the Series B Notes) and Section 6.4 (Use of the Available Funds after the Notification of an Enforcement Event).
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Priority of Payment means all amounts of cash standing to the credit of the Issuer Account prior to 4 pm (London time) on any Early Repayment Date, the Maturity Date or any other date where a payment is due (other than an XDC Payment Date or a Periodic Payment Date) in making the following payments or provisions (the "Priority of Payments"), but only to the extent that (i) all payments or provisions of a higher priority that fall due to be paid or provided for on such date have been made in full and (ii) no payment shall be made if such payment would cause the Issuer Account to be overdrawn:
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Related to Priority of Payment

  • Priority of Payments The meaning specified in Section 11.1(a).

  • Guarantee Priority of Payments means the priority of payments relating to moneys received by the Cash Manager for and on behalf of the Guarantor and moneys standing to the credit of the Guarantor Accounts, to be paid on each Guarantor Payment Date in accordance with the Guarantor Agreement.

  • Post-Enforcement Priority of Payments means the order of priority pursuant to which the Guarantor Available Funds shall be applied on each Guarantor Payment Date, following the delivery of a Guarantor Default Notice, in accordance with the Intercreditor Agreement.

  • 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.

  • Discharge of Priority Lien Obligations means the occurrence of all of the following:

  • Second Priority Obligations means (a) with respect to the Existing Second Priority Agreement, all “Secured Obligations” of each Loan Party as defined in the “Security Agreement” referred to in the Existing Second Priority Agreement and (b) with respect to each other Second Priority Agreement, (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under such Second Priority Agreement, and (ii) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties hereunder, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Priority Tax Claim means any Claim of a Governmental Unit of the kind specified in section 507(a)(8) of the Bankruptcy Code.

  • Guarantor of Payment means each of the Companies set forth on Schedule 2 hereof, that are each executing and delivering an Amended and Restated Guaranty of Payment, or any other Person that shall deliver a Guaranty of Payment to Agent subsequent to the Effective Date.

  • Discharge of Second Lien Obligations means the occurrence of all of the following:

  • Secured Tax Claim means any Secured Claim that, absent its secured status, would be entitled to priority in right of payment under section 507(a)(8) of the Bankruptcy Code (determined irrespective of time limitations), including any related Secured Claim for penalties.

  • Penalty Charge Notice means a notice described in Section 78 of the 2004 Act having effect as if issued or served by a Civil Enforcement Officer or posted by the enforcement authority under any regulations for the time being in force under Section 78 of the 2004 Act.

  • priority date means the date of the earlier application that serves as the basis for the right of priority provided for in the Paris Convention;

  • Facility Charge means one percent (1%) of the Maximum Term Loan Amount.

  • Penalty Charge means a penalty charge which is payable by virtue of paragraph 3(1) and (2) of Schedule 3 to this Act;

  • Senior Priority Obligations as defined in the Base Intercreditor Agreement.

  • Priority Tax Claims means Claims of governmental units of the kind specified in section 507(a)(8) of the Bankruptcy Code.

  • Priority Lien Obligations means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt.

  • Priority Amount As to any Distribution Date, the amount equal to the sum of (i) the product of (A) the Scheduled Principal Distribution Amount, (B) the Shift Percentage and (C) the Priority Percentage and (ii) the product of (A) the Unscheduled Principal Distribution Amount, (B) the Shift Percentage and (C) the Priority Percentage.

  • Security Distribution As to any Mortgage Security and Security Distribution Due Date, the amount of distribution payable to the holder of such Mortgage Security in accordance with its terms.

  • Additional Second Lien Obligations means, with respect to any Grantor, any obligations of such Grantor owed to any Additional Second Lien Secured Party (or any of its Affiliates) in respect of the Additional Second Lien Documents.

  • First Priority Obligations means, collectively, (i) the Credit Agreement Secured Obligations, (ii) each Series of Other First-Priority Obligations and (iii) any other First-Priority Hedging Obligations and First-Priority Cash Management Obligations (which shall be deemed to be part of the Series of Other First-Priority Obligations to which they relate to the extent provided in the applicable Other First-Priority Agreement).

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 18th day of each month or, if such day is not a Business Day, the immediately following Business Day; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement;

  • Priority Non-Tax Claim means any Claim other than an Administrative Expense Claim or a Priority Tax Claim, entitled to priority in payment as specified in section 507(a) of the Bankruptcy Code.

  • Security Distribution Due Date The date upon which a particular Security Distribution is payable to the holder of the related Mortgage Security in accordance with its terms.

  • Discharge of ABL Obligations has the meaning specified in the Intercreditor Agreement.

  • Second Priority Documents means each Second Priority Agreement, each Second Priority Security Document and each Second Priority Guarantee.