Priority Payment definition

Priority Payment has the meaning in Section 2 of Exhibit F.
View Source
Priority Payment means the amount necessary to produce a cumulative annual return of eight percent (8%) on unreturned Capital Contributions calculated on the basis of the amount of such Capital Contributions that are (a) utilized to acquire a Portfolio Security or group of Portfolio Securities, (b) utilized to provide Bridge Financing to a Portfolio Company, (c) otherwise held in Money Market Investments, or (d) otherwise utilized by the Partnership. The Priority Payment shall begin to accrue on the date such Capital Contribution is made to the Partnership and shall stop accruing on the date of and to the extent that the applicable Capital Contributions with respect to such Portfolio Security or group of Portfolio Securities, Bridge Financing or Money Market Investment have been returned to the Partners. For purposes of determining the Priority Payment, Capital Contributions used for Operating Expenses of the Partnership shall be treated as part of the Portfolio Securities purchased by the Partnership on or before the date on which the Priority Payment is next determined following the date such Capital Contributions were made. Such Capital Contributions in respect of the payment of Operating Expenses shall be deemed to have been so invested on the date they were made to the Partnership and shall be prorated among the Partnership's Portfolio Securities in accordance with Section 10.10; provided, however, that Operating Expenses incurred prior to the first acquisition of a Portfolio Security by the Partnership shall begin to accrue the Priority Payment on the date the Capital Contribution used to pay such Operating Expenses is made to the Partnership and shall thereafter be included in the Portfolio Security to which such Operating Expenses have been allocated pursuant to Section 10.10.
View Source
Priority Payment means $10 million for each twelve (12) month period during the first sixty (60) months of the Term (other than the twelve (12) month periods ending June 30, 2019 and June 30, 2020), payable quarterly in arrears in the amount of $2.5 million per quarter (and prorated for any period less than a quarter), payable from cash in the NU Account and taking into account Contributor’s payment of any Priority Payment Differential. For the sake of clarity, on a Fiscal Year basis, the quarterly installment of the Priority Payment to be made for the final quarter of Fiscal Year 2018 shall equal $2.5 million, the quarterly installments of the Priority Payment to be made for Fiscal Years 2021 and 2022 shall total $10 million in each such Fiscal Year, and the quarterly installments of the Priority Payment to be made for Fiscal Year 2023 shall total $7.5 million.
View Source

Examples of Priority Payment in a sentence

  • Waiver on International Payments which include Inward Remittance Telegraphic Transfer and Outward Remittance Telegraphic Transfer that is successfully transacted in the Bank’s records initiated from local currency account(s) through HSBCnet Priority Payment and International Inter-Account Transfer (IAT).

  • With respect to the Shared Collateral, until the Discharge of the Priority Payment Lien Obligations, each Pari Passu Secured Party (whether directly or through its applicable Agent) agrees not to seek relief from the automatic stay or any other stay in an Insolvency Proceeding or take any action in derogation thereof, without the prior written consent of the Revolving Collateral Agent.

  • At Closing, Delphi shall deliver to the Buyers payoff letters in customary form or reasonably satisfactory to GM from the DIP Agent setting forth the DIP Priority Payment.

  • It is further understood and agreed that as of the date hereof and until the Discharge of the Priority Payment Lien Obligations, the Revolving Collateral Agent shall be the Bailee Collateral Agent and be granted possession of all possessory Controlled Shared Collateral and, thereafter, the Controlling Pari Passu Agent.

  • Notwithstanding anything to contrary herein, the aggregate Dollar Equivalent amount of all Incremental Facilities constituting Priority Payment Obligations in the form of Additional Revolving Credit Commitments, Revolving Credit Commitment Increases and Incremental Revolving Credit Commitments) (determined at the time of incurrence) shall not exceed the Initial Revolving Credit Facility Cap.

  • On or prior to the Closing Date, the DIP Agent will deliver to Delphi and the Buyers a letter (the “DIP Priority Payment Letter”) setting forth in reasonable detail the calculation of the amount of the DIP Priority Payment to be paid on the Closing Date.

  • It is further understood and agreed that as of the date hereof and until such time as the Credit Agreement Obligations that constitute Priority Payment Lien Obligations are Discharged, the Credit Agreement Collateral Agent shall be granted possession of all possessory Controlled Shared Collateral and, thereafter, possession shall be determined by Section 4.01(d).

  • The DIP Priority Payment shall be delivered, if so directed, by Delphi directly to the DIP Agent to be held by the DIP Agent as collateral for the outstanding obligations under the DIP Agreement or as may otherwise be agreed upon by the DIP Agent and Delphi.

  • The Revolving Agent, the Revolving Collateral Agent and any other Collateral Agent behalf of any Additional Priority Payment Lien Obligations are under no obligation to consult with any Collateral Agent on behalf of any Pari Passu Lien Obligations in connection with an Enforcement Action with respect to the Shared Collateral.

  • During the continuance of an Event of Default, any amounts remaining in the Cash Management Account after payment of the Priority Waterfall Payments and Protective Advances (to the extent a Priority Payment Cessation Event has not occurred) shall be applied by Administrative Agent in such order and priority as Administrative Agent shall determine, subject to the terms of Section 7.6 of this Agreement.


More Definitions of Priority Payment

Priority Payment means a payment made from Cash Flow From Operations after the Minimum Monthly Payment is made and before any other payments or distributions from Cash Flow From Operations are made including, without limitation, additional distributions or payments to the Tribe and management and consulting fees and expenses payable or reimbursable to a third party.
View Source

Related to Priority Payment

  • Priority Payables means, as of any date of determination: (a) the full amount of the liabilities of any Borrower at such time which, except for liabilities associated with Permitted Encumbrances (i) have a trust, deemed trust or statutory lien imposed to provide for payment or a security interest, pledge, hypothec, charge or other Lien ranking or capable of ranking senior to or pari passu with the Liens granted to Agent on the Collateral under federal, provincial, municipal or local law in Canada or (ii) have a right imposed to provide for payment ranking or capable of ranking senior to or pari passu with such Obligations under local or federal law, regulation or directive, including, but not limited to, claims for unremitted and/or accelerated rents, taxes (including sales tax, goods and services taxes, harmonized sales taxes and withholding taxes), wages, withholding taxes, VAT and other amounts payable to an insolvency administrator, employee withholdings or deductions and vacation pay, severance and termination pay, workers’ compensation obligations, government royalties, pension fund obligations or any amounts representing any unfunded liability (whether or not due), solvency deficiency or wind up deficiency with respect to any defined benefit plan for Canadian employees which could become subject to a trust, deemed trust or statutory lien, in each case, to the extent such trust, deemed trust, statutory lien, security interest, hypothec, charge or other Lien has been or could reasonably be expected to be imposed as determined by Agent in its sole discretion; and (b) the amount equal to the percentage applicable to Inventory located in Canada that is part of the Formula Amount which Agent, in its Permitted Discretion, considers as being, or is reasonably likely to become, subject to retention of title by a supplier or a right of a supplier to recover possession thereof, where such supplier’s right has priority over Agent’s Liens securing such Obligations, including, without limitation, Eligible Inventory subject to a right of a supplier to repossess goods pursuant to Section 81.1 of the Bankruptcy and Insolvency Act (Canada) or any applicable laws granting revendication or similar rights to unpaid suppliers or any similar laws of Canada or any other applicable jurisdiction.

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

  • 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.

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

  • Second Priority Principal Distribution Amount means, with respect to any Payment Date, an amount equal to (a) the excess, if any, of (i) the Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes and the Class B Notes on such Payment Date), over (ii) the Adjusted Pool Balance for such Payment Date minus (b) the First Priority Principal Distribution Amount for such Payment Date; provided, however, that the Second Priority Principal Distribution Amount on the Class B Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero.