Deferrable Notes definition

Deferrable Notes. The Class C Notes and/or the Class D Notes.

Deferrable Notes means, collectively, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes.

Deferrable Notes. The Class C Notes, the Class D Notes, the Class E Notes or the Class F Notes, to the extent such Class is not the most senior Class Outstanding.

Examples of Deferrable Notes in a sentence

• In connection with such Direct Action, the Senior Deferrable Notes Issuer will be subrogated to the rights of such Holder of Preferred Securities to the extent of any payment made by the Senior Deferrable Notes Issuer to such Holders of Preferred Securities in such Direct Action.

• Deferred Interest on the Deferrable Notes shall be payable on the first Payment Date on which funds are available to be used for such purpose in accordance with the Priority of Payments, but in any event no later than the earlier of the Payment Date (i) which is the Redemption Date with respect to such Class of Deferrable Notes, and (ii) which is the Stated Maturity of such Class of Deferrable Notes.

• A waiver of an Indenture Event of Default with respect to the Senior Deferrable Notes shall constitute a waiver of the corresponding Trust Enforcement Event.

• The Property Trustee shall not take any such action in accordance with the directions of the Holders of the Securities unless the Property Trustee has obtained an opinion of independent tax counsel to the effect that the Trust will not be classified as other than a grantor trust for United States federal income tax purposes as a result of such action, and that each Holder will be treated as owning an undivided beneficial ownership interest in the Senior Deferrable Notes.

• If and to the extent that the Senior Deferrable Notes Issuer makes a payment of principal of and any premium or interest on the Senior Deferrable Notes held by the Property Trustee (the amount of any such payment being a "Payment Amount"), the Property Trustee shall and is directed, to the extent funds are available for that purpose, to make a Pro Rata distribution of the Payment Amount to Holders, subject to Section 7.1(b).

• The Trustees make no representations as to the validity or sufficiency of this Declaration, the Securities, the Senior Deferrable Notes or the Indenture.

• If the Preferred Securities are represented by one or more Global Securities, the relevant record dates shall be the close of business on the Business Day preceding such Distribution payment date, unless a different regular record date is established or provided for the corresponding interest payment date on the Senior Deferrable Notes.

• At all times, the Distribution payment dates shall correspond to the interest payment dates on the Senior Deferrable Notes.

• If the Property Trustee fails to enforce its rights under the Senior Deferrable Notes after a Holder of Preferred Securities has made a written request, such Holder of Preferred Securities may institute, to the fullest extent permitted by law, a legal proceeding directly against the Senior Deferrable Notes Issuer to enforce the Property Trustee's rights under the Indenture without first instituting any legal proceeding against the Property Trustee or any other Person.

• The legal title to the Senior Deferrable Notes shall be owned by and held of record in the name of the Property Trustee in trust for the benefit of the Trust and the Holders of the Securities.

More Definitions of Deferrable Notes

Deferrable Notes. The Class C Notes and/or the Class D Notes. “Deferrable Obligation”: A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest. “Deferred Interest”: The meaning specified in Section 2.7(a). “Deferring Obligation”: A Deferrable Obligation that is deferring the payment of the cash interest due thereon and has been so deferring the payment of such cash interest due thereon (i) with respect to Collateral Obligations that have an S&P Rating of at least “BBB-”, for the shorter of two consecutive accrual periods or one year, and (ii) with respect to Collateral Obligations that have an S&P Rating of “BB+” or below, for the shorter of one accrual period or six consecutive months, which deferred capitalized interest has not, as of the date of determination, been paid in Cash. “Delayed Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero. “Deliver” or “Delivered” or “Delivery”: The taking of the following steps: (i) in the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest in which the underlying loan is represented by an Instrument, (a) causing the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank; (b) causing the Custodian to indicate continuously on its books and records that such Certificated Security or Instrument is credited to the applicable Account; and (c) causing the Custodian to maintain continuous possession of such Certificated Security or Instrument;

Deferrable Notes means the Class III-A Mezzanine Notes and the Class III-B Mezzanine Notes.

Deferrable Notes. Each Class of Notes designated as "Deferrable Notes" in Section 2.3, until such time as such Class is the Highest-Ranking Class.