Order of Priority definition

Order of Priority means the order of priority of payments specified in paragraph 2.2 (Pre and Post Enforcement Waterfalls) of Annex 1.

Order of Priority means, in respect of any payment to be made by the Issuer before the Enforcement Date, the Pre-enforcement Order of Priority or, in respect of any payment to be made by the Issuer on or after the Enforcement Date, the Enforcement Order of Priority.

Order of Priority means the Order of Priority specified as such in the Issue Memorandum, being the order of priority in which the net proceeds of enforcement of the security over the Charged Property are to be applied pursuant to the Supplemental Trust Deed.

Examples of Order of Priority in a sentence

• All payment obligations of the Issuer are limited recourse and constitute solely obligations of the Issuer to distribute amounts out of the respective Available Distribution Amount according to the Order of Priority.

• It is understood that interest and principal on the Notes will not be due on any Payment Date except to the extent there are sufficient funds in the respective Available Distribution Amount to pay such amounts in accordance with the Order of Priority.

• In connection with the exercise of the Clean-Up Call Option, VWFS shall ensure that all amounts outstanding under the Notes and any obligations ranking pari passu with or senior to the Notes in the Order of Priority are discharged in full.

• On enforcement of the Security in accordance with Conditions 10 (Events of Default and Acceleration), 17 (Enforcement) and the Security Trust Deed, the Security Trustee is required to apply monies available for distribution in accordance with the Enforcement Order of Priority.

• Any Swap Termination Payments exceeding Swap Replacement Proceeds will be paid to such Swap Counterparty in accordance with the Order of Priority.

More Definitions of Order of Priority

Order of Priority means, in relation to any Series, the order of priority for application of all monies received by the Trustee pursuant to Clause 13 of the Principal Trust Deed (as amended by the relevant Supplemental Trust Deed);

Order of Priority means the order of priority according to which the payments of interest and principal to the Noteholders are distributed and other payments due and payable by the Issuer are made as more specifically described in clause 20.3 (Order of Priority) of the Trust Agreement.

Order of Priority means the order of priority according to which the payments of interest and principal to the Noteholders are distributed and other payments due and payable by the Issuer are made as more specifically described in clause 21.3 and clause 21.5 (Order of Priority) of the Trust Agreement.

Order of Priority means the order following which the Security Trustee shall apply moneys received following enforcement of the Pledge Agreement in accordance with Secured Condition 6 below. The Order of Priority shall follow the order (a), (b), (c), (d), (e), (f), (g) specified below:

Order of Priority means the order of priority of payments specified in paragraph 3 of this Annex 1.

Order of Priority means the order of priority for application of funds as set out in paragraph 47(ii) of the Terms and Conditions;

Order of Priority means the order in which the Currency Pockets are listed in your Card as selected by you in the Application Form;