Payment Priority definition

Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates, pro rata; second, the Class B Certificates; third, the Class C Certificates; fourth, the Class D Certificates; fifth, the Class E Certificates; sixth, the Class F Certificates; seventh, the Class G Certificates; eighth, the Class H Certificates; ninth, the Class J Certificates; tenth, the Class K Certificates; and last, the respective Classes of Residual Certificates.
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Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date, as set forth in Section 4.01(c) hereof.
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Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates; second, the Class B Certificates; third, the Class C Certificates; fourth, the Class D Certificates; fifth, the Class E Certificates; sixth, the Class F Certificates; seventh, the Class G Certificates; eighth, the Class H Certificates; ninth, and Class J Certificates tenth, the Class K Certificates, eleventh, the Class L Certificates, twelfth, the Class M Certificates, thirteenth, the Class N Certificates, fourteenth, the Class O Certificates, fifteenth, the Class P Certificates and last, the respective Classes of Residual Certificates.
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Examples of Payment Priority in a sentence

  • The Company shall not be required to comply with this covenant after an Equity Raise Trigger Repurchase Date (as defined in the Indenture), provided that the Company has paid in full the Equity Rase Trigger Repurchase Price in respect of all Payment Priority Notes (as defined in the Indenture).

  • Such reductions shall be effected such that no Class of Sequential Pay Certificates shall have its Class Principal Balance reduced until the Class Principal Balance of each other Class of Sequential Pay Certificates, if any, with a lower Payment Priority is reduced to zero, and any such reductions made to the Class Principal Balances of the Class A-1A Certificates and the Class A-1B Certificates shall be made on a pro rata basis in accordance with relative sizes of such Class Principal Balances.

  • For any month in which a Sponsorship Administrative Fee is due and payable to Motivate in accordance with the Payment Priority Schedule, payment of such Sponsorship Administrative Fee shall be made within thirty (30) days of receipt by the City of an invoice therefor from Motivate.

  • Payment for the Operations Fee is solely derived from System Revenues and will be paid by the City in accordance with the Payment Priority Schedule.

  • For any month in which an Operations Fee is due and payable to Motivate in accordance with the Payment Priority Schedule, payment of such Operations Fee shall be made within thirty (30) days of receipt by the City of an invoice therefor from Motivate.

  • If such excess does exist, then the Class Principal Balances of the respective Classes of Sequential Pay Certificates shall be reduced sequentially, in reverse order of Payment Priority, until the amounts described in clauses (i) and (ii) of the preceding sentence are equal.

  • If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Payment Priority or Lien Priority set forth in this Agreement.

  • References to "remaining Principal Distribution Amount" in any of clauses (v) and (viii) above, in connection with the payments of principal to be made to the Holders of any Class of Sequential Pay Certificates, shall be to the Principal Distribution Amount for such Distribution Date, net of any payments of principal made in respect thereof to the Holders of each other Class of Sequential Pay Certificates that has a higher Payment Priority.

  • To the extent that the aggregate amount (or accreted value, if applicable) of Notes and Equal Payment Priority Indebtedness, as the case may be, tendered pursuant to an Asset Sale Offer is less than the amount offered in the Asset Sale Offer (or in the case of an Advance Offer, the Advance Portion), the Issuer may use any remaining Excess Proceeds (or in the case of an Advance Offer, the Advance Portion) (“Declined Proceeds”) for any purposes not otherwise prohibited under this Indenture.

  • Events of (a) The Company shall fail to redeem the Restructuring Securities in Default: accordance with the Payment Priority Waterfall or (b) any proceeding shall be instituted by or against the Company under any law relating to bankruptcy, insolvency, or reorganization.


More Definitions of Payment Priority

Payment Priority means with respect to any of the Senior Liabilities or the Subordinated Liabilities, the order of priority in which such liabilities are to be repaid by the Borrower, as specified in Article 2.
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Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates, pro rata; second, the Class B Certificates; third, the Class C Certificates; fourth, the Class D Certificates; fifth, the Class E Certificates; sixth, the Class F Certificates; and last, the Class R-II Certificates. With respect to any Class of REMIC I Regular Interests, the priority thereof in respect of the other Classes of REMIC I Regular Interests to receive distributions out of the REMIC I Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of REMIC I Regular Interests shall be, in descending order, as follows: first, the respective Classes of Class LA Uncertificated Interests, pro rata; second, the Class LB Uncertificated Interest; third, the Class LC Uncertificated Interest; fourth, the Class LD Uncertificated Interest; fifth, the Class LE Uncertificated Interest; sixth, the Class LF Uncertificated Interest; and last, the Class R-1 Certificates.
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Payment Priority. With respect to any Class of Bonds or Owner Trust Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Bonds and Owner Trust Certificates to receive remittances on any Payment Date, as provided in the Indenture and the Owner Trust Agreement.
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Payment Priority. With respect to any Class of Certificates [and the Class EC Regular Interests], the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates [and the Class EC Regular Interests]shall be, in descending order, as follows: first, the Class A Certificates and Class A-FL Certificates; second the Class [B] Regular Interest (and, therefore, to the Class B Certificates and the Class PST Certificates, pro rata, in each case in an amount equal to such Classes Percentage Interest in the Class PST Component [B]); third, the Class [C] Regular Interest (and, therefore, to the Class C Certificates and the Class PST Certificates, pro rata, in each case in an amount equal to such Classes Percentage Interest in the Class PST Component [C]); fourth, the Class D Certificates and last, the respective Classes of Residual Certificates.
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Payment Priority. The Permanent Debt will rank equal in right of payment with all of the Borrower’s existing and future unsecured unsubordinated debt and senior in right of payment to all of the Borrower’s existing and future subordinated indebtedness. The Permanent Debt will rank junior in right of payment to the Obligations. Principal Repayment: Principal payable on the maturity date. Prepayment/Early Redemption Prepayment/Early Redemption on or after at least six months after the Maturity Date. In addition, upon a change in control in the Borrower, the Borrower must offer to repurchase the Permanent Debt (unless prohibited by the terms of the Credit Agreement).
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Payment Priority. Pari passu with payments under the Patriot Credit Agreement or subordinated on arm’s length market terms.
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Related to Payment Priority

  • Lowest Priority As of any date of determination, the Class of Subordinate Certificates then outstanding with the latest priority for payments pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates.

  • Highest Priority As of any date of determination, the Class of Subordinate Certificates then outstanding with a Certificate Principal Balance greater than zero, with the earliest priority for payments pursuant to Section 4.02(a), in the following order: Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

  • First Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • First Priority Lien means any Lien created by the First Priority Security Documents.