Examples of Senior Collateral in a sentence
Imposition of unanticipated Taxes on Issuer / Irish Value Added Tax Treatment of the Senior Collateral Management FeesThe Issuer has been advised that under current Irish domestic law, the Senior Collateral Management Fees should be exempt from VAT.
Class Z NotesAs further described in the section of this Offering Circular titled “ Description of the Collateral Management Agreement—Compensation”, the Senior Collateral Management Fees do not include a subordinated fee payable to the Collateral Manager that is senior to the payments on the Subordinated Notes but subordinated to the Rated Notes in accordance with the Priorities of Payment.
The Collateral Manager may, pursuant to the Priorities of Payment, redirect funds (including by deferring or waiving payment of some or all of its Senior Collateral Management Fees) to be applied toward the acquisition of additional Collateral Debt Obligations, Loss Mitigation Loans or other permitted uses.
The imposition of VAT in Ireland on the Senior Collateral Management Fees will not constitute a Note Tax Event.
If so, the Issuer could from then be required to account for VAT in Ireland in respect of the Senior Collateral Management Fees.