Senior Priority definition

Senior Priority. Not applicable.

Senior Priority. The priority of distributions on the Senior Certificates described in Section 5.02(d)(i)(B).

Senior Priority. With respect to each Mortgage Pool, each priority of distributions on the Senior Certificates provided in subsection 5.02(d)(i)(A)(1) or 5.02(d)(i)(B)(1).

Examples of Senior Priority in a sentence

• The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Senior Priority Secured Parties and the Junior Priority Secured Parties, respectively.

• Nothing in this Agreement shall be deemed to subordinate the right of any Junior Priority Secured Party to receive payment to the right of any Senior Priority Secured Party (whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens as between the Senior Priority Secured Parties, on the one hand, and the Junior Priority Secured Parties, on the other hand, but not a subordination of Indebtedness.

• If any Junior Priority Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against the Credit Parties or the Collateral, the Credit Parties, with the prior written consent of the Senior Priority Representative, may interpose as a defense or dilatory plea the making of this Agreement, and any Senior Priority Secured Party may intervene and interpose such defense or plea in its own name or in the name of the Credit Parties.

• In furtherance of, and subject to, the foregoing, each Junior Priority Agent agrees that it will execute any and all Lien releases or other documents reasonably requested by any Senior Priority Agent in connection therewith, so long as the net cash proceeds, if any, from such sale described in clause (A) above of such Collateral are applied in accordance with the terms of this Agreement.

• If any Senior Priority Agent or Senior Priority Creditor is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Credit Party or any other Person any payment made in satisfaction of all or any portion of the Senior Priority Obligations (a “Senior Priority Recovery”), then the Senior Priority Obligations shall be reinstated to the extent of such Senior Priority Recovery.

More Definitions of Senior Priority

Senior Priority. The priority of distribution of principal to the Class A1 and Class A2 Certificates set forth in Section 5.02(c)(i)(A) and (B).

Senior Priority. With respect to Pool 1, the priority of payments on the Class IA1, Class IA2 and Class IA3 Notes as provided in Section 4.1(c)(i)(A)(3); with respect to Pool 2, the priority of payments on the Class IIA1 Notes and Class IIA2 Notes as provided in Section 4.1(c)(i)(B)(3).

Senior Priority means, (a) with respect to the ABL Priority Collateral, prior to the Discharge of ABL Priority Obligations, that such Lien purported to be created on any ABL Priority Collateral to secure the ABL Priority Obligations pursuant to any ABL Security Document is prior in right to any other Lien thereon (other than any ABL Permitted Priority Liens applicable to such ABL Priority Collateral), and (b) with respect to the Note Priority Collateral, prior to the Discharge of Note Priority Obligations, that such Lien purported to be created on any Note Priority Collateral to secure the Note Priority Obligations pursuant to any Note Security Document is prior in right to any other Lien thereon (other than any Senior Note Permitted Priority Liens or Junior Note Permitted Priority Liens applicable to such Note Priority Collateral).

Senior Priority. With respect to the Group 1 Certificates, the priority of distributions provided in Section 6.05(d)(i)(A)(2)(a) and Section 6.05(d)(i)(A)(2)(b), and with respect to the Group 2 Certificates, the priority of distributions provided in Section 6.05(d)(i)(B)(2). Service(s)(ing): With respect to Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust Fund by an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. Any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the residential mortgage-backed securitization market.

Senior Priority. With respect to Pool 1, to the Class [A] Certificates, sequentially, in that order, in reduction of their Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero.

Senior Priority. For each Mortgage Pool for any Distribution Date will be equal to the lesser of (x) the sum of the Class Principal Amounts of the Senior Certificates and (y) the product of (a) the Senior Principal Distribution Amount and (b) the Senior Proportionate Percentage in each case for such date.

Senior Priority. With respect to Pool 1, to the Class IA1, Class IA2, Class IA3, and Class IA4, sequentially, in that order, in reduction of their Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero.