Examples of Senior Tranche in a sentence
On each Fixed Rate Payer Period End Date the aggregate of all Recovery Balances and Relevant Amortisation Amounts effective on or after the later of the Effective Date and the immediately preceding Fixed Rate Payer Period End Date (the “Aggregate Recovery Balance”) shall be allocated by way of subtraction from the Senior Tranche Amount.
Where the Aggregate Recovery Balance exceeds the Senior Tranche Amount the excess of the Aggregate Recovery Balance not so allocated shall be allocated by way of subtraction to the Class B Tranche Amount.
Any reductions in the Portfolio Notional Amount on or after the Effective Date as a result of any Relevant Amortisation of any Reference Obligation shall be applied so as to reduce the Senior Tranche Amount, and following reduction of the Senior Tranche Amount to zero, to reduce the Class B Tranche Amount and following reduction of the Class B Tranche Amount to zero, to reduce the Junior Tranche Amount.
Where the Aggregate Loss Balance exceeds the sum of the Class B Tranche Amount and the Junior Tranche Amount the excess of the Aggregate Loss Balance not so allocated shall be allocated by way of subtraction from the Senior Tranche Amount.
Where the Aggregate Recovery Balance exceeds the sum of the Class B Tranche Amount and the Senior Tranche Amount, the excess of the Aggregate Recovery Balance not so allocated shall be allocated by way of subtraction to the Junior Tranche Amount.