Sequential Basis definition
Sequential Basis means, with respect to any repayment of principal on Class VPN Loans, that such repayment shall be applied first to reduce the principal amount outstanding of the Initial Class VPN Loan until it has been reduced to nil, and thereafter to reduce the principal amount of each remaining Class VPN Loan (in the order such Class VPN Loans were advanced) until each such Class VPN Loan has been reduced to nil such that no principal repayment will be applied to any class VPN Loan until all principal amounts owing in respect of Class VPN Loans advanced prior to such Class VPN Loan have been fully repaid.