Subordinate Series definition

Subordinate Series means any Series which is subordinated in right of payment, in whole or in part, pursuant to the Series Supplement with respect to such Series, to the Series established hereby. "Supplemental Credit Enhancement Amount," if applicable, shall have the meaning set forth in the Series Term Sheet.
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Subordinate Series means any Series that is subordinated in right of payment, in whole or in part, pursuant to the Series Supplement with respect to such Series, to the Series established hereby. "Substitute Index," if applicable, shall have the meaning specified in Section 13. "Substitute Index Determination Date," if applicable, shall have the meaning set forth in the Series Term Sheet.
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Subordinate Series means any Series which is subordinated in right of payment, in whole or in part, pursuant to the Series Supplement with respect to such Series, to the Series established hereby. "Supplemental Credit Enhancement Amount," if applicable, shall have the meaning set forth in the Series Term Sheet. "Supplemental Credit Enhancement Event" shall occur the first time the long-term debt or deposit rating of Discover Bank or any Additional Seller is withdrawn or reduced below BBB- by Standard & Poor's.
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Examples of Subordinate Series in a sentence

  • If any Subordinate Series is issued, such Subordinate Series shall be subordinate in right of payment to the Series established hereby only to the extent set forth in the Series Supplement with respect to such Subordinate Series.

  • If applicable, an amount equal to the lesser of (A) the Class B Modified Required Amount Shortfall and (B) funds, if any, available to pay such Class B Modified Required Amount Shortfall from funds initially allocated to any Subordinate Series shall be deposited into the Series Distribution Account.

  • If applicable, an amount equal to the lesser of (A) the Class C Modified Required Amount Shortfall and (B) funds, if any, available to pay such Class C Modified Required Amount Shortfall from funds initially allocated to any Subordinate Series shall be deposited into the Series Distribution Account.

  • If applicable, an amount equal to the lesser of (A) the Class A Modified Required Amount Shortfall and (B) funds, if any, available to pay such Class A Modified Required Amount Shortfall from funds initially allocated to any Subordinate Series shall be deposited into the Series Distribution Account.

  • One or more other Series, however, may be subordinated in right of payment to the Series established hereby, although the Sellers shall have no obligation to issue such a Subordinate Series.

  • The Trust will use - funds remaining available to reimburse charge-offs after steps (3), (5) and (9) from a Subordinate Series, if any, to reimburse Class B charge-offs.

  • If the Trust cannot deposit Class A interest and servicing fees in full in step (2), it will also use - funds available from a Subordinate Series, if any, to pay the shortfall to deposit Class A interest and servicing fees.

  • If the Trust cannot deposit Class B interest and servicing fees in full in step (8), it will also use - funds remaining available after steps (3) and (5) to pay the shortfall from a Subordinate Series, if any to deposit Class B interest and servicing fees.

  • One or more other Series, however, may be subordinated in right of payment to the Series established hereby, although the Seller shall have no obligation to issue such a Subordinate Series.

  • If the Trust cannot reimburse Class A charge-offs in full in step (4), it also will use - funds available to reimburse the shortfall from a Subordinate Series, if any, to reimburse Class A charge-offs.


More Definitions of Subordinate Series

Subordinate Series. Any Series of Subordinate Notes issued pursuant to a Supplement.
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Subordinate Series means any Series that is subordinated in right of payment, in whole or in part, pursuant to the Series Supplement with respect to such Series, to the Series established hereby.
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Subordinate Series means any Series that is designated as subordinated in the related Series Supplement.
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Related to Subordinate Series

  • Subordinate Bonds means all Bonds but Senior Bonds.

  • Subordinate Notes means the B Notes and the C Notes, individually or collectively, as the context may require.

  • Subordinate Companion Loan A Companion Loan that, to the extent provided in the related Loan Documents and/or the related Co-Lender Agreement, is generally subordinate in right of payment to the related Split Mortgage Loan. The only Subordinate Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Subordinate Companion Loan(s),” each of which Notes evidences a separate Subordinate Companion Loan.

  • Subordinated Class means, with respect to the Class A Notes, the Class B Notes.

  • Subordinate Note means each B Note.

  • Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.

  • Senior Subordinate Certificates The Class B1, Class B2 and Class B3 Certificates.

  • Subordinate Net Funds Cap With respect to any Distribution Date, an amount equal to the weighted average of the Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis of the Pool Subordinate Amount for each Mortgage Pool; provided, however, that on any Distribution Date after which the aggregate Class Principal Amount of the Senior Certificates relating to any Mortgage Pool has been reduced to zero, such weighting shall be on the basis of the Pool Balance of each Mortgage Pool.

  • Lead Securitization Subordinate Class Representative means the “Controlling Class Representative” as defined in the Lead Securitization Servicing Agreement or such other analogous term used in the Lead Securitization Servicing Agreement.

  • Subordinate Percentage As of any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100% minus the related Senior Percentage as of such Distribution Date.

  • Subordinate Reduction Amount With respect to any Payment Date, the sum of the Scheduled Principal, Unscheduled Principal and Recovery Principal for such Payment Date, less the Senior Reduction Amount.

  • Subordinate Liquidation Amount For any Distribution Date and each Loan Group, the excess, if any, of the aggregate Liquidation Principal of Mortgage Loans related to that Loan Group which became Liquidated Mortgage Loans during the prior calendar month over the related Senior Liquidation Amount for that Distribution Date.

  • Junior Subordinate Certificates The Class B-4, Class B-5 and Class B-6 Certificates.

  • Subordinate Optimal Principal Amount For any Distribution Date and any Loan Group, the sum for each Mortgage Loan in such Loan Group of (i) the Subordinate Percentage of (a) the principal portion of each Scheduled Payment (without giving effect, prior to the Bankruptcy Coverage Termination Date, to any reductions thereof caused by any Debt Service Reductions or Deficient Valuations) due on each such Mortgage Loan on the related Due Date, (b) the principal portion of the Purchase Price of each such Mortgage Loan to the extent it was repurchased by the Transferor pursuant to this Agreement as of such Distribution Date, (c) the Substitution Adjustment Amount in connection with any Deleted Mortgage Loan related to such Loan Group received with respect to such Distribution Date, (d) any Liquidation Proceeds (including Insurance Proceeds) allocable to recoveries of principal of Mortgage Loans related to such Loan Group that are not yet Liquidated Loans, received during the calendar month preceding the month of such Distribution Date, (ii) with respect to each Mortgage Loan in such Loan Group that became a Liquidated Loan during the calendar month preceding the month of such Distribution Date, the portion of the amount of the Liquidation Proceeds allocable to principal received with respect to such Mortgage Loan that was not included in clause (ii) of the definition of "Senior Optimal Principal Amount" for such Distribution Date, (iii) the Subordinate Prepayment Percentage of the sum of (a) all Principal Prepayments in Full of Mortgage Loans in such Loan Group received during the related Prepayment Period and (b) all partial Principal Prepayments of Mortgage Loans in such Loan Group and applied during the related Prepayment Period and (iv) with respect to any Distribution Date prior to the Cross-Over Date only, the Subordinate Prepayment Percentage related to such Group of the Recoveries received during the related Prepayment Period; provided, however, that if a Bankruptcy Loss that is an Excess Loss is sustained with respect to a Mortgage Loan in such Loan Group that is not a Liquidated Loan, the Subordinate Optimal Principal Amount will be reduced on the related Distribution Date by the Subordinate Percentage of the principal portion of such Bankruptcy Loss.

  • Subordinated as applied to Indebtedness, shall mean that the Indebtedness has been subordinated (by written terms or written agreement being, in either case, in form and substance satisfactory to Agent and the Required Banks) in favor of the prior payment in full of the Debt.

  • Non-Lead Securitization Subordinate Class Representative means the holders of the majority of the class of securities issued in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.

  • Original Subordinate Principal Balance The aggregate of the Class Certificate Balances of the Subordinated Certificates as of the Closing Date.

  • Subordinated Certificates As specified in the Preliminary Statement.

  • Subordinated Amount As of any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over (b) the aggregate of the Class Certificate Balances of the LIBOR Certificates as of such Distribution Date (after giving effect to the payment of the Principal Remittance Amount on such Certificates on such Distribution Date).

  • Subordinate Class Percentage With respect to any Distribution Date and any Class of Subordinate Certificates, a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of such Class of Subordinate Certificates immediately prior to such date and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) (other than the related Discount Fraction of each Discount Mortgage Loan) immediately prior to such Distribution Date.

  • Excess Subordinate Principal Amount With respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the Lowest Priority is to be reduced to zero and on which Realized Losses are to be allocated to such class or classes, the excess, if any, of (i) the amount that would otherwise be distributable in respect of principal on such class or classes of Certificates on such Distribution Date over (ii) the excess, if any, of the aggregate Certificate Principal Balance of such class or classes of Certificates immediately prior to such Distribution Date over the aggregate amount of Realized Losses to be allocated to such classes of Certificates on such Distribution Date as reduced by any amount calculated pursuant to Section 4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or more Loan Groups, the Excess Subordinate Principal Amount will be allocated between each Loan Group on a pro rata basis in accordance with the amount of Realized Losses attributable to each Loan Group and allocated to the Certificates on such Distribution Date.

  • Subordinated Claims shall have the meaning set forth in Section 3.6(c)(i) hereof.

  • Senior Subordinated Debt means the Indebtedness represented by the Senior Subordinated Notes (including the Note Guarantees, Exchange Notes (each as defined in the Senior Subordinated Debt Documents), guarantees of Exchange Notes and any replacement Exchange Notes).

  • Group II Subordinate Percentage For any Distribution Date, the excess of 100% over the Group II Senior Percentage for such date.

  • Senior Subordinated Notes means $200,000,000 in aggregate principal amount of the Borrower’s 10.75% senior subordinated notes due 2016.

  • Required Subordinated Amount of Class C Notes means, for the Class A(2022-1) Notes for any date of determination, an amount equal to the product of