Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates, pro rata; second, the Class B Certificates; third, the Class C Certificates; fourth, the Class D Certificates; fifth, the Class E Certificates; sixth, the Class F Certificates; seventh, the Class G Certificates; eighth, the Class H Certificates; ninth, the Class J Certificates; tenth, the Class K Certificates; and last, the respective Classes of Residual Certificates.
Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date, as set forth in Section 4.01(c) hereof.
Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates; second, the Class B Certificates; third, the Class C Certificates; fourth, the Class D Certificates; fifth, the Class E Certificates; sixth, the Class F Certificates; seventh, the Class G Certificates; eighth, the Class H Certificates; ninth, and Class J Certificates tenth, the Class K Certificates, eleventh, the Class L Certificates, twelfth, the Class M Certificates, thirteenth, the Class N Certificates, fourteenth, the Class O Certificates, fifteenth, the Class P Certificates and last, the respective Classes of Residual Certificates.
Examples of Payment Priority in a sentence
If such excess does exist, then the Class Principal Balances of the respective Classes of Sequential Pay Certificates shall be reduced sequentially, in reverse order of Payment Priority, until the amounts described in clauses (i) and (ii) of the preceding sentence are equal.
Such reductions shall be effected such that no Class of Sequential Pay Certificates shall have its Class Principal Balance reduced until the Class Principal Balance of each other Class of Sequential Pay Certificates, if any, with a lower Payment Priority is reduced to zero, and any such reductions made to the Class Principal Balances of the Class A-1A Certificates and the Class A-1B Certificates shall be made on a pro rata basis in accordance with relative sizes of such Class Principal Balances.
Under certain conditions referred to under "Principal Payment Priority" cashflows from one loan group may be used to make certain payments to the Senior Certificate(s) related to the other loan group(s).
Events of (a) The Company shall fail to redeem the Restructuring Securities in Default: accordance with the Payment Priority Waterfall or (b) any proceeding shall be instituted by or against the Company under any law relating to bankruptcy, insolvency, or reorganization.
Interest Payment Priority The Interest Rates for the Class A1, A2, A3, A4, A5, A6, A7, A8, M1, M2, M3, M4, M5, M6, M7, M8, M9 and B Certificates (the “LIBOR Certificates”) will be equal to the lesser of (i) one-month LIBOR plus their respective margins and (ii) their Net Funds Cap (as defined herein).
More Definitions of Payment Priority
Payment Priority. With respect to any Class of Certificates (other than the Class V Certificates), the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates; second, the Class A-MFX Certificates and Class A-MFL Regular Interest, pro rata; third, the Class A-J Certificates; fourth the Class B Certificates; fifth, the Class C Certificates; sixth, the Class D Certificates; seventh, the Class E Certificates; eighth, the Class F Certificates; ninth, the Class G Certificates; tenth, the Class H Certificates; eleventh, the Class J Certificates; twelfth, the Class K Certificates; thirteenth, the Class L Certificates; fourteenth, the Class M Certificates; fifteenth, the Class N Certificates; sixteenth, the Class O Certificates; seventeenth, the Class P Certificates; eighteenth, the Class Q Certificates; and last, the respective Classes of Residual Certificates.
Payment Priority. With respect to any Class of Bonds or Owner Trust Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Bonds and Owner Trust Certificates to receive remittances on any Payment Date, as provided in the Indenture and the Owner Trust Agreement.
Payment Priority. With respect to any Class of Certificates [and the Class EC Regular Interests], the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates [and the Class EC Regular Interests]shall be, in descending order, as follows: first, the Class A Certificates and Class A-FL Certificates; second the Class [B] Regular Interest (and, therefore, to the Class B Certificates and the Class PST Certificates, pro rata, in each case in an amount equal to such Classes Percentage Interest in the Class PST Component [B]); third, the Class [C] Regular Interest (and, therefore, to the Class C Certificates and the Class PST Certificates, pro rata, in each case in an amount equal to such Classes Percentage Interest in the Class PST Component [C]); fourth, the Class D Certificates and last, the respective Classes of Residual Certificates.
Payment Priority. The Permanent Debt will rank equal in right of payment with all of the Borrower’s existing and future unsecured unsubordinated debt and senior in right of payment to all of the Borrower’s existing and future subordinated indebtedness. The Permanent Debt will rank junior in right of payment to the Obligations. Principal Repayment: Principal payable on the maturity date. Prepayment/Early Redemption Prepayment/Early Redemption on or after at least six months after the Maturity Date. In addition, upon a change in control in the Borrower, the Borrower must offer to repurchase the Permanent Debt (unless prohibited by the terms of the Credit Agreement).
Payment Priority. Pari passu with payments under the Patriot Credit Agreement or subordinated on arm’s length market terms. Conversion: On arm’s length market terms. Early Redemption or Repurchase On arm’s length market terms, subject to the terms and conditions of Section 7.18 of the Patriot Credit Agreement. Security: None. Representations and Warranties: On terms no more restrictive to the Borrower in any material respect than the terms of the Credit Agreement with modifications reasonably necessary to reflect changes in structures. Covenants: On terms no more restrictive to the Borrower in any material respect than the terms of the Credit Agreement with modifications reasonably necessary to reflect changes in structures. Events of Default: On terms no more restrictive to the Borrower in any material respect than the terms of the Credit Agreement with modifications reasonably necessary to reflect changes in structures.
Payment Priority. With respect to any Class of Certificates, the priority of the Holders thereof in respect of the Holders of the other Classes of Certificates to receive distributions out of the Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of Certificates shall be, in descending order, as follows: first, the respective Classes of Senior Certificates, pro rata; second, the Class B Certificates; third, the Class C Certificates; fourth, the Class D Certificates; fifth, the Class E Certificates; sixth, the Class F Certificates; and last, the Class R-II Certificates. With respect to any Class of REMIC I Regular Interests, the priority thereof in respect of the other Classes of REMIC I Regular Interests to receive distributions out of the REMIC I Available Distribution Amount for any Distribution Date. The Payment Priority of the respective Classes of REMIC I Regular Interests shall be, in descending order, as follows: first, the respective Classes of Class LA Uncertificated Interests, pro rata; second, the Class LB Uncertificated Interest; third, the Class LC Uncertificated Interest; fourth, the Class LD Uncertificated Interest; fifth, the Class LE Uncertificated Interest; sixth, the Class LF Uncertificated Interest; and last, the Class R-1 Certificates.
Payment Priority means with respect to any of the Senior Liabilities or the Subordinated Liabilities, the order of priority in which such liabilities are to be repaid by the Borrower, as specified in Article 2.