Senior Tranche definition

Senior Tranche means the tranche within an SBBSs issue that bears losses after all the subordinated tranches of that SBBS issue have done so;

Senior Tranche. (i) With respect to a Participation or B Note, any senior interest in the same Underlying Term Loan as a Participation or any senior debt secured by the same Underlying Mortgage Property as a B Note or Participation and (ii) with respect to a Mezzanine Loan, any commercial mortgage loan related to the same Underlying Mortgage Property or Properties as the Mezzanine Loan.

Senior Tranche means a tranche which is effectively backed or secured by a first claim on the entire amount of the assets in the underlying securitised pool;

Examples of Senior Tranche in a sentence

• In acting upon the direction of the Noteholders of the most Senior Tranche, the Trustee shall not be held liable for the consequence of the taking of or the failure to take (for whatever reason) any action and may take such action or refrain from taking such action without having regard to the effect of such action or inaction on any Other Creditor in relation to the Notes.

• One or more Tranches of Notes may rank senior (each, a "Senior Tranche") to any other Tranche of Notes (each, a "Subordinated Tranche") in accordance with the application of proceeds as set out in the Trust Deed.

• Following the occurrence of an Event of Default, the Notes may be accelerated in accordance with Condition 11 (Events of Default) by the Trustee at the request of the Holders of at least one-fifth in nominal amount of the most Senior Tranche of Notes then outstanding or if so directed by an Extraordinary Resolution.

• Unless specified otherwise in the relevant Offering Circular Supplement, interest on the subordinated Tranche of Notes will be paid only to the extent that there are proceeds available on each Interest Payment Date following payment of interest on the Senior Tranche of Notes and the fees, expenses and other amounts set out in the Trust Deed.

• To the extent that interest payments on one or more Tranches of Notes which rank senior to other Tranches of Notes are not made on the relevant Interest Payment Date, such unpaid interest amount will be deferred and the amount thereof added to the principal amount outstanding of such Senior Tranche of Notes and will earn interest at the interest rate applicable to such Notes.

More Definitions of Senior Tranche

Senior Tranche shall have the meaning set forth in Section 28(a).

Senior Tranche has the meaning assigned to it in Section 3.01(a)(i) or, where the context so requires, the amount of the facility disbursed thereon to the extent not cancelled or reduced pursuant to this Agreement;  "Senior Tranche Commitment"at any time during a Specified Period, the amount (in Dollars) set opposite that Specified Period in the table in Part I of Schedule 9 to the extent not cancelled or reduced by IFC under this Agreement;  "Shell Bank" a bank that is incorporated in a jurisdiction in which it has no physical presence and that is not an Affiliate of a regulated bank or a regulated financial group; 

Senior Tranche means the portion of the Policy initially insuring $129,684,000 of principal and interest in respect of the Series A Bonds representing the third loss layer of the Policy to be drawn in the event of a Policy Payment.

Senior Tranche means each of the Dübendorf Swiss Notional Senior Tranche, the Epic Swiss Notional Senior Tranche, the Soudronic Swiss Notional Senior Tranche, the Trafalgar Swiss Notional Senior Tranche, the Swiss Unsecured Loans which are Tranched Loans, the Phone Loan and the Triumph Loan.

Senior Tranche set forth in the Credit Agreement are hereby deleted in the entirety and the following definitions are hereby substituted in lieu thereof:

Senior Tranche means the aggregate balance of the Loans allocated to the Senior Note pursuant to Sections 2.16(a), 2.16(b)(i) or 2.16(c)(i) hereof, as applicable."

Senior Tranche means the amount of the Revolving Credit Aggregate Commitment funded by the Lenders in the amount of up to Twenty-One Million Five Hundred Twenty-Three Thousand and 00/100 ($21,523,000.00) reducing to Eighteen Million One Hundred Eighty-Two Thousand and 00/100 ($18,182,000.00) Dollars from and after May 28, 2023.