Class B Obligor definition

Class B Obligor. “Class C Obligor” and “Class D Obligor”, respectively, shall mean, as of any date of determination, an Obligor having a short-term rating or unsecured long-term debt rating or both a short-term rating and an unsecured long-term rating from either of Xxxxx’x or S&P in accordance with the definition of “Class of Obligor” as determined in the following manner: Class of Obligor Short-Term Rating Long-Term Rating of Obligor Class A Obligor A-1/P-1 A/A2 or higher Class B Obligor A-2/P-2 A- or BBB+/A3 or Baa1 (but lower than A/A2) Class C Obligor A-3/P-3 BBB or BBB-/Baa2 or Baa3 (but lower than BBB+/Baa1) Class D Obligor Lower than A-3/P-3 or Not Rated Lower than BBB-/Baa3 or Not Rated “Class of Obligor” for any Obligor shall be determined by the Administrative Agent as follows: (i) the short term rating issued by S&P for such Obligor shall be used to determine the “Class of Obligor”; provided that if such short-term rating is unavailable, the long-term unsecured rating issued by S&P for the Obligor shall be used, (ii) concomitantly with clause (i), the short-term rating issued by Xxxxx’x for such Obligor shall be used to determine the “Class of Obligor”; provided that if such short-term rating is unavailable, the long-term unsecured rating issued by Xxxxx’x for the Obligor shall be used, and (iii) only if there is a difference between the “Class of Obligor” indicated in clauses (i) and (ii), determined concomitantly, then the Obligor shall be deemed a member of the lower of the determined “Class of Obligor”.
Sample 1Sample 2
Class B Obligor. “Class C Obligor” and “Class D Obligor”, respectively, shall mean at any time of determination, an Obligor having an unsecured long-term debt rating and equivalent short-term rating from each of S&P and Xxxxx’x as described below: Class of Obligor Short-Term Rating Long-Term Rating of Obligor Class A Obligor A-1/P-1 A/A2 or higher Class B Obligor A-2/P-2 A- or BBB+/ A3 or Baa1 (but lower than A/A2) Class C Obligor A-3/P-3 BBB or BBB-/Baa2 or Baa3 (but lower than BBB+/Baa1) Class D Obligor Lower than A-3/P-3 or Not Rated Lower than BBB-/Baa3 or Not Rated For purposes of calculating the foregoing, (i) an Obligor’s short term rating from S&P and/or Xxxxx’x shall govern, (ii) an Obligor which does not have a short-term rating from S&P and/or Xxxxx’x but which has the equivalent long-term debt rating from such Rating Agency as described above shall be deemed to have the related short-term rating, and (iii) if an Obligor’s short-term rating results in two different “Classes of Obligor” (because of differences in the short-term ratings assigned by each of S&P and Xxxxx’x, the Class for such Obligor shall be based upon the lower of the short-term ratings. Annex X
Sample 1Sample 2
Class B Obligor. “Class C Obligor” and “Class D Obligor”, respectively, shall mean, as of any date of determination, an Obligor having a short-term rating or unsecured long-term debt rating or both a short-term rating and an unsecured long-term rating from either of Xxxxx’x or S&P in accordance with the definition of “Class of Obligor” as determined in the following manner: Class of Obligor Short-Term Rating Long-Term Rating of Obligor Class A Obligor A-1/P-1 or higher A-/A3 or higher Class B Obligor A-2/P-2 BBB+/Baa1 or BBB/Baa2 Class C Obligor A-3/P-3 BBB-/Baa3 Class D Obligor Lower than A-3/P-3 or not rated Below BBB-/Baa3 or not rated
Sample 1Sample 2Sample 3

Related to Class B Obligor

  • Class A Non-PO Principal Balance As of any date, an amount equal to the Class A Principal Balance less the Principal Balance of the Class A-PO Certificates.

  • Class B Principal Balance As of any date, an amount equal to the sum of the Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance and Class B-6 Principal Balance.

  • Class B Monthly Principal means the monthly principal distributable in respect of the Class B Certificates as calculated in accordance with subsection 4.07(b).

  • Class B Principal Percentage means, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class B Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class B Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class B Initial Invested Amount and the denominator of which is the Initial Invested Amount.

  • Class A Monthly Principal means the monthly principal distributable in respect of the Class A Certificates as calculated in accordance with subsection 4.07(a).

  • Class B Principal Parity Amount means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes and of the Class B Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (vi) of Section 5.7(a) on such Distribution Date.

  • Class A Note Initial Principal Balance means $750,000,000.

  • Note B Principal Balance means, at any time of determination, the Initial Note B Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.

  • Class A-1 Principal Balance as of any date means the Class A‑1 Initial Principal Balance less all amounts paid to the holders of Class A‑1 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Class A-3 Principal Balance as of any date means the Class A‑3 Initial Principal Balance less all amounts paid to the holders of Class A‑3 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Class A-4 Principal Balance as of any date means the Class A‑4 Initial Principal Balance less all amounts paid to the holders of Class A‑4 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Class A Principal Balance As of any date, an amount equal to the sum of the Principal Balances for the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-PO Certificates and Class A-R Certificate.

  • Class B Note Initial Principal Balance means $17,980,000.

  • Original Class A Non-PO Principal Balance The sum of the Original Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-R Certificates, as set forth in Section 11.06.

  • Class A-1 Noteholder means the Person in whose name a Class A-1 Note is registered on the Note Register.

  • Class A Principal Parity Amount means, with respect to any Distribution Date, the lesser of (I) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (iii) of Section 5.7(a) on such Distribution Date.

  • Class C Principal Parity Amount means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes and of the Class C Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount and the Class B Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes or the Class B Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (ix) of Section 5.7(a) on such Distribution Date.

  • Class A Principal Percentage means, with respect to any Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount.

  • Original Class B Principal Balance The sum of the Original Class B-1 Principal Balance, Original Class B-2 Principal Balance, Original Class B-3 Principal Balance, Original Class B-4 Principal Balance, Original Class B-5 Principal Balance and Original Class B-6 Principal Balance, as set forth in Section 11.14.

  • Class A Noteholders’ Principal Distribution Amount means, for any distribution date, the Principal Distribution Amount times the Class A Percentage for that distribution date, plus any Class A Note Principal Shortfall as of the close of business on the preceding distribution date; provided that the Class A Noteholders’ Principal Distribution Amount will not exceed the outstanding principal balance of the class A notes, less all amounts, other than investment earnings, on deposit in the accumulation account.In addition, on the maturity date for any class of class A notes, the principal required to be distributed to the related noteholders will include the amount required to reduce the outstanding principal balance of that class to zero.

  • Lowest Class B Owner An owner unaffiliated with the Company or the Master Servicer of (i) a 100% interest in the Class of Class B Certificates with the lowest priority or (ii) a 100% interest in a class of securities representing such interest in such Class specified in clause (i) above.

  • Class A-1 Note Balance means, at any time, the Initial Class A-1 Note Balance reduced by all payments of principal made prior to such time on the Class A-1 Notes.

  • Class A Non-PO Optimal Principal Amount As to any Distribution Date, an amount equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x) the Non-PO Fraction with respect to such Mortgage Loan, and (y) the sum of:

  • Class B Noteholders’ Principal Distribution Amount means, for any distribution date, the Principal Distribution Amount times the Class B Percentage for that distribution date, plus any Class B Note Principal Shortfall as of the close of business on the preceding distribution date; provided that the Class B Noteholders’ Principal Distribution Amount will not exceed the principal balance of the class B notes.In addition, on the class B maturity date, the principal required to be distributed to the class B noteholders will include the amount required to reduce the outstanding principal balance of the class B notes to zero.

  • Class C Note Initial Principal Balance means $18,948,000.

  • Class B-1 Principal Balance As to the first Determination Date, the Original Class B-1 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-1 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-1 Certificates on prior Distribution Dates (A) pursuant to Paragraph seventh of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-1 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the Class A Principal Balance as of such Determination Date.