Class S Notes definition

Class S Notes has the same meaning as in the Trust Deed;

Class S Notes means, the £13,875,000 Class S mortgage backed floating rate notes due December 2055, constituted by the Trust Deed or the amount thereof from time to time outstanding or, as the context may require, a specific number thereof and includes the Class S Global Note of each class (or any part thereof) and the Definitive Class S Notes of each class (or any of them);

Class S Notes has the same meaning as in the Trust Deed; "Class S VFN" has the same meaning as in the Trust Deed;

Examples of Class S Notes in a sentence

• Upon redemption in full of such Classes of Notes, the Class S Notes are subject to redemption on such Notes Payment Date and on each Notes Payment Date thereafter in accordance with and subject to Condition 6(c) (Redemption of the Class S Notes) and Condition 9(b) (Principal).

• PML as Administrator (on behalf of the Issuer) will fund the General Reserve Fund from part of the proceeds of the Noteholders' subscription for the Class S Notes in an amount equal to the General Reserve Fund Required Amount as at the Closing Date.

• The Notes are being issued in several classes, including the Class A Notes, the Class M-1 Notes, the Class M-2 Notes, the Class B-1 Notes, the Class C Notes, the Class S Notes and the Class P Notes.

• No Class of Notes may be redeemed under such circumstances unless all Classes of Notes (or such of them as are then outstanding), other than the Class S Notes and the Class X Notes, are also redeemed in full subject to, in respect of the Class E Notes, Condition 9(b) (Principal), at the same time.

• The Class S Noteholders shall have no further claim against the Issuer for the Principal Amount Outstanding on the Class S Notes after the date on which the Issuer no longer holds any Mortgage Receivables and there is no balance standing to the credit of the Issuer Transaction Accounts and the Issuer has no further rights under or in connection with any of the Transaction Documents.

• The Class S Notes represent a leveraged investment in the underlying Collateral Loans.

• Accordingly, it is expected that changes in the market value of the Class S Notes will be greater than changes in the market value of the underlying Collateral Loans, which themselves are subject to credit, liquidity, interest rate and other risks.

• An Agent may cast any vote or give any consent or direction under the Sale and Servicing Agreement, the Indenture or other Related Documentation on behalf of the Holders (as defined in the Indenture) of Class S Notes in its Purchaser Group if it has been directed to do so by Class S Owners in such Purchaser Group having Percentage Interests aggregating greater than 50% of the aggregate Percentage Interests of all Class S Owners in such Purchaser Group.

• Upon redemption in full of all of the Notes, other than the Class S Notes and the Class X Notes, the Class S Notes and the Class X Notes become subject to redemption.

• Risk-Weighted Assets Community Bank Leverage Ratio FrameworkRC-R-36General Instructions for Schedule RC-R, Part IIRC-R-36Exposure Amount Subject to Risk WeightingRC-R-37Amounts to Report in Column BRC-R-38Treatment of Collateral and GuaranteesRC-R-38aa.

More Definitions of Class S Notes

Class S Notes means, the £10,923,000 Class S mortgage backed floating rate notes due 2050, hereby constituted or the amount thereof from time to time outstanding or, as the context may require, a specific number thereof and includes the Global Class S Note of each class (or any part thereof) and the Definitive Class S Notes of each class (or any of them).

Class S Notes. Class S VFN" and "Notes" have the same meaning as indicated in the Deed of Charge (as defined below).

Class S Notes has the meaning specified in the recitals to this Agreement.

Class S Notes has the meaning assigned in the third WHEREAS clause hereof.

Class S Notes has the meaning assigned to it in the fourth WHEREAS clause hereof.

Class S Notes means the Class S Swingline Asset Backed Notes, ------------- substantially in the form of Exhibit A-3 to the Indenture.