Debt Payment Sequence definition

Debt Payment Sequence. The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds, as applicable, in the following order:

Debt Payment Sequence. The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds, as applicable, in the following order: (i) to the payment of principal of the Class A-1 Notes, the Class A-1F Notes and the Class A-L Loans, pro rata, based on the Aggregate Outstanding Amounts thereof, until such amounts have been paid in full; (ii) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; (iii) to the payment of any (1) first, accrued and unpaid interest (excluding Deferred Interest but including interest accrued thereon) on the Class C Notes and (2) second, any Deferred Interest on the Class C Notes, until such amounts have been paid in full; (iv) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full;

Debt Payment Sequence. The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds, as applicable, in the following order: (i) to the payment pari passu and pro rata based on amounts due, of any accrued and unpaid interest (including, without limitation, past due interest, if any) on the Class A-1A Notes, the Class A-1AL Notes, the Class A-1A Loans and the Class A-1AS Loans, until such amounts have been paid in full; (ii) to the payment of principal, pasi passu and pro rata based on their respective Aggregate Outstanding Amounts, of the Class A-1A Notes, the Class A-1AL Notes, the Class A-1A Loans and the Class A-1AS Loans, until the Class A-1A Notes, the Class A-1AL Notes, the Class A-1A Loans and the Class A-1AS Loans have been paid in full; (iii) to the payment of any accrued and unpaid interest (including, without limitation, past due interest, if any) on the Class A-1B Notes, until such amounts have been paid in full; (iv) to the payment of principal of the Class A-1B Notes until the Class A-1B Notes have been paid in full; (v) to the payment of any accrued and unpaid interest (including, without limitation, past due interest, if any) on the Class A-2 Notes, until such amounts have been paid in full; (vi) to the payment of principal of the Class A-2 Notes until the Class A-2 Notes have been paid in full; (vii) to the payment of any accrued and unpaid interest and any Deferred Interest on the Class B Notes until such amounts have been paid in full; (viii) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; (ix) to the payment of any accrued and unpaid interest and any Deferred Interest on the Class C Notes until such amounts have been paid in full; and

Examples of Debt Payment Sequence in a sentence

• Payments made in respect of the Debt in connection with such Special Redemption shall be paid in accordance with the Debt Payment Sequence.

• Payments made in respect of the Secured Debt in connection with such Special Redemption shall be paid in accordance with the Debt Payment Sequence.

• On the first Payment Date (and all subsequent Payment Dates) following the Collection Period in which such notice is given (a "Special Redemption Date"), the amount in the Collection Account representing Principal Proceeds (such amount, the "Special Redemption Amount") will be applied as described in the Priority of Payments in accordance with the Debt Payment Sequence.

• With respect to any Class, each Class that is junior in right of payment to such Class under the Debt Payment Sequence.

• With respect to any Class of Debt, each Class of Debt that ranks higher than such Class in the Debt Payment Sequence.

• In addition, subject to certain conditions set out in Condition 17 (Additional Issuances), the Issuer may create and issue a new class of additional notes which shall rank below the Class F Notes but above the Subordinated Notes in respect of the Debt Payment Sequence.

• Payments made in respect of the Notes in connection with such Special Redemption shall be paid in accordance with the Debt Payment Sequence.

• The outstanding Class of Secured Notes rated by S&P that ranks higher in right of payment than each other Class of Secured Notes rated by S&P in the Debt Payment Sequence.

• Any such redemption or repayment of the Debt may also adversely affect the risk profile of Classes of Debt in addition to the Subordinated Notes to the extent that the amount of excess spread capable of being generated in the transaction reduces as the result of redemption or repayment of the most senior ranking Classes of Debt in accordance with the Debt Payment Sequence which bear a lower rate of interest than the remaining Classes of Rated Debt.

• Notwithstanding the above, Supplemental Reserve Amounts may be distributed to the Subordinated Noteholders pursuant to Condition 3(k)(vi) (Supplemental Reserve Account) on a Payment Date on which scheduled interest on the Rated Debt is not paid in full without regard to the Debt Payment Sequence.

More Definitions of Debt Payment Sequence

Debt Payment Sequence. The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds, as applicable, in the following order: (i) to the payment, pro rata based on the Aggregate Outstanding Amounts thereof, of principal of the Class X Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-B Loans, until the Class X Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-B Loans have been paid in full; and (ii) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full. “Debtholder”: With respect to any Debt, the Holder of such Debt as specified in the Note Register or the Loan Register, as applicable. “Default”: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. “Default Rate Dispersion”: As of any date of determination, the number obtained by (a) summing the products for each Collateral Obligation (other than Defaulted Obligations) of (i) the absolute value of (x) the S&P Rating Factor of such Collateral Obligation minus (y) the

Debt Payment Sequence means the application, in accordance with the Priority of Payments, of Interest Proceeds, Principal Proceeds, Refinancing Proceeds or Partial Redemption Interest Proceeds, as applicable, in the following order: