Lower Ranking Class definition

Lower Ranking Class means, with respect to any Class of Notes, each Class of Notes specified as such in Section 2.3.
Sample 1Sample 2Sample 3
Lower Ranking Class means, with respect to any Class of Notes, each Class of Notes specified as such in Section 2.3that is junior in right of payment of principal to such Class under the Note Payment Sequence and, with respect to each Class of Secured Notes, the Subordinated Notes.
Sample 1Sample 2
Lower Ranking Class. With respect to any Class, each Class that is junior in right of payment to such Class under the Debt Payment Sequence.
Sample 1

Examples of Lower Ranking Class in a sentence

  • If an Event of Default has occurred (and has not been cured or waived) and acceleration occurs (and is not rescinded), each Higher Ranking Class (including any accrued and unpaid interest thereon) will be paid in full before any further payment or distribution is made on any Lower Ranking Class in accordance with the Priority of Post-Acceleration Proceeds.


More Definitions of Lower Ranking Class

Lower Ranking Class. With respect to any Class, each Class that is junior in right of payment of principal to such Class under the Note Payment Sequence and, with respect to each Class of Rated Notes, the Subordinated Notes.
Sample 1

Related to Lower Ranking Class

  • Class A Note Principal Balance means, on any date of determination, an amount equal to (a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

  • Class B Note Principal Balance means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

  • Note Principal Balance means, with respect to each Note, at any time of determination, the Principal Balance for such Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Weighted Average Interest Rates means, with respect to any Outstanding Notes of a class or tranche of the MBNAseries, or of all of the Outstanding Notes of the MBNAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

  • Outstanding Principal Balance As of the time of any determination, the principal balance of a Mortgage Loan remaining to be paid by the Mortgagor, or, in the case of an REO Property, the principal balance of the related Mortgage Loan remaining to be paid by the Mortgagor at the time such property was acquired by the Trust Fund less any Net Liquidation Proceeds with respect thereto to the extent applied to principal.