Lower Ranking Class means, with respect to any Class of Notes, each Class of Notes specified as such in Section 2.3.
Lower Ranking Class means 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 Secured Notes, the Subordinated Notes.
Lower Ranking Class. With respect to any Class, each Class that is junior in right of payment of principal to such Class under the Debt Payment Sequence and, with respect to each Class of Rated Debt, the Subordinated Notes.
Examples of Lower Ranking Class in a sentence
For so long as any Higher Ranking Class is Outstanding, no Lower Ranking Class shall be entitled to any payment on a claim against the Issuer unless there are sufficient funds to make payments on such Class in accordance with the Priority of Payments.
More Definitions of Lower Ranking Class
Lower Ranking Class. With respect to any Class, each Class that is junior in right of payment to such Class under the Note Payment Sequence.