Subordinate Note definition

Subordinate Note means each B Note.

Subordinate Note means the promissory note or other evidence of the Subordinate Indebtedness and any replacement of the Subordinate Note.

Subordinate Note. Any Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 or Class M7 Note.

Examples of Subordinate Note in a sentence

• Notwithstanding the foregoing, without the Lead Securitization Noteholder’s prior consent, which may be withheld in the Lead Securitization Noteholder’s sole and absolute discretion, no Subordinate Note Holder shall Transfer all or any portion of its Note to a Borrower Restricted Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.

• The Lead Securitization Noteholder (or the Master Servicer on its behalf) shall service the Mortgage Loan in accordance with the terms of this Agreement, including without limitation, the rights of the Controlling Noteholder and the Subordinate Note Holders set forth in Section 4(f) below and consistent with the Accepted Servicing Practices.

• Each Subordinate Note Holder acknowledges that no other Noteholder owes such Subordinate Note Holder any fiduciary duty with respect to any action taken under the Mortgage Loan Documents and, except as provided herein, need not consult with such Subordinate Note Holder with respect to any action taken by such other Noteholder, as applicable, in connection with the Mortgage Loan.

• If the subject Note is held by more than one Noteholder at any time, the holders of a majority of interest in the subject Note shall immediately appoint a representative to exercise all rights of such Subordinate Note Holder hereunder.

• Each Subordinate Note Holder represents and warrants solely as to itself that it is duly organized, validly existing, in good standing and possesses of all licenses and authorizations necessary to perform its obligations hereunder.

More Definitions of Subordinate Note

Subordinate Note means each of Note B-1 and Note B-2.

Subordinate Note means the B Note.

Subordinate Note. Any Class M or Class B Note.

Subordinate Note. Any Class M-1 Note, Class M-2 Note or Class M-3 Note.

Subordinate Note means a Class B Floating Rate Asset-Backed Subordinate Note issued pursuant to the Indenture, substantially in the form of Exhibit A-4 thereto.

Subordinate Note means the promissory note or other evidence of the Subordinate Indebtedness referred to in the Subordinate Mortgage and any replacement of the Subordinate Note.

Subordinate Note. Any [Class MF-1], [Class MF-2], [Class MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7], [Class MF-8], [Class BF], [Class MV-1], [Class MV-2], [Class MV-3], [Class MV-4], [Class MV-5], [Class MV-6], [Class MV-7], [Class MV-8] or [Class BV] Note.