Subordination. The provisions described in Section 4.05 relating to the allocation of Realized Losses.
Subordination. Shifting interest" structure. Minimum Denominations of Offered Certificates: Class Minimum Denomination Incremental Denomination ----- -------------------- ------------------------ Classes A $ 25,000 $1,000 Class A-IO $ [ ] $1,000 Classes A-R $ 100 N/A Classes B-1, B-2 and B-3 $ 100,000 $1,000 Description of the Mortgage Loans: Fixed interest rate, conventional, monthly pay, fully amortizing, one- to four-family, residential first mortgage loans having original stated terms to maturity of approximately [ ] years.
Subordination means, with respect to an obligation (the "Second Obligation") and another obligation of the Reference Entity to which such obligation is being compared (the "First Obligation"), a contractual, trust or similar arrangement providing that (I) upon the liquidation, dissolution, reorganization or winding-up of the Reference Entity, claims of the holders of the First Obligation are required to be satisfied prior to the claims of the holders of the Second Obligation, or (II) the holders of the Second Obligation will not be entitled to receive or retain principal payments in respect of their claims against the Reference Entity at any time that the Reference Entity is in payment arrears or is otherwise in default under the First Obligation. "Subordinated" will be construed accordingly. For purposes of determining whether Subordination exists or whether an obligation is Subordinated with respect to another obligation to which it is being compared, (x) the existence of preferred creditors arising by operation of law or of collateral, credit support or other credit enhancement or security arrangements shall not be taken into account, except that, notwithstanding the foregoing, priorities arising by operation of law shall be taken into account where the Reference Entity is a Sovereign and (y) in the case of the Reference Obligation or the Prior Reference Obligation, as applicable, the ranking in priority of payment shall be determined as of the date as of which it was issued or incurred (or in circumstances where the Reference Obligation or a Prior Reference Obligation is the Standard Reference Obligation and "Standard Reference Obligation" is applicable, then the priority of payment of the Reference Obligation or the Prior Reference Obligation, as applicable, shall be determined as of the date of selection) and, in each case, shall not reflect any change to such ranking in priority of payment after such date; and
Examples of Subordination in a sentence
The security interest herein granted is expressly subordinated to the security interest granted pursuant to the Senior Debt and Senior Indebtedness (as defined in the Note to the extent, if requested, as set forth in a Subordination Agreement reasonably acceptable to the Lender and the holder of the Senior Indebtedness).
In connection therewith, if the lender providing any such Loan requires the Option for any Property to be subordinate to its Loan, Builder agrees to execute upon Owner’s request an Assignment and Subordination of Option Agreement with related Consent to Assignment, Non-Disturbance and Recognition Agreement (collectively “Subordination, Non-Disturbance and Recognition Agreement”) in favor of Owner’s senior lender in a form reasonably acceptable to Builder.
The foregoing shall be without prejudice to Purchasers’ right to request a Subordination Agreement from Lender which shall be reasonably agreed to between the Lender and the holder of the Senior Indebtedness.
More Definitions of Subordination
Subordination means, with respect to an obligation (the "Subordinated Obligation") and another obligation of the Reference Entity to which such obligation is being compared (the "Senior Obligation"), a contractual, trust or similar arrangement providing that (i) upon the liquidation, dissolution, reorganisation or winding up of the Reference Entity, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the Reference Entity at any time that the Reference Entity is in payment arrears or is otherwise in default under the Senior Obligation. "Subordinated" will be construed accordingly. For purposes of determining whether Subordination exists or whether an obligation is Subordinated
Subordination. Shifting interest" structure. Minimum Denominations of Offered Certificates: Class Minimum Denomination Incremental Denomination ----- -------------------- ------------------------ Classes B-1, B-2 and B-3 $ 100,000 $1
Subordination means, with respect to an obligation (the "Second Obligation") and another obligation of the Reference Entity to which such obligation is being compared (the "First Obligation"), a contractual, trust or similar arrangement providing that (I) upon the liquidation, dissolution, reorganization or winding-up of the Reference Entity, claims of the holders of the First Obligation are required to be satisfied prior to the claims of the holders of the Second Obligation, or (II) the holders of the Second Obligation will not be entitled to receive or retain principal payments in respect of their claims against the Reference Entity at any time that the Reference Entity is in
Subordination refers to the provisions discussed above for the sequential allocation of Realized Losses among the various Classes, as well as all provisions effecting such allocations including the priorities for distribution of cash flows in the amounts described herein.
Subordination. As defined in Section 6.02(c).
Subordination means, with respect to an obligation (the “Subordinated Obligation”) and another obligation of the Collateral Securities Issuer to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or similar arrangement providing that (i) upon the liquidation, dissolution, reorganisation or winding up of the Collateral Securities Issuer, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the Collateral Securities Issuer at any time that the Collateral Securities Issuer is in payment arrears or is otherwise in default under the Senior Obligation. “Subordinated” will be construed accordingly. For purposes of determining whether Subordination exists or whether an obligation is Subordinated with respect to another obligation to which it is being compared, the existence of preferred creditors arising by operation of law or of collateral, credit support to other credit enhancement arrangements shall not be taken into account.
Subordination means, with respect to any Reference Entity, and with respect to an obligation (the "Subordinated Obligation") and another obligation of such Reference Entity to which such obligation is being compared (the "Senior Obligation"), a contractual, trust or similar arrangement providing that (i) upon the liquidation, dissolution, reorganization or winding up of such Reference Entity, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against such Reference Entity at any time that such Reference Entity is in payment arrears or is otherwise in default under the Senior Obligation. "Subordinated" will be construed accordingly. For the purposes of determining whether Subordination exists or whether an obligation is Subordinated with respect to another obligation to which it is being compared, the existence of preferred creditors arising by operation of law or of collateral, credit support or other credit enhancement arrangements shall not be taken into account, except that, notwithstanding the foregoing, priorities arising by operation of law shall be taken into account where such Reference Entity is a Sovereign.