SUBORDINATION FEATURES definition

SUBORDINATION FEATURES. The Class M-1 Certificates will be subordinated to the Class X-0, Xxxxx X-0, Class A-3, Class A-4 and Class A-IO Certificates; the Class M-2 Certificates will be subordinated to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-IO and Class M-1 Certificates; and the Class B-1 Certificates will be subordinated to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-IO, Class M-1 and Class M-2 Certificates, all as more fully described in the Prospectus Supplement.
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SUBORDINATION FEATURES. The Class M-1 Certificates will be subordinated to the Class A-1 Certificates and the Class M-2 Certificates will be subordinated to the Class M-1 Certificates and the Class A-1 Certificates, all as described in the Prospectus Supplement.
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SUBORDINATION FEATURES. The Class B-1 Certificates will be subordinated to the Class A and Class M Certificates, the Class M-2 Certificates will be subordinated to the Class M-1 and Class A Certificates, and the Class M-1 Certificates will be subordinated to the Class A Certificates, all as described in the Prospectus Supplement.
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More Definitions of SUBORDINATION FEATURES

SUBORDINATION FEATURES. The Class B-1 Certificates are subordinated to the Class A Certificates and the Class M Certificates, all as described in the Prospectus Supplement and the Original Prospectus Supplement.
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SUBORDINATION FEATURES. The Class M-1 (together with the Class M-2 Certificates, collectively, the "Class M Certificates") will be subordinated to the Class X-0, Xxxxx X-0, Class A-3, Class A-4 and Class A-5 Certificates (collectively, the "Class A Certificates"), the Class M-2 Certificates will be subordinated to the Class A certificates and the Class M-1 Certificates, the Class B-1 Certificates will be subordinated to the Class A Certificates and the Class M Certificates and the Class B-2 Certificates will be subordinated to the Class A Certificates, the Class M Certificates and the Class B-1 Certificates, all as described in the Prospectus Supplement.
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SUBORDINATION FEATURES. The Class A-6 Certificates will be subordinated to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certxxxxxxxx, xxx Class B-1 Certificates will be subordinated to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates (collectively, the "Class A Certificates") and the Class B-2 Certificates will be subordinated to the Class A Certificates and the Class B-1 Certificates, all as described in the Prospectus Supplement.
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SUBORDINATION FEATURES. The Class M Certificates will be subordinated to the Class X-0, Xxxxx X-0, Class A-3, Class A-4 and Class A-5 Certificates (collectively, the "Class A Certificates"), the Class B-1 Certificates will be subordinated to the Class A Certificates and the Class M Certificates and the Class B-2 Certificates will be subordinated to the Class A Certificates, the Class M Certificates and the Class B-1 Certificates, all as described in the Prospectus Supplement. LIQUIDITY ACCOUNTS: A Class M Liquidity Account and a Class B-1 Liquidity Account will be established and maintained as described in the Prospectus Supplement. LIMITED GUARANTY: The Class B-2 Certificates will have the benefit of a limited guarantee provided by Oakwood Homes of certain collections on the Assets. DISTRIBUTION DATES: Each Distribution Date shall be the 15th day of each month, or if such day is not a business day, on the next succeeding business day, commencing in June 1997. REMIC ELECTION: An election will be made to treat some or all of the assets of the Trust as one or more real estate mortgage investment conduits for federal income tax purposes (the "REMIC"). The Underwritten Certificates will be designated as "regular interests" in the REMIC. PURCHASE PRICE: The Underwriters have severally agreed to purchase the Underwritten Certificates of each Class from the Company for the respective purchase prices expressed in the table above as percentages of the initial Certificate Principal Balance of each such Class. Payment of the purchase price for the Underwritten Certificates shall be made to the Company in federal or similar immediately available funds payable to the order of the Company. DENOMINATIONS: The Underwritten Certificates will be issued in book-entry form in minimum denominations of $25,000 and integral multiples of $1 in excess thereof. FEES: It is understood that servicing fees may be withheld from the payments on the Assets in each month prior to distributions on the Certificates on the Distribution Date occurring in such month to the extent permissible under the Pooling and Servicing Agreement. CLOSING DATE AND LOCATION: 10:00 a.m. Eastern Time on May 22, 1997, at the offices of Hunton & Xxxxxxxx, Riverfront Plaza, East Tower, 000 Xxxx Xxxx Xxxxxx, Richmond, Virginia 23219-4074. The Company will deliver the Underwritten Certificates in book-entry form only, through the same-day funds settlement system of The Depository Trust Company on the Closing Date. DUE DILIGENCE: At any ti...
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SUBORDINATION FEATURES. The Class A-2 Certificates will be subordinated to Class A-1 Certificates; the Class A-3 Certificates will be subordinated to the Class A-1 and Class A-2 Certificates; the Class A-4 Certificates will be subordinated to the Class A-1, Class A-2 and Class A-3 Certificates; the Class M-1 Certificates will be subordinated to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates; the Class M-2 Certificates will be subordinated to the Class X-0, Xxxxx X-0, Class A-3, Class A-4 and Class M-1 Certificates; and the Class B-1 Certificates will be subordinated to the Class A-1, Class A-2, Class A-3, Class A-4, Class M-1 and Class M-2 Certificates, all as described in the Prospectus Supplement.
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Related to SUBORDINATION FEATURES

  • Subordination Provisions has the meaning specified in Section 8.01(l).

  • Subordination The provisions described in Section 4.05 relating to the allocation of Realized Losses.

  • Subordination Depletion Date The Distribution Date preceding the first Distribution Date on which the Class A Percentage (determined pursuant to clause (ii) of the definition thereof) equals or exceeds 100%.

  • Subordination Event means any one of the following events:

  • Subordination Agreements means, collectively, any subordination agreements entered into by any Person from time to time in favor of Agent in connection with any Subordinated Debt, the terms of which are acceptable to the Agent, in each case as the same may be amended, restated or otherwise modified from time to time, and “Subordination Agreement” shall mean any one of them.

  • Subordination Agreement means any subordination agreement in form and substance satisfactory to Administrative Agent entered into from time to time with respect to Subordinated Debt.

  • Subordination Reduction Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the Excess Subordinated Amount and (b) the Net Monthly Excess Cash Flow.

  • Subordinated Loan Agreement means the subordinated loan agreement dated on or about the Closing Date, as amended from time to time, and entered into by, amongst others, the Issuer, the Subordinated Lender and the Security Trustee, under which the Subordinated Lender will advance (or has advanced) the Subordinated Loan to the Issuer.

  • Subordinated Indebtedness Documents means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

  • Subordinated Indebtedness means any Indebtedness of the Borrower or any Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents.

  • Subordinated Debt is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank.

  • Subordination Level On any specified date, with respect to any Class of Class X-X Regular Interests, the percentage obtained by dividing the aggregate Class Principal Balance of such Class and the Classes of Class X-X Regular Interests which are subordinate in right of payment to such Class by the aggregate Class Principal Balance of the REMIC I Regular Interests and the Class R-1 Residual Interest as of such date prior to giving effect to distributions of principal and interest and allocations of Realized Losses on the Mortgage Loans on such date.

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Intercompany Subordination Agreement means an intercompany subordination agreement, dated as of even date with this Agreement, executed and delivered by each Loan Party and each of its Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent.

  • Subordinated means, as applied to Indebtedness, Indebtedness that shall have been subordinated (by written terms or written agreement being, in either case, in form and substance satisfactory to Agent and the Required Lenders) in favor of the prior payment in full of the Obligations.

  • Management Fee Subordination Agreement means that certain Amended and Restated Management Fee Subordination Agreement, dated as of the Closing Date, by and between the Sponsor and Agent and acknowledged by the Borrower.

  • Subordinated Debt Documents means any documents evidencing and/or securing Debt governed by a Subordination Agreement, all of which documents must be in form and substance acceptable to Agent in its sole discretion. As of the Closing Date, there are no Subordinated Debt Documents.

  • Permitted First Priority Refinancing Debt means any secured Indebtedness incurred by the Borrower in the form of one or more series of senior secured notes or senior secured loans; provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis with the Obligations and is not secured by any property or assets of Holdings and its Subsidiaries other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans, (iii) such Indebtedness does not mature prior to the Maturity Date of the Refinanced Debt and such Indebtedness shall have a Weighted Average Life to Maturity that is not shorter than the Refinanced Debt, (iv) to the extent applicable, the security agreements relating to such Indebtedness are substantially the same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) no Restricted Subsidiary guarantees such Indebtedness unless it is a Subsidiary Guarantor (or becomes a Subsidiary Guarantor substantially concurrently with the incurrence of such Indebtedness); provided that, if, at any time, such Restricted Subsidiary ceases to be a Guarantor, it shall not guarantee such Indebtedness, (vi) the other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, premiums, optional prepayment or optional redemption provisions) reflect market terms and conditions at the time of incurrence and issuance; provided, that, to the extent such terms and documentation are not substantially identical to the Indebtedness being refinanced, (x) such terms (taken as a whole) shall be less favorable to the providers of such Permitted First Priority Refinancing Debt than those applicable to the Indebtedness being refinanced, except, in each case, for financial or other covenants or other provisions contained in such Indebtedness that are applicable only after the then Latest Maturity Date, or (y) such documentation shall be reasonably acceptable to the Administrative Agent and (vii) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a Pari Passu Intercreditor Agreement and the Administrative Agent shall have become a party to the Pari Passu Intercreditor Agreement (or any then-existing Pari Passu Intercreditor Agreement shall have been amended or replaced in a manner reasonably acceptable to the Administrative Agent, which results in such Senior Representative having rights to share in the Collateral as provided in clause (i) above). Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Permitted Senior Indebtedness means the principal of (and premium, if any), interest on, and all fees and other amounts (including, without limitation, any reasonable out-of-pocket costs, enforcement expenses (including reasonable out-of-pocket legal fees and disbursements), collateral protection expenses and other reimbursement or indemnity obligations relating thereto) payable by Company and/or its Subsidiaries under or in connection with any credit facility to be entered into by the Company and/or its Subsidiaries with one or more financial institutions together with any amendments, restatements, renewals, refundings, refinancings or other extensions thereof); provided, however, that the aggregate outstanding amount of such Permitted Senior Indebtedness (taking into account the maximum amounts which may be advanced under the loan documents evidencing such Permitted Senior Indebtedness) does not as of the date on which any such Permitted Senior Indebtedness is incurred exceed $10,000,000, with respect to the unpaid principal balance of loans thereunder and, provided further that such Permitted Senior Indebtedness shall only be incurred to the extent that the Consolidated Total Indebtedness to Market Capitalization Ratio does not exceed .15 at the time of incurrence of such Permitted Senior Indebtedness.

  • Subordination Percentage With respect to each class of Class A Certificates and Class M Certificates, the respective approximate percentage set forth in the table below: CLASS PERCENTAGE A 88.50 M-1 93.20 M-2 95.70 M-3 96.40 M-4 97.10 M-5 97.80 M-6 98.70

  • Senior Priority Obligations as defined in the Base Intercreditor Agreement.

  • Permitted Second Priority Refinancing Debt secured Indebtedness incurred by the Borrower in the form of one or more series of second lien secured notes or second lien secured loans; provided that (i) such Indebtedness is secured by the Collateral on a second lien, subordinated basis to the Obligations and is not secured by any property or assets of the Borrower or any of its Subsidiaries other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans, (iii) such Indebtedness does not mature or have scheduled amortization or payments of principal prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are substantially the same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent; provided that such differences are not more favorable to the investors in such secured Indebtedness), (v) such Indebtedness is not also incurred by or guaranteed by any Subsidiaries of the Borrower other than the Subsidiary Guarantors and is not incurred by or guaranteed by any other Person, (vi) an agent or representative acting on behalf of the holders of such Indebtedness (a “Second Lien Agent”) shall have become party to an intercreditor agreement in form and substance satisfactory to the Administrative Agent (the “Second Lien Intercreditor Agreement”); provided that, if such Indebtedness is the initial Permitted Second Priority Refinancing Debt incurred by the Borrower, then the Borrower, the Subsidiary Guarantors, the Administrative Agent and the Second Lien Agent for such Indebtedness shall have executed and delivered the Second Lien Intercreditor Agreement, (vii) the other terms and conditions of such secured Indebtedness are on the whole substantially identical to, or less favorable to the investors providing such secured Indebtedness, than those applicable to the Refinanced Debt (except for (x) pricing, fees, rate floors and prepayment or redemption premiums, which shall reflect market terms and conditions at the time of incurrence or issuance, (y) covenants or other provisions applicable only to periods after the date that is 91 days after the Latest Maturity Date that is in effect on the date such Indebtedness is issued, incurred or obtained and (z) differences that reflect the nature of such secured debt as fixed or floating rate securities), and (viii) a Responsible Officer shall have certified compliance with the foregoing requirements and that the incurrence of such Indebtedness complies with Section 6.2.

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • Subordinated Incentive Fee means the fee payable to the Advisor under certain circumstances if the Shares are Listed, as calculated in Section 8.07.

  • Subordinated Security or “Subordinated Securities” means any Security or Securities designated pursuant to Section 301 as a Subordinated Security.