Component Sequential Order definition

Component Sequential Order means (i) with respect to each A Note, to the reduction of the principal balance of Note Component A, until the principal balance of such Note Component is reduced to zero, and (ii) with respect to each B Note, (a) first, to the reduction of the principal balance of Note Component B, until the principal balance of such Note Component is reduced to zero; (b) second, to the reduction of the principal balance of Note Component C, until the principal balance of such Note Component is reduced to zero; and (c) third, to the reduction of the principal balance of Note Component HRR, until the principal balance of such Note Component is reduced to zero.
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Component Sequential Order means (i) with respect to each A Note, (a) first, to the reduction of the principal balance of Note Component A, until the principal balance of such Note Component is reduced to zero; and (b) second, to the reduction of the principal balance of Note Component B, until the principal balance of such Note Component is reduced to zero, and (ii) with respect to each B Note, (a) first, to the reduction of the principal balance of Note Component C, until the principal balance of such Note Component is reduced to zero; (b) second, to the reduction of the principal balance of Note Component D, until the principal balance of such Note Component is reduced to zero; (c) third, to the reduction of the principal balance of Note Component E, until the principal balance of such Note Component is reduced to zero; (d) fourth, to the reduction of the principal balance of Note Component F, until the principal balance of such Note Component is reduced to zero; (e) fifth, to the reduction of the principal balance of Note Component G, until the principal balance of such Note Component is reduced to zero; and (f) sixth, to the reduction of the principal balance of Note Component HRR, until the principal balance of such Note Component is reduced to zero.
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Examples of Component Sequential Order in a sentence

  • Any realized losses (including reductions by a bankruptcy court) applied to reduce the principal balance of the Mortgage Loan (and correspondingly any Note) shall be reimbursed to the Notes in Sequential Order and to the corresponding Note Components of such Note in Component Sequential Order after all amounts of interest and principal have otherwise been paid in full on such Note.

  • All payments of principal in respect of each Note shall be applied to the corresponding Note Components of such Note in accordance with the terms of the Mortgage Loan Agreement (i) with respect to any portion of the Initial 20% Prepayment allocated to such Note pursuant to the Mortgage Loan Agreement, in Component Pro Rata Order, and (ii) with respect to all other payments of principal allocated to such Note pursuant to the Mortgage Loan Agreement, in Component Sequential Order.

Related to Component Sequential Order

  • Sequential Order means (a) first, to the reduction of the Note Principal Balance of each of A Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; and (b) second, to the reduction of the Note Principal Balance of each B Note, until the Note Principal Balance of each such Note is reduced to zero.

  • Reverse Sequential Order means (a) first, to the reduction of the Note Principal Balance of each B Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; and (b) second, to the reduction of the Note Principal Balance of each of A Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero.

  • Sequential Pay Event means any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage Loan to become a Specially Serviced Loan, or any bankruptcy or insolvency event that constitutes an Event of Default; provided, however, that unless the Servicer has notice or knowledge of such event at least ten (10) Business Days prior to the applicable distribution date, distributions will be made sequentially beginning on the subsequent distribution date; provided, further, that the aforementioned requirement of notice or knowledge will not apply in the case of distribution of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by the Note B Holder in accordance with Section 11) and shall not be deemed to exist to the extent the Note B Holder is exercising its cure rights under Section 11 or the default that led to the occurrence of such Sequential Pay Event has otherwise been cured or waived.