Highest Priority Notes definition

Highest Priority Notes means at any time when Class A Notes are Outstanding, the Class A Notes, and at any time when no Class A Notes are Outstanding, the Class B Notes.
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Highest Priority Notes are the Class A Notes; and when no Class A Notes remain outstanding, the Class B Notes; and when no Class B Notes remain outstanding, the Class C Notes. At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Majority Noteholders by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:
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Highest Priority Notes are the Class A Notes; and when no Class A Notes remain outstanding, the Class B Notes; and when no Class B Notes remain outstanding, the Class C Notes, and thereafter the Class D Notes as long as Class D Notes are outstanding. At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the holders of a majority of the Controlling Class of Notes by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:
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Examples of Highest Priority Notes in a sentence

  • Such a sale following an Event of Default, other than a default in the payment of any principal or interest on any Note, shall also require the consent of the Noteholders of all of the Outstanding Amount of the Class B Notes (to the extent such Class B Notes are not the Highest Priority Notes Outstanding at such time) unless the proceeds of such a sale would be sufficient to discharge the Class B Notes pursuant to Article X hereof at the date of such a sale.

  • The Trustee may give any such notice in its discretion and shall give such notice if requested to do so in writing by the Noteholders of at least a majority of the Outstanding Amount of the Highest Priority Notes.

  • Notwithstanding the foregoing, the entire unpaid principal amount of each Class of Notes shall be due and payable, if not previously paid, on its Note Final Maturity Date and on the date on which an Event of Default shall have occurred and be continuing if the Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Highest Priority Notes have declared the Notes to be immediately due and payable in the manner provided in Section 6.08 hereof.

  • If an Event of Default should occur as a result of failure to pay interest when due on the Controlling Class of Notes, or as a result of failure to pay principal on any Class of Notes upon the Redemption Date or the Stated Maturity Date of such Class of Notes, then and in every such case the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Highest Priority Notes may make such declaration.

  • If an Event of Default should occur as a result of failure to pay interest when due on any Class of Notes, or as a result of failure to pay principal on any Class of Notes upon the Redemption Date or the Stated Maturity Date of such Class of Notes, then and in every such case the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Highest Priority Notes may make such declaration.

  • The "Highest Priority Notes" are the Class A Notes; and when no Class A Notes remain outstanding, the Class B Notes; and when no Class B Notes remain outstanding, the Class C Notes, and thereafter the Class D Notes as long as Class D Notes are outstanding.

  • The Trustee shall take any such action or actions if requested to do so in writing by the Noteholders of at least a majority of the Outstanding Amount of the Highest Priority Notes.

  • The "Highest Priority Notes" are the Class A Notes; and when no Class A Notes remain outstanding, the Class B Notes; and when no Class B Notes remain outstanding, the Class C Notes.

Related to Highest Priority Notes

  • Highest Priority As of any date of determination, the Class of Subordinate Certificates then outstanding with a Certificate Principal Balance greater than zero, with the earliest priority for payments pursuant to Section 4.02(a), in the following order: Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

  • Lowest Priority As of any date of determination, the Class of Subordinate Certificates then outstanding with the latest priority for payments pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates.

  • Second Priority Documents means each Second Priority Agreement, each Second Priority Security Document and each Second Priority Guarantee.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any other series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest, fees or expenses which accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt and (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents.

  • Second Priority Debt Documents means the Initial Second Priority Debt Documents and, with respect to any series, issue or class of Second Priority Debt, the promissory notes, indentures, Collateral Documents or other operative agreements evidencing or governing such Indebtedness, including the Second Priority Collateral Documents.