Sequential Order definition
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.
Sequential Order. With respect to any Distribution Date (in each case subject to reduction based on any reduction in Available Funds): (i) with respect to payments in respect of interest on the Classes of Non-Retained Principal Balance Certificates on any Distribution Date, first to the Class A Certificates, then, to the Class B Certificates, in that order, in each case until the interest payable to each such Class is paid in full; (ii) with respect to payments in respect of principal on, or any Realized Losses reimbursable to, the Classes of Non-Retained Principal Balance Certificates on any Distribution Date, to the Class A and Class B Certificates, in that order, in each case until the principal payable or the Realized Losses reimbursable to each such Class is paid or reimbursed in full; provided that the foregoing order is subject to the priority of payments specified in Section 4.1; (iii) with respect to payments of interest allocated to the Trust Loan on any Payment Date, first, pro rata, to the Senior Trust Notes, and, then, pro rata, to the Junior Trust Notes; and (iv) with respect to payments of principal allocated to the Trust Loan on any Payment Date, first, pro rata, to the Senior Trust Notes and, then, pro rata, to the Junior Trust Notes, in each case under clauses (iii) and (iv) above, until the principal or interest payable to each such Trust Note is paid in full.
Sequential Order means (a) first, to the reduction of the Regular Principal Balances of the A Notes, on a Pro Rata and Pari Passu Basis based on the respective Regular Principal Balances of such Notes, until the Regular Principal Balance of each A Note is reduced to zero; (b) second, to the reduction of the Regular Principal Balances of the Senior B Notes, on a Pro Rata and Pari Passu Basis based on the respective Regular Principal Balances of such Notes, until the Regular Principal Balance of each Senior B Note is reduced to zero; (c) third, to the reduction of the Regular Principal Balances of the Junior B Notes, on a Pro Rata and Pari Passu Basis based on the respective Regular Principal Balances of such Notes, until the Regular Principal Balance of each Junior B Note is reduced to zero; (d) fourth, to the reduction of the Regular Principal Balances of the C Notes, on a Pro Rata and Pari Passu Basis based on the respective Regular Principal Balances of such Notes, until the Regular Principal Balance of each C Note is reduced to zero; (e) fifth, to the reduction of the Accrued and Deferred Principal Amounts of the A Notes, on a Pro Rata and Pari Passu Basis based on the respective Accrued and Deferred Principal Amounts of such Notes, until the Accrued and Deferred Principal Amount of each A Note is reduced to zero; (f) sixth, to the reduction of the Accrued and Deferred Principal Amounts of the Senior B Notes, on a Pro Rata and Pari Passu Basis based on the respective Accrued and Deferred Principal Amounts of such Notes, until the Accrued and Deferred Principal Amount of each Senior B Note is reduced to zero; (g) seventh, to the reduction of the Accrued and Deferred Principal Amounts of the Junior B Notes, on a Pro Rata and Pari Passu Basis based on the respective Accrued and Deferred Principal Amounts of such Notes, until the Accrued and Deferred Principal Amount of each Junior B Note is reduced to zero; and (h) eighth, to the reduction of the Accrued and Deferred Principal Amounts of the C Notes, on a Pro Rata and Pari Passu Basis based on the respective Accrued and Deferred Principal Amounts of such Notes, until the Accrued and Deferred Principal Amount of each C Note is reduced to zero.
Examples of 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.
Any such write-off shall be allocated in Reverse Sequential Order.
All expenses and losses relating to the Mortgage Loan and the Properties (including without limitation losses of principal and interest, Property Protection Advances, Advance Interest Amounts, Special Servicing Fees, Liquidation Fees and Workout Fees), Appraisal Reduction Amounts and certain other trust expenses, shall be allocated to the Notes in Reverse Sequential Order.
Each Non-Lead Securitization Note Holder (including from general collections or any other amounts from any Non-Lead Securitization Trust) shall, promptly following notice from the Master Servicer, reimburse the Lead Securitization’s allocable share, to be determined in Reverse Sequential Order, of such Nonrecoverable Property Protection Advance or interest on an Advance.
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.
More Definitions of Sequential Order
Sequential Order means (i) with respect to each Lead Securitization Note, (a) first, to the reduction of the principal balance of Component A, until the principal balance of such Note Component is reduced to zero; (b) second, to the reduction of the principal balance of Component A-S, until the principal balance of such Note Component is reduced to zero; and (c) third, to the reduction of the principal balance of Component HRR, until the principal balance of such Note Component is reduced to zero, and (ii) with respect to each Non-Lead Securitization Note, (a) first, to the reduction of the principal balance of Component A, until the principal balance of such Note Component is reduced to zero; (b) second, to the reduction of the principal balance of Component B, until the principal balance of such Note Component is reduced to zero; and (c) third, to the reduction of the principal balance of Component C, until the principal balance of such Note Component is reduced to zero.
Sequential Order. (i) With respect to payments in respect of principal of the Sequential Pay Certificates on any Distribution Date, the Class A, Class B, Class C, Class D, Class E and Class F Certificates, in that order; and (ii) with respect to payment in respect of interest on the Certificates on any Distribution Date, the Class A and Class X Certificates, on a pro rata basis, based on each Class’s respective Interest Distribution Amount for such Distribution Date, and then sequentially to the Class B, Class C, Class D, Class E and Class F Certificates, in that order; in each case, such payments shall be made under clauses (i) and (ii) until the principal or interest, as applicable, to which each such Class is entitled is paid in full.
Sequential Order. (i) With respect to payments in respect of principal of the Regular Interests (other than the Class X Regular Interest) on any Distribution Date, to the Class A, Class B, Class C, Class D, Class E and Class F Regular Interests, in that order; and (ii) with respect to payments in respect of interest on the Regular Interests on any Distribution Date, to the Class A and Class X Regular Interests, on a pro rata basis, based on each Class’s respective Interest Distribution Amount for such Distribution Date, and then sequentially to the Class B, Class C, Class D, Class E and Class F Regular Interests, in that order; in each case, such payments shall be made under clauses (i) and (ii) until the principal or interest, as applicable, to which each such Class is entitled is paid in full.
Sequential Order means (i) with respect to the Notes, (a) first, to the reduction of the Principal Balance of each of the A Notes and all interest thereon, on a Pro Rata and Pari Passu Basis, until the Principal Balance of each such Note is reduced to zero and (b) second, to the reduction of the Principal Balance of each of the B Notes and all interest thereon, on a Pro Rata and Pari Passu Basis, until the Principal Balance of each such Note is reduced to zero, (ii) with respect to the Components of each A Note, (a) first, to the reduction of the Principal Balance of the related Component A, and (b) second, to the reduction of the Principal Balance of the related Component B, until the Principal Balance of each such Component is reduced to zero, and (iii) with respect to the Components of each B Note, (a) first, to the reduction of the Principal Balance of the related Component C, (b) second, to the reduction of the Principal Balance of the related Component D, (c) third, to the reduction of the Principal Balance of the related Component E, and (d) fourth, to the reduction of the Principal Balance of the related Component F, until the Principal Balance of each such Component is reduced to zero.
Sequential Order means: first, to the reduction of the Principal Balances of the A Notes, on a Pro Rata and Pari Passu Basis based on the respective Principal Balances of such Notes, until the Principal Balance of each A Note is reduced to zero; second, to the reduction of the Principal Balances of Note B until the Principal Balance of Note B is reduced to zero; third, to the reduction of the Principal Balances of Note C until the Principal Balance of Note C is reduced to zero; fourth, to the reduction of the Principal Balances of Note D until the Principal Balance of Note D is reduced to zero; fifth, to the reduction of the Principal Balances of Note E until the Principal Balance of Note E is reduced to zero; and sixth, to the reduction of the Principal Balances of Note F until the Principal Balance of Note F is reduced to zero.
Sequential Order. With respect to payments in respect of principal and/or interest on the Sequential Pay Certificates on any Distribution Date, the Class A, Class B, Class C and Class HRR Certificates, in that order, until the principal or interest, as applicable, payable to each such Class is paid in full.
Sequential Order means the following order in respect of any payments of interest or principal to be made to the Notes: