Class B Interest Subordination Condition definition

Class B Interest Subordination Condition means, if after giving effect to all required distributions of principal and interest on the Notes on any Distribution Date, the outstanding principal balance of the Trust Student Loans as of the last day of the related Collection Period, plus accrued but unpaid interest thereon as of the last day of the related Collection Period, and amounts then on deposit in the Reserve Account in excess of the Specified Reserve Account Balance as of such Distribution Date, would be less than the Outstanding Amount of the Class A Notes.
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Class B Interest Subordination Condition means, if after giving effect to all required distributions of principal and interest on the Notes on any Distribution Date, the sum of the outstanding principal balance of the Trust Student Loans as of the last day of the related Collection Period, plus accrued but unpaid interest thereon as of the last day of the related Collection Period, amounts then on deposit in the Capitalized Interest Account as of such Distribution Date and amounts then on deposit in the Reserve Account as of such Distribution Date, would be less than the Outstanding Amount of the Class A Notes.
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Class B Interest Subordination Condition means, if after giving effect to all required distributions of principal and interest on the notes on any distribution date, the outstanding principal balance of the trust student loans, plus accrued but unpaid interest thereon as of the last day of the related collection period, amounts then on deposit in the add-on consolidation loan account as of that distribution date, amounts then on deposit in the capitalized interest account as of that distribution date, and amounts then on deposit in the reserve account in excess of the Specified Reserve Account Balance as of that distribution date, would be less than the outstanding principal balance of the class A notes.
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More Definitions of Class B Interest Subordination Condition

Class B Interest Subordination Condition means, if after giving effect to all required distributions of principal and interest on the notes on any
Sample 1

Related to Class B Interest Subordination Condition

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.

  • Existing Subordinated Notes means any instrument or loan issued or incurred before 1 January 2013, whether publicly or privately placed, ranking or expressed to be ranking pari passu with all other subordinated obligations (except for those subordinated obligations expressed by their terms to rank junior), provided that should any such Existing Subordinated Notes be amended in any way (contractually or by statute) which would result in allowing the Issuer to issue subordinated notes ranking senior thereto, then such Subordinated Notes would be deemed to no longer constitute an Existing Subordinated Note. As a result, in the event of liquidation or bankruptcy of the Issuer or in the event of a Moratorium (as defined in Condition 3 of the Conditions of the Notes) with respect to the Issuer, the claims of the holders of the Subordinated Notes ("Subordinated Noteholders") against the Issuer will be:

  • Existing Senior Subordinated Notes means the 10.875% Senior Subordinated Notes Due 2009 issued by the Company pursuant to the Existing Senior Subordinated Note Indenture.

  • Class B Investor Interest means, on any date of determination, an amount equal to (a) the Class B Initial Investor Interest, minus (b) the aggregate amount of principal payments made to Class B Certificateholders prior to such date, minus (c) the aggregate amount of Class B Investor Charge-Offs for all prior Transfer Dates pursuant to subsection 4.10(b), minus (d) the amount of the Reallocated Class B Principal Collections allocated pursuant to subsection 4.12(a) on all prior Transfer Dates for which the Collateral Interest Amount has not been reduced, minus (e) an amount equal to the amount by which the Class B Investor Interest has been reduced on all prior Transfer Dates pursuant to subsection 4.10(a) and plus (f) the aggregate amount of Excess Spread allocated and available on all prior Transfer Dates pursuant to subsection 4.11(d) for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Investor Interest may not be reduced below zero.