Examples of Class II Notes in a sentence
All calculations of interest on the Class A-I-1 and the Class II Notes shall be made on the basis of the actual number of days in an Interest Period and a year assumed to consist of 360 days.
It is the intention of the parties hereto that, solely for federal, state and local income and franchise tax purposes, the Trust shall be treated as a disregarded entity while it is wholly owned by a single person or entity, with the Group II Loans being treated as assets of the single person or entity, and the Class II Notes being debt of the entity and the provisions of this Trust Agreement shall be interpreted to further this intention.
On the second LIBOR Business Day immediately preceding (i) the Closing Date in the case of the first Interest Period and (ii) the first day of each succeeding Interest Period, the Indenture Trustee shall determine LIBOR and the Note Rates for the Class A-I-1 Notes and the Class II Notes for such Interest Period and shall inform the Issuer, the Master Servicer and the Depositor at their respective facsimile numbers given to the Indenture Trustee in writing.
The amount of the Preference Amount is $______________.] Please be advised that, accordingly, a Group II Credit Enhancement Draw Amount exists for the Payment Date identified above for the Class II Notes and, pursuant to the Indenture, this statement constitutes a notice for payment of a Group II Credit Enhancement Draw Amount by the Insurer in the amount of $__________.
The Indenture Trustee, as trustee on behalf of the Holders of the Notes, (i) acknowledges such Grant, (ii) accepts the trust under this Indenture in accordance with the provisions hereof, (iii) agrees to perform its duties as Indenture Trustee as required herein and (iv) acknowledges receipt of the Group I Policy and the Group II Policy and shall hold such Policies in accordance with the terms of this Indenture for the benefit of the Holders of the Class I Notes and Class II Notes.
The Guaranteed Payment with respect to the Class II Notes is $____________.] [In addition, attached hereto is a copy of the Final Order in connection with a Preference Amount in the amount set forth therein, together with an assignment of rights and appointment of agent.
Class II Notes: o Group II excess interest, o Overcollateralization, o Group II Policy and o Limited cross-collateralization.
Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured or waived, unless authorized by the Securities and Exchange Commission, the Indenture Trustee shall resign with respect to the Class I Notes or the Class II Notes in accordance with Section 6.08 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for such Classes.
Group II: The Group II financial guaranty insurance policy (the "GROUP II POLICY") will provide 100% coverage of timely interest, principal portions of any allocated realized losses, and ultimate payment of principal by the stated final maturity date for the Class II Notes.
Group II: On the Closing Date, the principal amount of the Class II Notes issued will exceed the principal balance of the Group II Loans by approximately 1.50%.