Prefunded Loans definition

Prefunded Loans means those Financed Student Loans acquired by the Issuer with funds on deposit in the Prefunding Account.
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Prefunded Loans means those Financed Student Loans conveyed to the Issuer on the Closing Date and listed as Prefunded Loans on the Schedule of Student Loans on such date.
Sample 1

Examples of Prefunded Loans in a sentence

  • The information set forth in Schedule A to this Agreement is true and correct in all material respects as of the opening of business on the Cutoff Date with respect to the Initial Financial Student Loans and the Subsequent Cutoff Date, with respect to the Prefunded Loans.

  • The information set forth in Schedule A to this Agreement is true and correct in all material respects as of the opening of business on the Cutoff Date with respect to the Initial Financial Student Loans and the Subsequent Cutoff Date, with respect to the Prefunded Loans and Serial Loans.

  • Conveyance of Prefunded Loans and Serial Loans......................................................2 SECTION 2.03.

  • The parties intend that the conveyance of the Seller's (and, with respect to legal title to the loans, [______________]) right, title and interest in and to the Initial Financed Student Loans pursuant to this Agreement and any Prefunded Loans, New Loans and Serial Loans pursuant to a related Transfer Agreement shall constitute a valid purchase and sale and not a loan.

  • Agreement The parties intend that the conveyance of the Seller's (and, with respect to legal title to the loans, Bank One's) right, title and interest in and to the Initial Financed Student Loans pursuant to this Agreement and any Prefunded Loans, New Loans and Serial Loans pursuant to a related Transfer Agreement shall constitute a valid purchase and sale and not a loan.

  • Each of the Seller and the Depositor hereby appoints each of the Eligible Lender Trustee and the Indenture Trustee as its (and Bank One's) true and lawful attorney-in-fact with full power of substitution to endorse the Seller's and the Depositor's name, as applicable, on any promissory note evidencing the Initial Financed Student Loans and any Prefunded Loans or Serial Loans transferred to the Eligible Lender Trustee on behalf of the Trust pursuant to Sections 2.01 and 2.02.

  • The parties intend that the conveyance of the Seller's (and, with respect to legal title to the loans, [_______________]) right, title and interest in and to the Initial Financed Student Loans pursuant to this Agreement and any Prefunded Loans, New Loans and Serial Loans pursuant to a related Transfer Agreement shall constitute a valid purchase and sale and not a loan.

  • Each of the Seller and the Depositor hereby appoints each of the Eligible Lender Trustee and the Indenture Trustee as the its true and lawful attorney-in-fact with full power of substitution to endorse the Seller's and the Depositor's name, as applicable, on any promissory note evidencing the Initial Financed Student Loans and any Prefunded Loans or Serial Loans transferred to the Eligible Lender Trustee on behalf of the Trust pursuant to Sections 2.01 and 2.02.

  • The Seller shall not convey any Prefunded Loans or Serial Loans if the eligible lender holding legal title to such loan is not the Seller but another eligible lender within the immediately preceding sentence, unless prior to such conveyance, such other eligible lender shall agree in writing to be bound, in the conveyance of each such loan for which it acts as eligible lender, by the provisions of this Agreement to the same extent as if it were named separately from the Seller in each of such provisions.

  • The Depositor shall not convey any Prefunded Loans or Serial Loans if the eligible lender holding legal title to such loan is not Bank One, unless prior to such conveyance, such other eligible lender shall agree in writing to be bound, in the conveyance of each such loan for which it acts as eligible lender, by the provisions of this Agreement that are applicable to Bank One, to the same extent as if it were named separately from Bank One in each of such provisions.

Related to Prefunded Loans

  • Funded Amount means, with respect to any Revolving Obligation (excluding a Synthetic Security) or Delayed Drawdown Collateral Obligation at any time, the aggregate principal amount of advances or other extensions of credit to the extent funded thereunder by the Issuer that are outstanding at such time.

  • Class B-5 Prepayment Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is the Class B-5 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-5 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-5 Prepayment Percentage for such Distribution Date will be zero.

  • Aggregate Loan Group Balance As to any Loan Group and as of any date of determination, will be equal to the aggregate of the Stated Principal Balances of the Mortgage Loans in that Loan Group, except as otherwise provided, as of the last day of the related Collection Period.

  • Class B-4 Prepayment Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is the Class B-4 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-4 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-4 Prepayment Percentage for such Distribution Date will be zero.

  • Advances Outstanding On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day.

  • Class B-6 Prepayment Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is the Class B-6 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-6 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-6 Prepayment Percentage for such Distribution Date will be zero.

  • Original Pre-Funded Amount The amount deposited by the Depositor in the Pre-Funding Account on the Closing Date, which amount is $36,215,225.

  • Class B-2 Prepayment Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is the Class B-2 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-2 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-2 Prepayment Percentage for such Distribution Date will be zero.

  • Class B Prepayment Percentage Any of the Class B-1 Prepayment Percentage, Class B-2 Prepayment Percentage, Class B-3 Prepayment Percentage, Class B-4 Prepayment Percentage, Class B-5 Prepayment Percentage or Class B-6 Prepayment Percentage.

  • Class B-1 Prepayment Percentage As to any Distribution Date, the percentage calculated by multiplying the Subordinated Prepayment Percentage by either (i) if any Class B Certificates (other than the Class B-1 Certificates) are eligible to receive principal distributions for such Distribution Date in accordance with Section 4.01(d), a fraction, the numerator of which is the Class B-1 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d) or (ii) except as set forth in Section 4.01(d)(ii), in the event that the Class B Certificates (other than the Class B-1 Certificates) are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), one.

  • Prepayment Percentage As of the Closing Date, approximately 0%, and thereafter, with respect to any Distribution Date, the excess of 100% over the Senior Prepayment Percentage.

  • Class B-3 Prepayment Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is the Class B-3 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-3 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-3 Prepayment Percentage for such Distribution Date will be zero.

  • Loan Group I The group of Mortgage Loans identified in the Mortgage Loan Schedule as having been assigned to Loan Group I.

  • Refunded Swingline Loans as defined in Section 2.7(b).

  • Loan Group 1 All Mortgage Loans identified as Loan Group 1 Mortgage Loans on the Mortgage Loan Schedule.

  • Aggregate Loan Balance At any date of determination, the outstanding principal balance of the Mortgage Loans serviced hereunder.

  • Subordinate Prepayment Percentage As to any Distribution Date and Loan Group, 100% minus the Senior Prepayment Percentage for such Loan Group for such Distribution Date.

  • Subordinated Prepayment Percentage As to any Distribution Date, 100% minus the Senior Prepayment Percentage for such Distribution Date.

  • Loan Group 2 All Mortgage Loans identified as Loan Group 2 Mortgage Loans on the Mortgage Loan Schedule.

  • Senior Prepayment Percentage For any Distribution Date during the five years beginning on the first Distribution Date, 100%. The Senior Prepayment Percentage for any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will, except as provided herein, be as follows: for any Distribution Date in the first year thereafter, the Senior Percentage plus 70% of the Subordinated Percentage for such Distribution Date; for any Distribution Date in the second year thereafter, the Senior Percentage plus 60% of the Subordinated Percentage for such Distribution Date; for any Distribution Date in the third year thereafter, the Senior Percentage plus 40% of the Subordinated Percentage for such Distribution Date; for any Distribution Date in the fourth year thereafter, the Senior Percentage plus 20% of the Subordinated Percentage for such Distribution Date; and for any Distribution Date thereafter, the Senior Percentage for such Distribution Date (unless on any Distribution Date the Senior Percentage exceeds the initial Senior Percentage, in which case the Senior Prepayment Percentage for such Distribution Date will once again equal 100%). Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both of the Senior Step Down Conditions are satisfied.

  • Undercollateralized Amount With respect any Certificate Group and Distribution Date, the excess of (i) the aggregate Certificate Principal Balance of such Certificate Group over (ii) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group, in each case calculated on such Distribution Date after giving effect to distributions to be made thereon (other than amounts to be distributed pursuant to Section 4.02(i) on such Distribution Date).

  • Outstanding Loan Balance means the principal amount of your full-time Direct Loans outstanding at any time, including any Canada Student Grant amount(s) converted to a Direct Loan, together with all interest on those amounts.

  • Pre-Funded Amount With respect to any date of determination, the amount on deposit in the Pre-Funding Account.

  • Refunded Swing Line Loans has the meaning assigned to that term in subsection 2.1A(iii).

  • Aggregate Outstanding Loan Balance means on any day, the sum of the Outstanding Loan Balances of all Eligible Loans included as part of the Collateral on such date.

  • Loan Group 4 The Group 4 Mortgage Loans.