Subordinate Note Rate definition

Subordinate Note Rate means, with respect to any Quarterly Payment Date and the related Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 360 days) equal to Three-Month LIBOR for the related LIBOR Reset Period plus [ ], provided that if the Subordinate Note Trigger is triggered with to respect any Quarterly Payment Date, the Subordinate Note Rate shall equal zero until the Subordinate Note Trigger is no longer triggered. "Subordinate Note Trigger" shall be triggered on any Quarterly Payment Date and with respect to the related Quarterly Interest Period if: (a) the Pool Balance as of the last day of the related Collection Period plus the amount on deposit in the Reserve Account, the Collateral Reinvestment Account and the Prefunding Account is less than (b) [ ] of the aggregate principal amount of the Notes after giving effect to all distributions on such Quarterly Payment Date, and shall remain triggered with respect to each succeeding Quarterly Interest Period until the earlier of: (1) the first day of the Quarterly Interest Period relating to the Quarterly Payment Date on which the amount calculated in clause (a) above equals or exceeds 100.00% of the aggregate principal amount of the Notes after giving effect to all distributions on such Quarterly Payment Date and (2) the first day of the Quarterly Interest Period relating to the Quarterly Payment Date on which the outstanding principal amount of the Senior Notes is reduced to zero.
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Subordinate Note Rate means, with respect to any Quarterly Payment Date and the related Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 360 days) equal to the lesser of (i) the Subordinate Note LIBOR Rate for such Quarterly Interest Period and (ii) the Adjusted Student Loan Rate for such Quarterly Interest Period; provided, however, that, notwithstanding the foregoing, the Subordinate Note Rate for the first Quarterly Interest Period shall be equal to the Subordinate Note LIBOR Rate for such Quarterly Interest Period.
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Subordinate Note Rate means with respect to Notes, 1.50%.
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Examples of Subordinate Note Rate in a sentence

  • In addition, prior to each Determination Date immediately preceding a Quarterly Payment Date, the Administrator shall determine, in compliance with its obligation to prepare an Officers' Certificate on such Determination Date pursuant to this Section, the Class A-1 Note Rate, the Class A-2 Note Rate and the Subordinate Note Rate that will be applicable to the Quarterly Payment Date following such Determination Date.

  • In connection therewith, the Administrator shall calculate Three-Month LIBOR, the Class A-1 Note Rate, the Class A-2 Note Rate and the Subordinate Note Rate in accordance with the respective definitions thereof.

  • In addition, prior to each Determination Date immediately preceding a Quarterly Payment Date, the Administrator shall determine, in compliance with its obligation to prepare an Officers' Certificate on such Determination Date pursuant to this Section, the Senior Note Rate and the Subordinate Note Rate that will be applicable to the Quarterly Payment Date following such Determination Date.

  • Interest on the Subordinate Notes will be payable on each Quarterly Payment Date, commencing April 2000, on the principal amount outstanding of such Notes until the principal amount thereof is paid in full, at a rate per annum equal to the Subordinate Note Rate.

  • Prior to each Determination Date immediately preceding a Quarterly Payment Date, the Administrator shall determine, the Class A-1 Note Rate, the Class A-2 Note Rate and the Subordinate Note Rate that will be applicable to the Quarterly Payment Date following such Determination Date.

  • Pursuant to the Administration Agreement, the Administrator will determine Three-Month LIBOR for purposes of calculating the Subordinate Note Rate for each Quarterly Interest Period on the second business day prior to the commencement of each LIBOR Reset period within such Quarterly Interest Period (or, in the case of the initial LIBOR Reset Period, on the second business day prior the Closing Date) (each, a "LIBOR Determination Date").

  • The "Subordinate Note Rate" for each Quarterly Payment Date and the related LIBOR Reset Period shall be equal to Three-Month LIBOR for the related LIBOR Reset Period plus 0.55%; provided that if the Subordinate Note Trigger is triggered on any date, the Subordinate Note Rate shall equal zero until the Subordinate Note Trigger is no longer triggered.

  • The Issuer will pay interest on this Note at the rate per annum equal to the Subordinate Note Rate (as defined on the -------- ** To be inserted only in the Company Note.


More Definitions of Subordinate Note Rate

Subordinate Note Rate has the meaning specified in subsection 3.01(c)(ii).
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Subordinate Note Rate means, with respect to any Quarterly Payment Date and the related Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 365 days (366 in the case of a leap year)) equal to the lesser of (i) the Subordinate Note T-Xxxx Rate for such Quarterly Interest Period and (ii) the Student Loan Rate for such Quarterly Interest Period; provided, that, notwithstanding the foregoing, the Subordinate Note Rate for the first Quarterly Interest Period shall be equal to the Subordinate Note T-Xxxx Rate for such Quarterly Interest Period.
Sample 1
Subordinate Note Rate means, with respect to any Quarterly Payment Date and the related Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 360 days) equal to Three-Month LIBOR for the related LIBOR Reset Period plus 0.55%; provided that if the Subordinate Note Trigger is triggered with to respect any Quarterly Payment Date, the Subordinate Note Rate shall equal zero until the Subordinate Note Trigger is no longer triggered.
Sample 1
Subordinate Note Rate means, with respect to any Quarterly Payment Date and the related Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 360 days) equal to Three-Month LIBOR for the related LIBOR Reset Period plus [o]%.
Sample 1
Subordinate Note Rate means, with respect to any Quarterly Payment Date and the related Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 360 days) equal to Three-Month LIBOR for the related LIBOR Reset Period plus 0.50% and (ii) plus an additional 0.50% with respect to each succeeding Quarterly Interest Period commencing on the first Quarterly Payment Date as of which the Servicer has the right to purchase the Financed Student Loans pursuant to Section 7.01 of the Servicing Agreement, if the Servicer has not exercised such right on such Quarterly Payment Date.
Sample 1

Related to Subordinate Note Rate

  • Subordinate Notes means the B Notes and the C Notes, individually or collectively, as the context may require.

  • Subordinate Note means each B Note.

  • Note Rate means, in the case of the Class A-1 Notes, the Class A-1 Rate; in the case of the Class A-2a Notes, the Class A-2a Rate; in the case of the Class A-2b Notes, the Class A-2b Rate; in the case of the Class A-3 Notes, the Class A-3 Rate; in the case of the Class A-4 Notes, the Class A-4 Rate; in the case of the Class B Notes, the Class B Rate; in the case of the Class C Notes, the Class C Rate; and in the case of the Class D Notes, the Class D Rate.

  • Class A Note Rate means, with respect to each Interest Period, a fixed rate equal to 4.10% per annum with respect to the Class A Notes.

  • Net Note Rate means, with respect to each Note, the applicable Note Rate minus the Servicing Fee Rate.

  • Class B Note Rate means % per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

  • Class A Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].

  • Class A-1 Interest Rate means 0.75000% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).

  • Aggregate Note Principal Balance With respect to the close of a Distribution Date, the sum of the Note Principal Balances for all classes of Notes.

  • Class A-3 Interest Rate means 1.49% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-4 Note Interest Rate means a rate per annum equal to 2.11%.

  • Original Subordinate Principal Balance The sum of the aggregate Current Principal Amounts of each Class of Subordinate Certificates as of the Closing Date.

  • Class A Note Principal Balance means, on any date of determination, an amount equal to (a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

  • Note Interest Rate means a per annum rate equal to 0.06% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period.

  • Class A-1 Note Interest Rate means a rate per annum equal to 0.64000%.

  • Class A-4 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-3 Note Interest Rate means a rate per annum equal to %.

  • Class A-1 Note Rate means, (i) with respect to the initial Series 2003-2 Interest Period, 1.32% per annum and (ii) with respect to each Series 2003-2 Interest Period thereafter, a rate per annum equal to One-Month LIBOR for such Series 2003-2 Interest Period plus 0.20% per annum.

  • Class B Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].

  • Class A Note Initial Principal Balance means $500,000,000.

  • Class A-2 Note Interest Rate means a rate per annum equal to %.

  • Note B Principal Balance means, at any time of determination, the Initial Note B Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.

  • Class B Note Principal Balance means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

  • Subordinate Optimal Principal Amount For any Distribution Date and any Loan Group, the sum for each Mortgage Loan in such Loan Group of (i) the Subordinate Percentage of (a) the principal portion of each Scheduled Payment (without giving effect, prior to the Bankruptcy Coverage Termination Date, to any reductions thereof caused by any Debt Service Reductions or Deficient Valuations) due on each such Mortgage Loan on the related Due Date, (b) the principal portion of the Purchase Price of each such Mortgage Loan to the extent it was repurchased by the Transferor pursuant to this Agreement as of such Distribution Date, (c) the Substitution Adjustment Amount in connection with any Deleted Mortgage Loan related to such Loan Group received with respect to such Distribution Date, (d) any Liquidation Proceeds (including Insurance Proceeds) allocable to recoveries of principal of Mortgage Loans related to such Loan Group that are not yet Liquidated Loans, received during the calendar month preceding the month of such Distribution Date, (ii) with respect to each Mortgage Loan in such Loan Group that became a Liquidated Loan during the calendar month preceding the month of such Distribution Date, the portion of the amount of the Liquidation Proceeds allocable to principal received with respect to such Mortgage Loan that was not included in clause (ii) of the definition of "Senior Optimal Principal Amount" for such Distribution Date, (iii) the Subordinate Prepayment Percentage of the sum of (a) all Principal Prepayments in Full of Mortgage Loans in such Loan Group received during the related Prepayment Period and (b) all partial Principal Prepayments of Mortgage Loans in such Loan Group and applied during the related Prepayment Period and (iv) with respect to any Distribution Date prior to the Cross-Over Date only, the Subordinate Prepayment Percentage related to such Group of the Recoveries received during the related Prepayment Period; provided, however, that if a Bankruptcy Loss that is an Excess Loss is sustained with respect to a Mortgage Loan in such Loan Group that is not a Liquidated Loan, the Subordinate Optimal Principal Amount will be reduced on the related Distribution Date by the Subordinate Percentage of the principal portion of such Bankruptcy Loss.

  • Note A-2 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-2 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Class E Interest Rate means 4.99% per annum (computed on the basis of a 360-day year of twelve 30-day months).