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.

Subordinate Note Rate has the meaning specified in subsection 3.01(c)(ii).

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.

• 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.

• 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.

• 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").

• 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.

• 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.

More Definitions of Subordinate Note Rate

Subordinate Note Rate means with respect to Notes, 1.50%.

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.

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.

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-▇▇▇▇ 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-▇▇▇▇ Rate for such Quarterly Interest Period.