Subordinated Certificate definition

Subordinated Certificate. Any Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K or Residual Certificate.

Subordinated Certificate. Any Class M Certificate or Class B Certificate.

Subordinated Certificate means the Subordinated Company Certificate, Series 1998-1, executed by the Company and authenticated by the Trustee, substantially in the form of Exhibit B.

Examples of Subordinated Certificate in a sentence

• Any such Subordinated Certificate Writedown Amount shall effect, without duplication of any other provision in this Section 4.4 that provides for a reduction in the Class Certificate Balance of the Subordinated Certificates, a corresponding reduction in the Class Certificate Balance of the Subordinated Certificates, which reduction shall occur on such Distribution Date after giving effect to distributions made on such Distribution Date.

• As a result of the foregoing, the amount of distributions and taxable income on the REMIC Regular Interest corresponding to a Class A or Subordinated Certificate may exceed the actual amount of distributions on the Class A or Subordinated Certificate.

• For federal income tax purposes, each holder of a Class A or Subordinated Certificate is deemed to own an undivided beneficial ownership interest in a REMIC Regular Interest and the right to receive payments from either the Excess Reserve Fund Account or the Supplemental Interest Trust in respect of any Net WAC Cap Carry Forward Amounts or the obligation to make payments to the Supplemental Interest Trust.

• Any allocation of Realized Losses to a Subordinated Certificate on any Distribution Date shall be made by reducing the Certificate Balance thereof by such Certificate’s pro rata share of Applied Realized Losses allocated to the related Class Certificate Balance.

• Any allocation of Realized Losses to a Subordinated Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated.

More Definitions of Subordinated Certificate

Subordinated Certificate means any one of the Certificates that represents the interests of any Subordinated Certificateholder in the Trust, executed and authenticated by the Trustee substantially in the form of Subordinated Certificate attached hereto as EXHIBIT L and having the rights and subject to the limitations applicable to Subordinated Certificates as set forth in this Master Trust Agreement.

Subordinated Certificate. A Subordinated Student Loan Interest Margin Certificate evidencing a fractional undivided beneficial interest in the Trust, substantially in the form of Exhibit C.

Subordinated Certificate. Any Class A-2 Certificate, Class A-3 Certificate, Class B-1 Certificate, Class B-2 Certificate, Class B-3 Certificate, Class B-4 Certificate, Class C Certificate, Class R-I Certificate, Class R-II Certificate or Class R-III Certificate.

Subordinated Certificate shall have the meaning specified in Section 6.05 hereof with respect to the Series 1994-1.

Subordinated Certificate. Any of the Certificates designated as such in Section 2.08.

Subordinated Certificate means a Class B, Class C or Residual Certificate.

Subordinated Certificate means, as of any time of determination, a Certificate that is part of a Class of Certificates of a Series of Certificates of the Issuer designated as of such time of determination as a “Subordinated Note” which is subordinate in right of distribution to every Class of Senior Certificates of the Issuer.