Class A-2L Notes definition

Class A-2L Notes means the $____________ Floating --------------- ---------------- Rate Class A-2L Student Loan-Backed Notes issued by the Trust pursuant to the Indenture, substantially in the form of Exhibit A-3 thereto.

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Class A-2L Notes means, prior to the Refinancing Date, the Class A-2L Senior Secured Floating Rate Notes due August 2025issued pursuant to this Indenture and having the terms as described hereincharacteristics specified in this Indenture (as in effect prior to the Refinancing Date) and, on and after the Refinancing Date, the Class A-2R Notes.

Class A-2L Notes means the Class A-2L Senior Secured Floating Rate Notes due August 2025 and having the terms as described herein.

Examples of Class A-2L Notes in a sentence

• The interest rate on the Class A-2L Notes for the first Interest Accrual Period shall be 2.99%.

• The Class A-2L Notes shall mature, subject to Principal Reduction Payments, on August 25, 2014 (the Class A-2L Notes' "Stated Maturity").

• The Class A-2L Notes, the Class A-3L Notes (collectively, the "LIBOR Rate Notes") shall be dated their Closing Date and shall bear interest from their Closing Date, payable on each Quarterly Distribution Date, except that LIBOR Rate Notes which are reissued upon transfer, exchange or other replacement shall bear interest from the most recent Quarterly Distribution Date to which interest has been paid, or if no interest has been paid, from the Closing Date.

• The Class A-2L Notes shall bear interest for each Interest Accrual Period, other than the first Interest Accrual Period, at a per annum rate equal to LIBOR, plus 0.03%.

• The Class A-2L Notes, the Class A-3L Notes and the Class A-6AR Notes constitute Senior Notes.

More Definitions of Class A-2L Notes

Class A-2L Notes or "Class A-2 Notes" and, the Class A-1 Notes, the Class A-2 Notes, and the Class A-3 Notes together, the "Notes") are issued under and secured by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. The Class A-3 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The Class A-1 Notes are senior in right of payment to the Class A-2 Notes, and the Class A-1 Notes and the Class A-2 Notes are senior in right of payment to the Class A-3 Notes, each as and to the extent provided in the Indenture.

Class A-2L Notes has the meaning set forth in the first recital.

Class A-2L Notes or "Class A-2 Notes"), and the Floating Rate Class A-3L Student Loan-Backed Notes (the "Class A-3L Notes" or "Class A-3 Notes" and, the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes together, the "Notes") are issued under and secured by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. The Class A-1 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The Class A-1 Notes are senior in right of payment to the Class A-2 Notes, and the Class A-1 Notes and the Class A-2 Notes are senior in right of payment to the Class A-3 Notes, each as and to the extent provided in the Indenture.

Class A-2L Notes or "Class A-2 Notes" and, the Class A-1 Notes and the Class A-2 Notes together, the "Notes") are issued under and secured by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. The Class A-1 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The Class A-1 Notes are senior in right of payment to the Class A-2 Notes as and to the extent provided in the Indenture.

Class A-2L Notes means the $140,000,000 GCO Education Loan Funding Trust-I, GCO ELF Student Loan Asset-Backed Notes, Series 2005-1, Senior Class A-2L LIBOR Floating Rate.