Class A-3L Notes definition

Class A-3L Notes or "Class A-3 Notes"), which, together with the Issuer's Floating Rate Class A-1L Student Loan-Backed Notes (the "Class A-1L Notes"), the Floating Rate Class A-1T Student Loan-Backed Notes (the "Class A-1T Notes" and with the Class A-1L Notes, the "Class A-1 Notes"), and the Floating Rate Class A-2L Student Loan-Backed Notes (the "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.

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Class A-3L Notes means, prior to the Refinancing Date, the Class A-3L Mezzanine Secured Deferrable Floating Rate Notes due August 2025issued pursuant to this Indenture and having the terms as describedcharacteristics specified in this Indenture (as in effect prior to the Refinancing Date), and, on and after the Refinancing Date, the Class A-3R Mezzanine Secured Deferrable Floating Rate Notes issued pursuant to this Indenture and having the characteristics specified herein.

Class A-3L Notes has the meaning set forth in the first recital.

Examples of Class A-3L Notes in a sentence

• By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee By: Name: Title: Attest This Note is one of the Class A-3-L Notes and described in the provisions of the within-mentioned Indenture.

• The interest rate on the Class A-3L Notes for the first Interest Accrual Period shall be 3.04%.

• The Class A-3-L Notes are issuable as registered notes in the minimum denomination of $100,000 and $1,000 integral multiples in excess thereof.

• 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-3-L Notes, together with such other notes issued pursuant to the Indenture are collectively referred to herein as “Notes.” The Notes are secured as provided in the Indenture, but solely by the pledge of the Trust Estate described in the Indenture.

• Subject to the limitations provided in the Indenture and upon payment of any tax or governmental charge, Class A-3-L Notes may be exchanged for a like Class and aggregate principal amount of Class A-3-L Notes of other authorized denominations.

• The Class A-3L 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 0.08%.

• Reference is made to the Indenture for a complete statement of the terms and conditions upon which the Class A-3-L Notes have been issued and provisions made for their security and for the rights, duties and obligations of the Issuer, the Indenture Trustee and the Registered Owners of the Class A-3-L Notes.

• The Class A-3L Notes shall mature, subject to Principal Reduction Payments, on November 25, 2020 (the Class A-3L Notes' "Stated Maturity").

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

More Definitions of Class A-3L Notes

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-3L Notes means, prior to the Refinancing Date, the Class A-3L Mezzanine Secured Deferrable Floating Rate Notes due August 2025issued pursuant to this

Class A-3L Notes means the $235,000,000 GCO Education Loan Funding Trust-I, GCO ELF Student Loan Asset-Backed Notes, Series 2005-1, Senior Class A-3L LIBOR Floating Rate.