First Optional Call Date definition

First Optional Call Date means the earlier of (i) the Quarterly Payment Date in May 2021 or (ii) the first Quarterly Payment Date on which the aggregate principal balance of the Financed Student Loans as of the last day of the related Collection Period is less than 10% of the aggregate principal balance of the Initial Portfolio Loans as of the Date of Issuance.

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First Optional Call Date means the earliest date upon which the Issuer has an option to prepay part or all of the Debt.

First Optional Call Date means the first Monthly Allocation Date on which the aggregate principal balance of the Portfolio Loans (other than Charged-Off Loans) as of the last day of the related Collection Period is less than 10% of the aggregate principal balance of the Portfolio Loans as of the Date of Issuance.

Examples of First Optional Call Date in a sentence

For any Term Rate Period of more than 5 years but not more than 10 years, the First Optional Call Date shall be the fifth anniversary of the beginning of the Term Rate Period.
For any Term Rate Period of more than 10 years but not more than 20 years, the First Optional Call Date shall be the anniversary of the beginning of the Term Rate Period that is on or immediately after the midpoint of such Term Rate Period.
For any Term Rate Period of more than 20 years, the First Optional Call Date shall be the tenth anniversary of the beginning of the Term Rate Period.
For any Term Rate Period of more than 5 years, the First Optional Call Date shall be the fifth anniversary of the beginning of the Term Rate Period.
If the Term Rate Period is more than 5 years, such Bond may be redeemed in whole or in part on any Business Day on or after the First Optional Call Date (as defined below) at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest thereon to the date of redemption.

More Definitions of First Optional Call Date

First Optional Call Date means 9 November 2022. "Initial Margin" is 5.175 per cent.

First Optional Call Date means 24 March 2020;

First Optional Call Date shall have the meaning assigned in Section 6.01(a)(1)(B). Financing Participants shall mean the Issuer, the Lessee, the Bank, the Trustee, the Remarketing Agent, the Bond Registrar, the Paying Agent, the Tender Agent and the Bondholders. Fully Paid, (i) when used with respect to Indenture Indebtedness, shall have the meaning stated in Section 15.01, and (ii) when used with respect to Bank Indebtedness, shall mean that all indebtedness or obligations of the Lessee under the Credit Agreement have been paid in full. Holder shall mean (a) in the event that the book-entry system of evidence of transfers of ownership in the Bonds is employed pursuant to Section 4.13, Cede & Co., as nominee for DTC, or its nominee, and (b) in all other cases, the person or persons in whose names any Bond or Bonds are registered on the books and records of the Bond Registrar. Improvements shall mean the buildings, structures and improvements to be constructed on the Project Site pursuant to Article 3 of the Lease Agreement. Indebtedness shall mean Indenture Indebtedness and Bank Indebtedness. Indenture shall mean this instrument as originally executed or as it may from time to time be supplemented, modified or amended by one or more indentures or other instruments supplemental hereto entered into pursuant to the applicable provisions hereof.