Subordinate Note Principal Trigger definition
Subordinate Note Principal Trigger means if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative Default Rate exceeds 10%, provided, however, that a Subordinated Note Principal Trigger will not be deemed to be in effect if ▇▇▇▇ is solvent and is continuing to purchase Defaulted Student Loans with respect to which ▇▇▇▇ has become obligated to purchase under the terms of the relevant Guaranty Agreement.
Subordinate Note Principal Trigger means if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative Default Rate exceeds 10%; provided, however, that a Subordinate Note Principal Trigger will not have occurred if TERI is solvent and is continuing to purchase defaulted student loans with respect to which TERI has become obligated to purchase under the terms of the relevant guaranty agreement.
Subordinate Note Principal Trigger means if a Note Parity Trigger occurs and is continuing, or a TERI Principal Trigger has occurred.
More Definitions of Subordinate Note Principal Trigger
Subordinate Note Principal Trigger means, with respect to the Group I or Group II Subordinate Notes, as applicable, and will occur and be continuing if a related Note Parity Trigger occurs and is continuing with respect to the Group I or Group II Notes, as applicable. In addition, a Subordinate Note Principal Trigger with respect to the Group I or Group II Subordinate Notes, as applicable, will occur if the Cumulative Default Percentage for the Group I or Group II Student Loans exceeds 25% and 17%, respectively, (or such higher percentage which satisfies the Rating Agency Condition) as of the end of the related Collection Period.
Subordinate Note Principal Trigger means if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative Default Rate exceeds 10%; provided, however, that a Subordinate Note Principal Trigger will not have occurred if TERI is continuing to pay claims on defaulted trust student loans that have met TERI’s due diligence requirements and TERI is solvent.
Subordinate Note Principal Trigger means if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative Default Rate exceeds 10%, provided, however, that a Subordinated Note Principal Trigger will not be deemed to be in effect if TERI is continuing to pay claims on Defaulted Student Loans that have met TERI’s due diligence requirements and TERI is solvent.
Subordinate Note Principal Trigger means if a Note Parity Trigger occurs and is continuing, or a ▇▇▇▇ Principal Trigger has occurred.
Subordinate Note Principal Trigger means if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative Default Rate exceeds ___%.
Subordinate Note Principal Trigger means, with respect to the Group I Subordinate Notes, that either a Subordinate Note Interest Trigger occurs and is continuing or the Cumulative Default Ratio for the Group I Student Loans exceeds 25% as of the end of the related Collection Period; provided, however, if on a subsequent Distribution Date, a Subordinate Note Interest Trigger is no longer in effect and the Cumulative Default Ratio for the Group I Student Loans does not exceed 25%, then a Subordinate Note Principal Trigger will no longer be in effect.
Subordinate Note Principal Trigger means, with respect to the [Group I] or [Group II] Subordinate Notes, as applicable, and will occur and be continuing if a related Note Parity Trigger occurs and is continuing with respect to the [Group I] or [Group II] Notes, as applicable. In addition, a Subordinate Note Principal Trigger with respect to the [Group I] or [Group II] Subordinate Notes, as applicable, will occur if the Cumulative Default Percentage for the [Group I] or [Group II] Student Loans exceeds [__]% and [__]%, respectively, (or such higher percentage which satisfies the Rating Agency Condition) as of the end of the related Collection Period.