Definition of TERI Guarantee Fee Entitlement


TERI Guarantee Fee Entitlement means a portion of Guaranty Fees equal to (i) 1.75% of the principal amount of each Loan listed on Schedule C-1 attached hereto, (ii) an additional 1.00% of the principal amount of each Loan listed on Schedule C-2 attached hereto and (iii) 0.04% of the aggregate outstanding principal balance of the Loans that are guaranteed by TERI and purchased by the Owner on the Closing Date, each payable in accordance with each of the Guaranty Agreements and Master Loan Guaranty Agreement, dated as of February 2, 2001, by and between The First Marblehead Corporation and TERI, as amended or supplemented.

Examples of TERI Guarantee Fee Entitlement in a sentence

TERI hereby irrevocably directs Lender to deposit the following amounts into the Pledged Account: (a) any and all Guaranty Fees payable by Owner with respect to a Loan under the Guaranty Agreement, less the TERI Guarantee Fee Entitlement, which fees will be deposited into the Pledged Account by Lender or its disbursing agent as Loans are disbursed to Borrowers or at such other time as fees are due from Lender to TERI.