Class C-2 Notes definition

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

Class C-2 Notes means any one of the Class C-2 Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-3.

Class C-2 Notes means the Class C-2 Deferrable Fifth Priority Secured Fixed/Floating Rate Notes due May 5, 2036, issued by the Co-Issuers on the Closing Date, that bear interest at a fixed rate per annum equal to 6.247% for the period from the Closing Date to the last day of the Interest Period ending immediately prior to the Distribution Date in February 2009, and floating rate per annum equal to LIBOR plus 1.45% at all times thereafter.

Examples of Class C-2 Notes in a sentence

• The Class C-2 Notes, Class D Notes, and Subordinated Notes issued in the debt securitization were retained by the Company and are eliminated in consolidation.The reinvestment period for the debt securitization ends on January 20, 2023 and the notes mature on January 20, 2031.

• On the first Distribution Date after the occurrence of an Event of Default, the Servicer shall cause the Indenture Trustee through written instruction to withdraw all amounts on deposit in the Incentive Servicing Fee Account and distribute such amount to the Paying Agent for pro rata payment of principal on the Class A Notes, the Class B Notes, the Class C-1 Notes and the Class C-2 Notes.

• On each Distribution Date, the Paying Agent, in accordance with the Monthly Servicer’s Statement, shall distribute to each Class C-2 Noteholder of record on the related Record Date (other than as provided in Section 10.02 of the Indenture) such Class C-2 Noteholders’ pro rata share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class C-2 Notes and Class C-2 Costs pursuant to this Supplement.

• The Series 1997 1/N1 Notes shall be issued in three classes of Class A Notes, the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, three classes of Class B Notes, the Class B-1 Notes, the Class B-2 Notes and the Class B-3 Notes, and three classes of Class C Notes, the Class C-1 Notes, the Class C-2 Notes and the Class C-3 Notes.

• The Secured Notes shall have received the following ratings as of the Closing Date: (i) the Class A Notes shall have been rated “AAA(sf)” by S&P, (ii) the Class B Notes shall have been rated at least “AA(sf)” by S&P, (iii) the Class C-1 Notes shall have been rated at least “A(sf)” by S&P, (iv) the Class C-2 Notes shall have been rated at least “A(sf)” by S&P, and (v) the Class D Notes shall have been rated at least “BBB-(sf)” by S&P.

More Definitions of Class C-2 Notes

Class C-2 Notes means the $66,00,000 Auction Rate Class C-2 Student Loan-Backed Notes issued by the Trust pursuant to the Indenture, substantially in the form of Exhibit A-7 thereto.

Class C-2 Notes has the meaning set forth in the preamble.

Class C-2 Notes. The Class C-2 Secured Deferrable Fixed Rate Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3.

Class C-2 Notes. The Class C-1 Notes and the Class C-2 Notes are referred to herein collectively as the “Class C Notes”. The Class A Notes, the Class B Notes and the Class C Notes, if issued, are referred to herein collectively as the Series 2011-1 Notes. The Series 2011-1 Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The net proceeds from the sale of the Class A Notes and the Class B Notes shall be deposited in the Series 2011-1 Excess Collection Account on the Series 2011-1 Closing Date and applied in accordance with this Series Supplement.

Class C-2 Notes. The Class C-2 Secured Deferrable Floating Rate Notes issued pursuant to the First Supplemental Indenture and having the characteristics specified in Section 2.3, as amended by the First Supplemental Indenture.

Class C-2 Notes means any Class C-2 Notes described in Article II of, and authorized by, and authenticated and delivered under, the Indenture.

Class C-2 Notes means, collectively, the Class C-2A Notes and the Class C-2B Notes.