Definition of Substantially equal. Definition of. Substantially equal. Substantially equal means that debt service in any full year. Sample 1.What is the legal definition of the word substantial?
Legal Definition of substantial 1 a : of or relating to substance b : not illusory : having merit failed to raise a substantial constitutional claim c : having importance or significance : material a substantial step had not been taken toward commission of the crime — W. R. LaFave and A. W. Scott, Jr.How long does the substantially equal period last?
The substantially equal period payments must generally continue for at least five full years, or if later, until age 59 ½.