Adjustable Rate Loans Sample Clauses

Adjustable Rate Loans. If an Adjustable Rate Loan, it is covered by an American Land Title Association lender's title insurance policy, with an adjustable rate mortgage endorsement, such endorsement substantially in the form of ALTA Form 6.0 or 6. 1. The applicable terms of the Adjustable Rate Loan pertaining to adjustments of the Loan Interest Rate and the monthly payment and payment adjustments in connection therewith are enforceable and will not affect the priority of the lien of the related mortgage. The Loan Interest Rate and monthly payment on the Adjustable Rate Loan have been timely and appropriately adjusted, if such adjustment is required, and the respective Obligor timely and appropriately advised.

Adjustable Rate Loans. Except as disclosed in Schedule 4.23(k) under the Disclosure Letter, with respect to each ARM Loan, each of the Company and its Company Subsidiaries and each Prior Servicer has (i) properly and accurately entered into its system all data required to service the Mortgage Loan in accordance with all Applicable Requirements, (ii) properly and accurately adjusted the mortgage interest rate on each interest adjustment date, (iii) properly and accurately adjusted the monthly payment on each payment adjustment date, (iv) properly and accurately calculated the amortization of principal and interest on each payment adjustment date, in each case in compliance with all Applicable Requirements, and (v) executed and delivered any and all necessary notices required under, and in a form that complies with, all Applicable Requirements regarding the interest rate and payment adjustments.

Adjustable Rate Loans. Each adjustable rate Mortgage Loan contains a provision requiring conversion to a fixed interest rate Mortgage Loan and all rate adjustments have been performed in accordance with the terms of the related Mortgage Note.

Adjustable Rate Loans. Each Loan that has an adjustable rate of --------------------- interest has an interest rate not less than the floor rate specified in the related Note. With respect to each adjustable rate Loan, all adjustments have been made strictly in accordance with the terms of the related Note and the Mortgage. No adjustable rate loan is subject to negative amortization or permits the conversion of the Loan to a fixed interest rate. Each adjustable rate Loan was underwritten as though such Loan would initially have borne interest at a rate equal to the applicable index plus the related margin at the time of origination; 32.

Adjustable Rate Loans. The Adjustable Rate Loans have the following --------------------- characteristics: (i) 100% are secured by a mortgage, deed of trust or security deed creating a first lien on the related real estate; (ii) none has a remaining maturity of more than 360 months; (iii) no Initial or Additional Adjustable Rate Loan has a final scheduled payment date later than October 2030 and no such Subsequent Loan has a final scheduled payment date later than January 2031; (iv) the Loan Interest Rate on each is subject to semiannual adjustment, after an initial period of up to 37 months, to equal the sum of (A) the per annum rate equal to the average of interbank offered rates for six-month U.S. dollar- denominated deposits in the London market based on quotations of major banks, as published in The Wall Street Journal, plus (B) a fixed percentage amount specified in the related Loan (the "gross margin"), provided that the Loan -------- Interest Rate will not increase or decrease on any adjustment date by more than 7.00% per annum and will not exceed a maximum rate specified in the related Loan; (v) none has a gross margin of less than 3.0% or more than 9.25%; and (vi) none had a principal balance at origination of more than $350,000.

Adjustable Rate Loans. A qualified lender must provide the following in- formation for adjustable rate loans in addition to the requirements of para- graph (a) of this section: (1) The circumstances under which the rate can be adjusted; (2) How much the rate can be ad- justed at any one time and how much the rate can be adjusted during the term of the loan; (3) How often the rate can be ad- justed; (4) Any limitations on the amount or frequency of adjustments; (5) The specific factors that the qualified lender may take into account in making adjustments to the interest rate on the loan; and (6) If the borrower’s interest rate is directly tied to a widely publicized ex- ternal index:

Adjustable Rate Loans. If a Mortgage Loan is an adjustable rate loan, the Seller has properly calculated adjustments in the interest rate and monthly payment for each adjustment date and has notified the related Mortgagor of such adjustments, all in accordance with related Mortgage Note and applicable law.

Adjustable Rate Loans. Except as shown on the Mortgage Loan Schedule, no Mortgage Loan that has an adjustable interest rate is convertible by the Mortgagor into a fixed rate loan and no fixed rate loan is convertible by the Mortgagor into an adjustable rate loan.

Adjustable Rate Loans. With respect to each Adjustable Rate Loan, each of the Related Companies and each Prior Servicer has (i) properly and accurately entered into its system, or subsequently corrected, all data required to service the Mortgage Loan in accordance with all Applicable Requirements, (ii) properly and accurately adjusted or subsequently corrected, the mortgage interest rate on each interest adjustment date, (iii) properly and accurately adjusted, or subsequently corrected, the monthly payment on each payment adjustment date, (iv) properly and accurately calculated, or subsequently corrected, the amortization of principal and interest on each payment adjustment date, in each case in compliance with all Applicable Requirements, and (v) executed and delivered any and all necessary notices required under, and in a form that complies with, all Applicable Requirements regarding interest rate and payment adjustments. Purchasers acknowledge that Sellers and the Company do not necessarily have actual knowledge with respect to the matters addressed in this Section 5.5, and Sellers acknowledge that the representations and warranties made in this Section 5.5 are intended to allocate risk of loss to Sellers for the purposes of Article XI hereof.

Adjustable Rate Loans. Prepay Number of Aggregate % of Aggregate Penalty Home Equity Loans Loan Balance Loan Balance -------------------------------------------------------------------------------------------------------------------- Yes 1,261 $134,769,684.35 84.23% No 238 25,230,593.85 15.77 -------------------------------------------------------------------------------------------------------------------- TOTAL 1,499 $160,000,278.20 100.00%