Conversion to Fixed Interest Rate. The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;
Conversion to Fixed Interest Rate. With respect to Adjustable Rate Mortgage Loans, the Mortgage Loan is not a Convertible Mortgage Loan;
Conversion to Fixed Interest Rate. Except as allowed by Xxxxxx Mae or Xxxxxxx Mac or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to each ARM Mortgage Loan; the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to the aggregate outstanding principal balance of the Mortgage Loans on the related Purchase Date, no more than 50% of the Mortgage Notes contain a provision allowing the Mortgagor to convert the Mortgage Note from an adjustable interest rate Mortgage Note to a fixed interest rate Mortgage Note for the remaining term thereof all in accordance with the terms of a rider to the related Mortgage Note.
Conversion to Fixed Interest Rate. (a) At any time, the Company may, by notice in writing to the Issuer, the Trustee, the Remarketing Agent and the Bank, direct that a Fixed Interest Rate be established for the Project Bonds. The Company's notice shall set forth: (i) the Conversion Date desired by the Company, which shall be an Interest Payment Date not less than thirty (30) days after the date of such notice; and (ii) the date the Fixed Interest Rate shall be established, which shall be not less than twelve (12) Business Days prior to the Conversion Date. The notice shall be accompanied by an opinion of Independent Tax Counsel stating that the conversion to a Fixed Interest Rate is authorized and permitted by the Indenture and Chapter 165, Ohio Revised Code, and that such conversion will not adversely affect the exemption of interest on the Project Bonds from federal income taxation. The Remarketing Agent shall determine the Fixed Interest Rate on the date specified in such notice, which rate shall be the lowest rate at which the Remarketing Agent shall have received bids, not later than the twelfth (12th) Business Day prior to the Conversion Date, to purchase all of the Outstanding Project Bonds at a purchase price of 100% of the outstanding principal amount thereof on the Conversion Date. Conversion to the Fixed Interest Rate shall require the prior written consent of the Company and the Bank.
(b) Any Project Bonds purchased by the Remarketing Agent or the Trustee pursuant to the terms of the Indenture after the Trustee has given notice of the establishment of a Conversion Date, pursuant to subsection (b) of Section 9 of this Bond Legislation, shall not be remarketed except to a buyer who agrees at the time of such purchase either (i) to accept the Fixed Interest Rate on the Conversion Date or (ii) to require purchase of such Project Bonds by the Remarketing Agent or the Trustee on or before the Conversion Date pursuant to subsection (a), (b) or (c) of Section 7 of this Bond Legislation.
(c) The Letter of Credit shall be cancelled on the fifteenth (15th) day following the Conversion Date, and the Trustee shall deliver the Letter of Credit to the Bank on such day, unless prior to such day the Trustee has received written notification from both the Company and the Bank stating that the Letter of Credit is not to be cancelled on such day.
(d) In the event that the Letter of Credit or an Alternate Credit Facility is in effect with respect to the Project Bonds following the Conversion Date, t...
Conversion to Fixed Interest Rate. With respect to each ARM Mortgage Loan; the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
10. The Existing Servicing Agreement is hereby amended by adding the following language as a new Section 4.20:
Conversion to Fixed Interest Rate. The Mortgage Loan is a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to Adjustable Rate Loans, the Loan is not convertible to a fixed interest rate Loan. (jj) Other Insurance Policies. No action, inaction or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance policy, PMI Policy or bankruptcy bond, irrespective of the cause of such failure of coverage. In connection with the placement of any such insurance, no commission, fee, or other compensation has been or will be received by Seller or by any officer, director, or employee of Seller or any designee of Seller or any corporation in which Seller or any officer, director, or employee had a financial interest at the time of placement of such insurance.
Conversion to Fixed Interest Rate. Except as set forth in Schedule 3.02 (ee), the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan;
