Convertible Loans. With respect to ARM Loans, unless otherwise set forth in the Mortgage Loan Schedule, the Mortgage Loan is not a Convertible Mortgage Loan;
Convertible Loans. Immediately prior to the Closing, the Initial Stockholders loaned the Company an aggregate of $800,000 (up to $920,000 if the over-allotment option is exercised in full), which amount shall be deposited in the Trust Fund pursuant to Section 1.1.2 (the "CONVERTIBLE LOANS"). The principal balance of the Convertible Loans shall bear simple interest at a rate of 4% per annum. Principal and interest will be payable from amounts not held in the Trust Fund, which include certain distributions of interest from the Trust Fund to the Company's management. The Convertible Loans are to be repaid on the earlier to occur of (i) the closing of a Business Combination or (ii) the Company's liquidation. If the Convertible Loans are to be repaid on the Company's liquidation, such loans may be payable only out of interest earned on the Trust Fund and not the principal balance of the Trust Fund. The Convertible Loans shall be convertible, after completion of a Business Combination, into Units at a rate of $6.00 per Unit at the option of the maker of the Convertible Loan. Notwithstanding the foregoing, the Convertible Loans shall not be repaid from the first $700,000 released to the Company from the interest earned on the Trust Fund.
Convertible Loans. The Convertible Loans have been duly authorized and validly issued; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the shares of Common Stock issuable upon conversion of the Convertible Loans are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Convertible Loans has been duly and validly taken. The shares of Common Stock issuable upon conversion of the Convertible Loans have been reserved for issuance upon the conversion of the Convertible Loans and, when issued in accordance with the terms of the Convertible Loans, will be duly and validly authorized, validly issued, fully paid and non-assessable, and the holders thereof are not and will not be subject to personal liability by reason of being such holders.
Convertible Loans. The Company has caused its Initial Stockholders to enter into loan agreements with the Company with respect to the Convertible Loans and the proceeds of such Convertible Loans shall be deposited in the Trust Fund pursuant to Section 1.1.
Convertible Loans. Convertible Flag Indicates that the borrower is allowed to convert an ARM mortgage to a Fixed Rate mortgage Y Convertible Term The specified period at which a borrower can choose to exercise convertible rights 24 Conversion Expiration Date Expiration date of conversion provisions 12/25/2006 Conversion Fee Fee for converting loan from ARM to Fixed Conversion Formula Convert Lookback The period designated for lookback calculation stated in days. 45 Convert Index Index used for the conversion Convert Margin Convert Cap Down Convert Cap Up Convert Lifetime Cap Down Convert Lifetime Cap Up Convert Max PI CAP ( Up ) Convert Max PI CAP ( Down ) ARM Flag A 'Y' or 'N' to indicate if a loan is an Adjustable rate mortgage Y Arm Index Description Code/literal used to identify the specific underlying index that adjustable rate loans will reset from. (6 Months Libor, 1 Yr CMT, etc) 6ML Margin The spread above the index value that a new rate on adjustable rate loans will be set to; subject to caps and rounding. (stated in percent) 3.65 ARM Rounding Feature Code/literal used to identify the method to be used when computing new rate on adjustable rate loans. (stated in percent) 0.125 Lookback Days The actual number of days prior to the Next Rate Reset Date that the underlying index will be referenced for determining new rate on adjustable rate loans. Examples: 45, 30, 0. 45 First Payment Reset Date The first date that any payment reset was/is scheduled to occur. Typically is one month after First Rate Reset Date. 3/1/2007 First Rate Reset Date The first date that any rate reset was/is scheduled to occur. Typically is one month prior to First Payment Reset Date. 2/1/2007 Initial Rate Reset Period Number of payments to be made prior to the first rate reset. For a typical 5/1 ARM, this would contain the value 60. 60 Rate Reset Period Number of payments to be made between rate changes following the initial rate reset period. For a typical 5/1 ARM this would contain the value 12. 12 Initial Payment Reset Period Number of payments to be made prior to the first payment reset. For a typical 5/1 ARM, this would contain the value 60. For non hybrid loans this would equal the Payment Reset Period. 60 Payment Reset Period Number of payments to be made between payment changes following the Initial Payment Reset Period. For a typical 5/1 ARM this would contain the value 12. 12 Initial Rate Adjustment Cap Maximum rate change allowed on First Rate Reset Date. 3 First Cap Adjustment Down 0...
Convertible Loans. 9.9.1 Make or permit any payment on any debts owing to the holder(s) of the Convertible Loans other than exclusively as permitted under the terms permitted by the Subordination Agreement (for the avoidance of doubt, this provision shall not preclude any conversion of the Convertible Loans into equity in the Borrower).
9.9.2 Suffer or incur any breach of the Subordination Agreement.
Convertible Loans. Any document, instrument, or agreement evidencing any Convertible Loans, including the Subordination Agreement, shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect (otherwise than in circumstances permitted by the Loan Documents), any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement.
Convertible Loans. Section 7.1 (i) of the Loan Agreement is hereby amended by (a) deleting the phrase "the Bridge Loan" set forth therein and (b) inserting the following provision in lieu thereof:
(i) the Convertible Loans, PROVIDED that the proceeds of such Convertible Loans are remitted by the makers of such loans directly to the Agent and applied by the Agent to repay the Advances then outstanding."
Convertible Loans. Section 7.1 (i) of the Loan Agreement is hereby amended in its entirety to read as follows:
(i) the Convertible Loans, PROVIDED that (i) the proceeds of such Convertible Loans are remitted by the makers of such loans directly to the Agent and applied by the Agent to repay the Advances then outstanding and (ii) unless otherwise consented to by Agent, from July 15, 2002 to and including August 15, 2002, Parent shall maintain at least $1,000,000 of unutilized borrowing availability under the Securities Purchase Agreement (as referenced in the definition of the term "Convertible Loans")."
Convertible Loans. Subject to Section 11 hereof, National City Mortgage Co. shall repurchase any Convertible HELOC.
