Fixed Rate Mortgages Sample Clauses

Fixed Rate Mortgages. The Borrower will pay to the Lender in lawful Canadian Dollars on each Payment Date at the address set out in this Mortgage or otherwise provided in the Additional Terms and Conditions (as described below) regular payments of principal and interest. The interest rate will be per cent per annum and will be calculated semi-annually not in advance. Interest on the Principal Amount is payable at the Interest Rate both before and after the Balance Due Date, default and judgement, until the Principal Amount has been paid in full. Interest on all money advanced to the Borrower will be calculated daily at the Interest Rate on the date of each advance up to and including the day preceding the day of , 20 to be paid by the Borrower on the date last mentioned (the "Interest Adjustment Date"). At the Lender’s option, such interest will either: (i) be payable by the Borrower on the Interest Adjustment Date; (ii) be added to the Principal Amount on the Interest Adjustment Date and bear interest at the Interest Rate; (iii) be deducted by the Lender from any advance or advances which the Lender makes; or (iv) be debited by the Lender from the Borrower’s account on the first regular payment date. The Borrower will make, thereafter, regular payments of principal together with interest thereon at the Interest Rate in the amount of Dollars ($ ) (which include principal and interest) on the day of , 20 (the “First Payment Date”) to and including the day of , 20 (the "Balance Due Date"), and the balance of the said Principal Xxxxxx then remaining unpaid and all accrued and unpaid interest and other moneys (if any) then owing under this Mortgage to become due and paid on the Balance Due Date.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Fixed Rate Mortgages. If the Mortgage Interest Rate is a fixed interest rate, the instalments payable under this Mortgage are to be applied first to bring into good standing any accounts in which funds are held pending payment to third parties or amounts are debited in respect of this Mortgage, including tax accounts, if any; secondly, to interest calculated as provided in this Mortgage on the portion of the Principal Amount from time to time outstanding; and, lastly, the balance of the instalments shall be applied on account of the portion of the Principal Amount then outstanding; except, however, in the case of default by the Mortgagor, the Mortgagee may apply any payments received during the period of default in whatever order it may elect as between the Principal Amount, interest, Taxes, repairs, insurance premiums or any other amounts payable by the Mortgagor under this Mortgage. Variable Rate Mortgages If the Mortgage Interest Rate is a variable interest rate, the instalments payable under this Mortgage are to be applied first to bring into good standing any accounts in which funds are held pending payment to third parties or amounts are debited in respect of this Mortgage, including tax accounts, if any; secondly, to interest at the Mortgage Interest Rate calculated as provided in this Mortgage on the Principal Amount from time to time outstanding; thirdly, to Deferred Interest (as herein defined) and interest thereon calculated in accordance with this Mortgage; and, fourthly, to the reduction of the portion of the Principal Amount then outstanding; except, however, in the case of default by the Mortgagor, the Mortgagee may apply any payments received during the period in default in whatever order it may elect as between the Principal Amount, interest, Taxes, repairs, insurance premiums or any other amounts payable by the Mortgagor under this Mortgage. The Mortgagor and Mortgagee acknowledge that although the amount of each consecutive monthly instalment to be paid by the Mortgagor under this Mortgage is fixed under the terms of this Mortgage, the respective portions of interest and principal which comprise each instalment may vary as the Prime Rate varies and, therefore, the Mortgage Interest Rate payable under this Mortgage varies. If the Prime Rate declines, a larger portion of any instalment will be applied against the Principal Amount then outstanding, thus accelerating the reduction of the Principal Amount outstanding under this Mortgage. Conversely, if the Prime R...
Sample 1
Fixed Rate Mortgages. If you’re on a fixed rate mortgage, it means your interest rate and your monthly payments will be fixed for the period of time stated in your Mortgage Offer. At the end of the fixed term, the interest rate will automatically change to our Standard Variable Rate, which may be higher or lower than your initial fixed rate. Our SVR You can find details of our current Standard Variable Rate (SVR) on our website. As our SVR is a variable rate managed by us, it can go up or down at any time without notice; so if you’re on our SVR, this means your monthly payments may also go up or down. If your monthly payment will change as a result of a change to our SVR, we’ll give you at least 10 days’ notice of your new payments and put a new confirmation document in your Vault. Subject to any specific terms in your Mortgage Offer, we can increase our SVR at any time if we reasonably believe it’s necessary to: • Reflect a change in the Bank of England base rate; • Reflect changes to the law, regulatory requirements or any relevant code of conduct or practice; • Reflect changes in the cost to us of borrowing funds; • Maintain our financial strength in the interest of all our customers; or • Address risks to our business that arise as a result of any significant changes in the economic environment. If you’re not happy with the change, you can repay the Loan in full. Your Mortgage Offer will confirm if there are any charges to do so (e.g. early repayment charge).
Sample 1
Fixed Rate Mortgages. (a) Unless each Designated Rating Agency should otherwise notify the Manager in writing, the Manager must not at any time cause:
Sample 1
Fixed Rate Mortgages. If you have a Fixed Rate mortgage, the prepayment charge referred to in sections 2.14.1.4 and 2.14.1.5 above is equal to the higher of the following two amounts: (i) three months’ interest on the amount of the prepayment calculated at your current interest rate; and (ii) the interest rate differential amount which is the difference between the following two amounts, each calculated from the date of the prepayment until the end of the term of the Fixed Rate mortgage: (A) all interest you would have paid on the Fixed Rate mortgage at your current interest rate; and (B) all interest you would pay on the Fixed Rate mortgage at the interest rate that we are charging on the date of prepayment for a closed fixed rate mortgage having a term that is closest to the remaining term of your Fixed Rate mortgage.
Sample 1

Related to Fixed Rate Mortgages

  • Fixed Rate Notes If this Note is specified on the face hereof as a “Fixed Rate Note”:

  • Interest Rate Protection Agreements (a) Within ninety days after the Closing Date, the Borrower shall enter into and thereafter maintain interest rate protection agreements (protecting against fluctuations in interest rates) having a term of at least three years from the Closing Date, establishing a fixed or maximum interest rate of 10.5% per annum for an aggregate notional amount equal to at least 50% of the aggregate principal amount of all Term Loans then outstanding.

  • Interest Rate Protection Agreement As of the date hereof, Borrower has entered into, made all payments required under, and satisfied all conditions precedent to the effectiveness of, an interest rate protection agreement that satisfies all of the following conditions (such interest rate protection agreement together with (i) any extension thereof or (ii) any other interest rate protection agreement entered into pursuant to Section 2.8, being referred to herein as the “Interest Rate Protection Agreement”):

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Interest Rate Cap Agreement (a) The Interest Rate Cap Agreement in effect on the Closing Date has a LIBOR strike price equal to the Strike Price and a scheduled termination date of the Initial Maturity Date. The Interest Rate Cap Agreement (i) is in a form and substance reasonably acceptable to Lender, (ii) is with an Acceptable Counterparty, (iii) directs such Acceptable Counterparty to pay directly to an account pledged to Lender any amounts due Borrower under such Interest Rate Cap Agreement unless and until otherwise instructed by Lender (it being agreed as between Lender and Borrower that Lender will so instruct the Counterparty at such time as the Debt shall no longer exist, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof), and (iv) has a notional amount at least equal to the principal balance of the Loan outstanding on the Closing Date (it being understood that the notional amount of the Interest Rate Cap Agreement may be reduced, from time to time, as the principal balance of the Loan is reduced (in the amounts of such reduction in principal) pursuant to clause (g) below). Borrower shall collaterally assign to Collateral Agent (for the benefit of Lender), pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Collateral Agent an executed counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Collateral Agent (for the benefit of Lender) and require that payments be paid directly into an account pledged to Collateral Agent (for the benefit of Lender) as provided above in this Section 2.2.7). Provided no Event of Default has occurred and is continuing, amounts contained in the foregoing pledged account shall be released to Borrower on a monthly basis to the extent not applied toward debt service on the Loan.

  • Floating Rate Notes If this Note is specified on the face hereof as a “Floating Rate Note”:

  • Notification of Interest Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of:

  • Interest Rate Protection No later than the 90th day after the Closing Date, the Borrower shall enter into, and for a minimum of three years thereafter maintain, Hedging Agreements acceptable to the Administrative Agent that result in at least 50% of the aggregate principal amount of its funded long-term Indebtedness being effectively subject to a fixed or maximum interest rate acceptable to the Administrative Agent.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!