Actuarial Loan definition

Actuarial Loan. Any Mortgage Loan as to which, pursuant to the Note related thereto, interest is computed and charged to the Mortgagor at the Mortgage Rate on the outstanding principal balance of such Note as of a scheduled day of each month which is fixed at the time of origination, with the effect that Scheduled Payments made by the related Mortgagor on such Mortgage Loan either earlier or later than the scheduled due dates thereof will not affect the amortization schedule or the relative application of such payments to principal and interest.
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Actuarial Loan means a Home Equity Loan for which the relative application of each Monthly Payment to interest and principal is based on the period between Due Dates and not on the timing of receipt of such Monthly Payment.
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Actuarial Loan means any Auto Loan in which the method of allocating payments of principal and interest is the Actuarial Method.
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Examples of Actuarial Loan in a sentence

  • All calculations of interest in respect of the Principal Balance of an Actuarial Loan or in respect of the Notes or the Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

  • Advances shall be calculated on a 30/360 basis for any Actuarial Loan and on a actual/365 day basis for any Simple Interest Loan.

  • Not later than 12:00 noon New York time on each Determination Date, the Servicer shall remit to the Certificate Administrator for deposit in the Certificate Account an amount (as indicated in the Servicer's Certificate prepared pursuant to Section 6.06), to be distributed on the related Distribution Date pursuant to Section 6.04, equal to the aggregate amount of scheduled principal and interest (net of the Servicing Fee) for each Delinquent Mortgage Loan that is an Actuarial Loan.

  • SERVICER OBLIGATIONS FOR PREPAYMENT The Servicer will be obligated to pay, from its own funds, Prepayment Interest INTEREST SHORTFALLS: Shortfalls for any prepayment in full on an Actuarial Loan, but only to the extent of 50% of its Servicing Fee for the related collection period.

Related to Actuarial Loan

  • Actuarial Receivable means any Receivable which provides for the allocation of payments according to the "actuarial" method.

  • Actuarial valuation means a mathematical determination of

  • Actuarial opinion means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with subrule 5.34(6) and with applicable actuarial standards.

  • Actuarial equivalent means a benefit of equal value when

  • Actuarial method means the method of allocating a fixed level monthly payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (a) 1/12, (b) the fixed annual rate of interest on such obligation and (c) the outstanding principal balance of such obligation.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Accrual Balance means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles (“GAAP”), for the Bank’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion Number 12 as amended by Statement of Financial Accounting Standards Number 106 and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Group II Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group II Loans.

  • Canadian Pension Plan means any plan, program or arrangement that is a pension plan for the purposes of any applicable pension benefits legislation or any tax laws of Canada or a Province thereof, whether or not registered under any such laws, which is maintained or contributed to by, or to which there is or may be an obligation to contribute by, any Borrower or any Guarantor in respect of any Person’s employment in Canada with such Borrower or such Guarantor.

  • Pension Credit ; means the means-tested Guarantee or Savings Credit administered by the Department for Work and Pensions under the State Pension Credit Regulations 2002;

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • Loan Group III The group of Mortgage Loans identified in the Mortgage Loan Schedule as having been assigned to Loan Group III.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Canadian Pension Plans means each pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by a Credit Party for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.