Adjustable Rate Loan definition

Adjustable Rate Loan means a Loan which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto.

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Adjustable Rate Loan means a Loan that provides for the adjustment of the Mortgage Interest Rate payable in connection with such Loan.

Adjustable Rate Loan means a Loan advanced by the Chargee with an adjustable rate of interest secured by the Mortgage.

Examples of Adjustable Rate Loan in a sentence

With respect to each Adjustable Rate Loan, the Mortgage Note does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
The Index for each Adjustable Rate Loan is as defined in the related Confirmation and set forth in the related Loan Schedule.
On each Adjustment Date, the Seller shall make interest rate adjustments for each Adjustable Rate Loan in compliance with the requirements of the related Note and Mortgage.
With respect to each Adjustable Rate Loan, the Mortgage Note does not contain a provision permitting or requiring conversion to a fixed interest rate Loan.
The amount of each Regular Payment Amount, which includes principal and interest, is based on the Interest Rate; The Regular Payment Amount will change with each adjustment in the Interest Rate to an amount sufficient to pay all interest that will accrue up to the next payment date, plus the amount of principal which the Lender determines is required to be paid to maintain the amortization of the Adjustable Rate Loan, as adjusted for any prepayment the Borrower has made, if any.

More Definitions of Adjustable Rate Loan

Adjustable Rate Loan or the “Loan”) of a sum of dollars ($) (the “Principal Amount”) for a term of () years (the “Term”) beginning on (the “Interest Adjustment Date”) and ending on (the “Balance Due Date”). The Adjustable Rate Loan bears interest at the rate of the Prime Rate plus or minus percent (%) per year (the “Interest Rate”), calculated monthly and not in advance unless otherwise provided in the Commitment or the Cost of Borrowing Disclosure (as those expressions are hereinafter defined). Interest accrues from the date of each advance, until the entire repayment of the Adjustable Rate Loan. Interest unpaid when due bears interest at the same rate. Whenever there is a change in the Prime Rate, the Interest Rate is automatically adjusted (every date on which an adjustment is made is referred to herein as an “Adjustment Date”). On each Adjustment Date, the Interest Rate for the month will be adjusted and set to the Prime Rate then in effect plus or minus the percentage points, if any, referred to in paragraph 2 above. Within a reasonable time after each Adjustment Date, the Lender will mail the Borrower, at the Borrower’s mailing address according to the Lender’s records, a notice of the changed Interest Rate and its effective date. The Interest Rate and payment amount will vary in accordance with this paragraph 3 even if the Lender fails to send the aforementioned notice to the Borrower or if the Borrower fails to receive it. The Prime Rate is the rate of interest which the Lender establishes from time to time as the reference rate of interest that determines interest rates it will charge its customers on any given day for adjustable and variable rate loans in Canada. The Borrower can always find the Prime Rate then in effect and the current Interest Rate on the Adjustable Rate Loan by contacting the Lender. If there is a need to prove the Interest Rate, the Borrower agrees that any certificate in writing the Lender issues setting out the Prime Rate and the Interest Rate then in effect will be considered as conclusive evidence of the Interest Rate in effect at that time. MATTERS RELATING TO PAYMENT

Adjustable Rate Loan. Any of the Loans that has an adjustable-rate Mortgage Interest Rate.

Adjustable Rate Loan means each Group I Adjustable Rate Loan or Group II Adjustable Rate Loan.

Adjustable Rate Loan means a loan on which the interest rate payable over the term of the loan may be changed by a qualified lender. The term includes loans which are titled "adjustable rate" or "variable rate" or any other similar designation.

Adjustable Rate Loan. Any Loan, the Loan Interest Rate with respect to which is subject to adjustment; provided that under the terms of such Loan, such adjustments may not modify the Loan Interest Rate to a rate that is more than six percent above or two percent below the Loan Interest Rate at the origination of such Loan.

Adjustable Rate Loan means a Loan that adjusts the interest rate in accordance with a specified index periodically, made by Lender to a customer in accordance with the applicable Loan Documents and Underwriting Criteria for the related Loan Product, which Loan is secured by a first, second or third mortgage lien upon the customer’s residential real estate.

Adjustable Rate Loan means each closed-end home equity loan identified as such in the List of Loans, which Adjustable Rate Loan is to be assigned and conveyed by the Company to the Trust, and includes, without limitation, all related mortgages, deeds of trust and security deeds and any and all rights to receive payments due pursuant thereto after the Cut-off Date, or Subsequent Cut-off Date in the case of a Subsequent Loan.