ARM Mortgage Loan definition

ARM Mortgage Loan. A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

ARM Mortgage Loan. An adjustable rate Mortgage Loan.

ARM Mortgage Loan. Any individual Mortgage Loan purchased pursuant to this Agreement which contains a provision whereby the interest rate on such Mortgage Loan is fixed for the first five (5) years of the term of the related Mortgage Loan and which thereafter is converted to a Treasury Rate Mortgage Loan or a LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to the initial Interest Rate Adjustment Date for the related Mortgage Loan. FNMA: Xxxxxx Mae, or any successor thereto.

Examples of ARM Mortgage Loan in a sentence

• With respect to each ARM Mortgage Loan, the Servicer shall adjust the Mortgage Interest Rate on the related interest rate adjustment date and shall adjust the Monthly Payment on the related mortgage payment adjustment date, if applicable, in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note.

• With respect to each Mortgage Loan that is an ARM Mortgage Loan, the Servicer shall adjust the Mortgage Interest Rate on the related Interest Rate Adjustment Date in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note.

• With respect to each ARM Mortgage Loan, all Mortgage Interest Rate adjustments have been made in strict compliance with state and federal law and the terms of the related Mortgage Note.

• With respect to each ARM Mortgage Loan, the Seller shall adjust the Mortgage Interest Rate on the related Interest Rate Adjustment Date in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note.

• As to each ARM Mortgage Loan, on each applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum of the Index plus the applicable Gross Margin, rounded up or down to the nearest multiple of 0.125%; provided, however, that the Mortgage Interest Rate will not increase or decrease by more than the Initial Rate Cap on the first Adjustment Date or the Periodic Rate Cap on any subsequent Adjustment Date, and will in no event exceed the Lifetime Rate Cap.

More Definitions of ARM Mortgage Loan

ARM Mortgage Loan means a Mortgage Loan which bears interest at a rate that may be adjusted at one or more times during the term of such Mortgage Loan.

ARM Mortgage Loan. Any individual Mortgage Loan purchased pursuant to this Agreement which contains a provision whereby the interest rate on such Mortgage Loan is fixed for the first ten (10) years of the term of the related Mortgage Loan and which thereafter is converted to a Treasury Rate Mortgage Loan or a LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to the initial Interest Rate Adjustment Date for the related Mortgage Loan.

ARM Mortgage Loan. Any Mortgage Loan held as part of the Trust Fund other than a Mortgage Loan with a fixed Mortgage Rate or Three-Year Hybrid Mortgage Loan, Five-Year Hybrid Mortgage Loan, Seven-Year Hybrid Mortgage Loan, or Ten-Year Hybrid Mortgage Loan.

ARM Mortgage Loan. A Mortgage Loan purchased pursuant to this Agreement which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto.

ARM Mortgage Loan means a Mortgage Loan which bears interest at a rate that may be adjusted at one or more times during the term of such Mortgage Loan. "Assignment" means a duly executed assignment for the benefit of the Lenders of a Mortgage, of the indebtedness secured thereby, and of all documents and rights related to the Mortgage Loan secured by such Mortgage in accordance with the requirements of the Security Agreement. "Authorized Officer" means any of the Vice President, Senior Vice President, Executive Vice President, President, or Chief Executive Officer of a Borrower, acting singly. "Available Deposits" means those free collected balances maintained in accounts in the name of the Borrowers (or held by the Borrowers in trust for third parties) with a Lender (after deducting float and balances required by such Lender under its normal practices to compensate such Lender for the maintenance of such accounts and taking into consideration reserve requirements applicable to such accounts) and which balances are not included in determining "Available Deposits" under any other arrangements between such Lender and the Borrowers. "Basic Eligibility Requirements" means a Pledged Item with respect to which each of the following statements is accurate and complete:

ARM Mortgage Loan. A Mortgage Loan that bears interest at a per annum rate ----------------- that is adjustable periodically based on an index.

ARM Mortgage Loan means a Mortgage Loan which bears interest at a rate that may be adjusted at one or more times during the term of such Mortgage Loan. "Assignment" means a duly executed assignment for the benefit of the Lenders of a Mortgage, of the indebtedness secured thereby, and of all documents and rights related to the Mortgage Loan secured by such Mortgage in accordance with the requirements of the Security Agreement. "Authorized Officer" means any of the Vice President, Senior Vice President, Executive Vice President, President, or Chief Executive Officer of the Borrower, acting singly. "Available Deposits" means those free collected balances maintained in accounts in the name of the Borrower (or held by the Borrower in trust for third parties) with a Lender (after deducting float and balances required by such Lender under its normal practices to compensate such Lender for the maintenance of such accounts and taking into consideration reserve requirements applicable to such accounts) and which balances are not included in determining "Available Deposits" under any other arrangements between such Lender and the Borrower. "Bank One Credit Agreement" means the Fourth Amended and Restated Revolving Credit Agreement dated as of July 16, 2001, among the Borrower, the lenders party thereto and Bank One, NA as agent. "Basic Eligibility Requirements" means a Pledged Item with respect to which each of the following statements is accurate and complete: