Converted Loan definition

Converted Loan. An Adjustable Rate Asset with respect to which the Obligor has complied with the applicable requirements of the related Contract or Mortgage Note to convert the related Asset Rate to a fixed rate of interest, and as to which the Servicer has processed such conversion.

Converted Loan shall have the meaning set forth in Section 2.1(c).

Converted Loan. Any Mortgage Loan as to which the Mortgagor thereunder has exercised its right under the related Mortgage Note to convert the adjustable Loan Rate thereon to a fixed Loan Rate.

Examples of Converted Loan in a sentence

• Pursuant to the Converted Loan Purchase Agreement, the Converted Loan Purchaser shall be obligated to purchase from the Trust any Converted Mortgage Loans at the Repurchase Price.

• The Servicer will be responsible for determining the Repurchase Price for any Asset (and the related Basis Limit Amount for any Converted Loan) to be repurchased pursuant to this Section 2.06 and shall certify such amounts to the Trustee at the time of any such purchase.

• The Trustee is hereby authorized to execute and shall execute this Agreement, the Purchase Agreement, and the Converted Loan Purchase Agreement, and shall perform their respective duties and satisfy their respective obligations thereunder.

• The Servicer shall promptly notify the Trustee and the Converted Loan Purchaser of each Mortgage Loan which becomes a Converted Mortgage Loan.

• If the Converted Loan Purchaser fails to purchase any Converted Loan, the Servicer shall be terminated and the Trustee shall be the Servicer and is obligated to make such purchase under the Converted Loan Purchase Agreement.

More Definitions of Converted Loan

Converted Loan. Any Convertible Mortgage Loan as to which the Mortgagor thereunder has exercised its right under the related Mortgage Note to convert the adjustable Loan Rate thereon to a fixed Loan Rate.

Converted Loan means with respect to any Lender on the Restatement Effective Date, the portion, if any, of such Lender’s Original Loan that such Lender has consented to have converted to an Extended Loan on the Restatement Effective Date pursuant to Section 2.01(a).

Converted Loan has the meaning set forth in Section 7.1.

Converted Loan means the Revolving Loans to the extent outstanding on the Revolving Loan Maturity Date; provided, however, that a Converted Loan shall be no more than $3,000,000 in aggregate principal amount. “Loan” shall be the collective reference to the Revolving Loans and Converted Loan.

Converted Loan has the meaning specified in Section 4.

Converted Loan means a loan (i) originally granted as a Term Loan advanced for the purpose of financing (in whole or in part) the purchase of Eligible Assets to be used as collateral for the issuance of a Series of Covered Bonds, whose interest and redemption profile changes in accordance with Clause 7.5 of the Subordinated Loan Agreement upon issuance of the relevant Corresponding Series of Covered Bonds.

Converted Loan shall have the meaning specified in Section 2.01(b). “Credit Extension” shall mean the Borrowing.