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.

• 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.

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

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

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

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 Mortgage Rate thereon to a fixed Mortgage Rate. Converted Mortgage Loan Schedule: With respect to each Payment Date, a schedule listing each Convertible Mortgage Loan that has become a Converted Mortgage Loan during the immediately preceding Due Period, and the Purchase Price for each such Converted Mortgage Loan in the form attached hereto as Schedule B. Convertible Mortgage Loan: Any Mortgage Loan which, at the option of the Mortgagor and in accordance with the terms of the related Mortgage Note, may have the related Mortgage Rate converted from an adjustable rate to a fixed rate. Cooperative Corporation: The entity that holds title (fee or an acceptable leasehold estate) to the real property and improvements constituting the Cooperative Property and which governs the Cooperative Property, which Cooperative Corporation must qualify as a Cooperative Housing Corporation under Section 216 of the Code. Cooperative Loan: Any Mortgage Loan secured by Cooperative Shares and a Proprietary Lease.