Discount Loan definition

Discount Loan. The Loans having Pass-Through Rates of less than 6.75%.

Discount Loan means any Collateral Loan that is acquired by the Borrower for a purchase price paid by the Borrower to the seller of such Collateral Loan of less than 95% of the principal balance of such Collateral Loan.

Discount Loan. Any Fixed Rate Discount Loan or ARM Discount Loan. (Any Qualified Substitute Mortgage Loan shall be deemed to be a Fixed Rate Discount Loan, ARM Discount Loan, or Non-Discount Loan if the Mortgage Loan for which it was substituted was so treated.)

Examples of Discount Loan in a sentence

• Notwithstanding the foregoing, however, on each Distribution Date, the Class A-P Certificates will receive the Discount Fraction of all principal payments, including, without limitation, Principal Prepayments, received in respect of each Discount Loan.

• In the case of a Discount Loan and any date (i) the Scheduled Principal Balance of such Discount Loan for such date multiplied by (ii) the PO Percentage for such Discount Loan.

• In the case of any ARM Discount Loan, a percentage equal to a fraction, the numerator of which is the difference between 6.00% minus the minimum Net Mortgage Rate for such ARM Discount Loan, and the denominator of which is 6.00%.

• In the case of any Fixed Rate Discount Loan, a percentage equal to a fraction, the numerator of which is the difference between 6.00% minus the Net Mortgage Rate for such Fixed Rate Discount Loan, and the denominator of which is 6.00%.

• Notwithstanding the foregoing, however, on each Distribution Date, the Class IIA-P Certificates will receive the Group II Discount Fraction of all Principal Prepayments, including, without limitation, Principal Prepayments, received in respect of each Group II Discount Loan.

More Definitions of Discount Loan

Discount Loan. Any Mortgage Loan with a Net Rate less than 5.00% per annum.

Discount Loan. Any Mortgage Loan in Group I with a Net Rate less than 5.25% per annum; and any Mortgage Loan in Group III with a Net Rate less than 6.00% per annum.

Discount Loan means any Collateral Loan that is acquired by the Borrower for a purchase price paid by the Borrower to the seller of such Collateral Loan of less than 80% of the principal balance of such Collateral Loan; provided that such Collateral Loan shall cease to be a Discount Loan at such time as the Market Value (expressed as a percentage of the par amount of such Collateral Loan) determined for such Collateral Loan on each day during any period of 30 consecutive days since the acquisition by the Borrower of such Collateral Loan, equals or exceeds 90.0% on each such day (as determined at the close of business of each such day).

Discount Loan. Any Loan that has an Assigned Value of less than 85% as of the Cut-Off Date.

Discount Loan means any Loan having a purchase price of less than 90% of the outstanding principal amount of such Loan.

Discount Loan. Any Group 1 Discount Loan or Group 2 Discount Loan.

Discount Loan. Any Subgroup II-1 Discount Loan, Subgroup II-2 Discount Loan or Subgroup II-3 Discount Loan, as applicable.