Lifetime Cap definition

Lifetime Cap. As to any Mortgage Loan, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule.

Lifetime Cap. The provision in the Promissory Note for each ARM which limits the maximum Loan Interest Rate over the life of such ARM.

Lifetime Cap. The provision in the Mortgage Note for each Pool II Mortgage Loan which limits the maximum Mortgage Interest Rate over the life of such Pool II Mortgage Loan to the rate set forth in the applicable Mortgage Note.

Examples of Lifetime Cap in a sentence

• A design pattern abstracts a reusable object-oriented design that solves a common recurring design problem in a particular context [14].

• Effective January 1, 2011, the total amount of contributions under Sections 3.2(a) and (b) made to the Plan on behalf of each Corporate Policy Council member ("CPC Participant") shall not exceed $5 million (the "Lifetime Cap").

• Notwithstanding the foregoing, Company Contributions shall continue to be made to a CPC Participant's Account until the end of the Plan Year in which the CPC Participant reaches the Lifetime Cap, and any deferral election made by a CPC Participant that is irrevocable under Code section 409A on the date the Lifetime Cap is reached shall remain effective.

• The following are HMBS pool suffix options: RA – For one year adjustable rate HECM loans, one-year CMT index, 2/5 Cap structure; RM – For monthly adjustable rate HECM loans, one-year CMT index, Lifetime Cap determined by Issuer; AL – For one year adjustable rate HECM loans, one-year LIBOR index, 2/5 Cap structure; ML – For monthly adjustable rate HECM loans, one-month LIBOR index, Lifetime Cap determined by Issuer; RF – For Fixed Rate HECM loans.

• Notwithstanding the foregoing, Company Contributions shall continue to be made to a CPC Participant’s Account until the end of the Plan Year in which the CPC Participant reaches the Lifetime Cap, and any deferral election made by a CPC Participant that is irrevocable under Code section 409A on the date the Lifetime Cap is reached shall remain effective.

More Definitions of Lifetime Cap

Lifetime Cap means, as to any HELOC, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule.

Lifetime Cap. With respect to an Adjustable Rate Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein. LIMITED GUARANTEE: The obligation of Clayton to make Guarantee Payments as set forth in Section 6.05.

Lifetime Cap. With respect to a Group II Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein; provided, however, that solely for the purposes of calculating the Weighted Average Lifetime Cap on any given date, each Group II Contract as to which a maximum APR has not been set forth in such Contract shall be deemed to have a Lifetime Cap equal to its APR on such date.

Lifetime Cap. The provision in the Mortgage Note for an ARM, or a 5/1 ARM Mortgage Loan on and after its first Change Date, which limits the maximum Coupon Rate over the life of such ARM or 5/1 ARM Mortgage Loan.

Lifetime Cap. As to any Mortgage Loan in Loan Group I or Loan Group II, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule, which rate may be applicable to such Mortgage Loan at any time during the life of such Mortgage Loan.

Lifetime Cap. With respect to an Adjustable Rate Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein.

Lifetime Cap. With respect to a Group II Contract, the maximum APR, if ------------ any, that may be borne by such Contract over its term, as set forth as such therein; provided, however, that solely for the purposes of calculating the Weighted Average Lifetime Cap on any given date, each Group II Contract as to which a maximum APR has not been set forth in such Contract shall be deemed to have a Lifetime Cap equal to its APR on such date. LIMITED GUARANTEE: The obligation of CHI to make Guarantee Payments as ----------------- set forth in Section 6.05.