Lifetime Floor definition

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

Lifetime Floor. As to any Mortgage Loan in Loan Group I the minimum 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 Floor. The provision in the Mortgage Note for each Pool II Mortgage Loan which limits the minimum 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 Floor in a sentence

• Lifetime Floor Rate: The minimum interest rate that can be applied during the loan term; ARM loans only.

• This Limited Lifetime Floor Warranty provision is not transferrable.

• The Pool II Mortgage Interest Rate will adjust on each applicable Change Date to equal the sum of the Six-Month LIBOR Index and the related Gross Margin set forth in the related Mortgage Note, subject to rounding and to the effects of the Periodic Rate Cap, the applicable Lifetime Cap and the applicable Lifetime Floor.

• The Lifetime Cap for each Pool II Loan is the rate which is generally ___ basis points greater than the initial Pool II Mortgage Interest Rate for such Pool II Loan and the Lifetime Floor is as set forth in the Mortgage Note related to such Pool II Loan.

• The Pool II Mortgage Interest Rate relating to the Pool II Loans will adjust on each applicable Change Date to equal the sum of (i) the LIBOR Index and (ii) the related Gross Margin, subject to rounding and to the effects of the Periodic Rate Cap, the applicable Lifetime Cap and the applicable Lifetime Floor.

More Definitions of Lifetime Floor

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

Lifetime Floor. As to any Adjustable Rate Loan, the minimum Loan Interest Rate set forth in the related Debt Instrument and indicated in the Loan Schedule.

Lifetime Floor means the provision in the Mortgage Note for each ARM which limits the minimum Mortgage Rate over the life of such ARM to the Mortgage Rate on the date of origination of such ARM.

Lifetime Floor. With respect to each ARM, the minimum Mortgage Rate -------------- permitted over the life of such ARM under the terms of the related Mortgage Note, as set forth on Exhibit C hereto.

Lifetime Floor. The provision in the Note for each ARM which limits the minimum Coupon Rate over the life of such ARM.

Lifetime Floor. The provision in the Business Note for Loan, which limits the minimum Loan Interest Rate over the life of such Loan to the rate set forth in the applicable Business Note.

Lifetime Floor. The provision in the Mortgage Note for each ARM, or a 5/1 ARM Mortgage Loan on and after its first Change Date, which limits the minimum Coupon Rate over the life of such ARM or 5/1 ARM Mortgage Loan. Loan Balance: As of any date of calculation and with respect to each Mortgage Loan, the Original Principal Balance thereof less any Subservicer Principal Remittance Amounts relating to such Mortgage Loan included in all previous Subservicer Monthly Remittance Amounts and, if applicable, the Subservicer Monthly Remittance Amount as of such date.