Examples of Minimum Mortgage Interest Rate in a sentence
If the interest rate is set below the Minimum Mortgage Interest Rate, the difference between such interest rate and the Minimum Mortgage Interest Rate will be taken into account in the Asset Cover Test.
The Servicing Agreement provides that following notification to the relevant Borrowers of the assignment of the Receivables, the Servicer, acting on behalf of the CBC, will only offer the relevant Borrowers an interest rate of at least the Minimum Mortgage Interest Rate, subject to the relevant mortgage loan agreement and applicable law (including but not limited to principles of reasonableness and fairness and applicable duties of care).
The Minimum Mortgage Interest Rate may be amended by the CBC and the Issuer, subject to Rating Agency Confirmation and prior consent of the Security Trustee.
In addition, if the Servicer does not comply with its obligation to set such interest rates at or above the Minimum Mortgage Interest Rate and the interest rate is set below the Minimum Mortgage Interest Rate, the difference between such interest rate and the Minimum Mortgage Interest Rate will be taken into account in the Asset Cover Test.
In addition, if the Servicer does not comply with its obligation to set such interest rates at or above the Minimum Mortgage Interest Rate, the CBC may not receive sufficient interest to meet its obligations under the Guarantee in full and/or in time, which could in turn lead to losses under the Covered Bonds.