Examples of Option ARM Loan in a sentence
Principal payments on the Mortgage Loan (except with respect to an Option ARM Loan) commenced no more than sixty (60) days after funds were disbursed in connection with the Mortgage Loan.
No Mortgage Loan (other than an Option ARM Loan) contains terms or provisions which would result in negative amortization.
No Option ARM Loan allows for Negative Amortization when combined with the original principal balance of the Option ARM Loan would result in a CLTV in excess of 115%.
Except for an Option ARM Loan, Interest-Only Loan, or HELOC, principal payments on the Loan commenced no more than sixty (60) days after funds were disbursed in connection with the Loan.
With respect to each Negative Amortization Loan or Option ARM Loan which provides for Negative Amortization, the consolidated principal amount does not exceed the original principal amount of the Loan plus any Negative Amortization in a combined amount not to exceed the maximum Negative Amortization permitted under the terms of the Note.
Except for an Option ARM Loan (to the extent permitted under the Pricing Side Letter), no Loan is a Negative Amortization Loan.
No Option ARM Loan or Negative Amortization Loan allows for Negative Amortization when combined with the original principal balance of the Option ARM Loan or Negative Amortization Loan, as applicable, would result in a CLTV in excess of 100%.
With respect to each Interest-Only Loan or Option ARM Loan, the interest-only period shall not exceed the period specified on the Loan Schedule and following the expiration of such interest-only period, the remaining Monthly Payments shall be sufficient to fully amortize the original principal balance over the remaining term of the Loan.
With respect to each Option ARM Loan, the related Note requires a Monthly Payment which is sufficient during the period following each Payment Adjustment Date, to fully amortize the outstanding principal balance as of the first day of such period (including any Negative Amortization) over the then remaining term of such Note and to pay interest at the related Mortgage Interest Rate and requires that such Option ARM Loan be fully amortized by the stated maturity date.
Except for an Interest-Only Loan or Option ARM Loan (each to the extent permitted under the Pricing Side Letter), principal payments on the Loan commenced no more than sixty (60) days after funds were disbursed in connection with the Loan.