Payment Adjustment Cap definition

Payment Adjustment Cap means, with respect to an Adjustable Rate Mortgage Loan, the maximum amount of the related Monthly Payment as adjusted on a given Payment Adjustment Date in accordance with the terms of the related Mortgage Note.
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Payment Adjustment Cap. With respect to each Negative Amortization Mortgage Loan and each Payment Adjustment Date occurring prior to the initial payment date on which such cap is no longer applicable, the amount (expressed as a percentage) by which the monthly payment on such Negative Amortization Mortgage Loan due in the month preceding such Payment Adjustment Date is multiplied for purposes of calculating the maximum amount to which the monthly payment may be adjusted.
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Examples of Payment Adjustment Cap in a sentence

  • The Department shall have the right to deduct such penalties from the Milestone Payment (subject to the Milestone Payment Adjustment Cap set forth in Appendix 4) and Availability Payments.

  • The Department shall have the right to deduct such cost savings from the Milestone Payment (subject to the Milestone Payment Adjustment Cap set forth in Appendix 4) and Availability Payments.

  • Result: The Department is entitled to a deduction from the Milestone Payment (subject to the Milestone Payment Adjustment Cap set forth in Appendix 4) or an adjustment to the Maximum Availability Payments equal to $1,700,000 (85% of $2,000,000 of savings).

Related to Payment Adjustment Cap

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Net Adjustment Amount means an amount, which may be positive or negative, equal to (A) the Closing Net Working Capital as finally determined pursuant to this Section 2.5 minus the Estimated Net Working Capital, plus (B) Estimated Indebtedness minus Closing Indebtedness as finally determined pursuant to this Section 2.5, plus (C) Closing Cash as finally determined pursuant to this Section 2.5 minus Estimated Cash, plus (D) Estimated Transaction Expenses minus Closing Transaction Expenses as finally determined pursuant to this Section 2.5;

  • Adjustment Payment means, in respect of any Security, the payment (if any) determined by the Determination Agent as is required in order to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value to or from the Issuer as a result of the replacement of the Index by the Alternative Pre-nominated Index. The Determination Agent may determine that the Adjustment Payment is zero.

  • True-Up Adjustment means any Semi-Annual True-Up Adjustment or Interim True-Up Adjustment, as the case may be.

  • Contract Adjustment Payments means amounts payable by the Company on each Contract Adjustment Payment Date in respect of each Purchase Contract, at a rate per year of 2.725% on the Stated Amount per Purchase Contract.