Underpayment Option definition

Underpayment Option means the ability of a Borrower for as long as there is an Overpayment Reserve in respect of its Loan to make an underpayment which is less than the amount of its monthly repayment in respect of such Loan;
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Underpayment Option means the ability of a Borrower for as long as there is an Overpayment Reserve in respect of its Loan to make an underpayment which is less than the amount of its monthly repayment in respect of such Loan, provided that any underpayment made in connection with a COVID-19 Payment Holiday Loan shall not constitute an Underpayment Option (for so long as the payment holiday is subsisting in relation to any such Loan);
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Examples of Underpayment Option in a sentence

  • Eligibility Criteria The sale of Loans and their Related Security to the Issuer on the Closing Date and the making of a Further Advance, Product Switch or Tested Underpayment Option on any date will be subject to the condition (the Eligibility Criterion) that no Event of Default shall have occurred which is continuing as at the relevant date.

  • You cannot avail of the Underpayment Option on:» Endowment, annual interest, pension backed mortgages or interest only mortgages.» If you do not meet the above criteria please visit your local branch to discuss the options available to you.» Underpayment options may not be used in conjunction with a ‘Skip Month’ option.

  • In the event that an Underpayment Option which is a Tested Underpayment Option is made in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.3, the relevant Loan in respect of which an Underpayment Option is made will remain in the Portfolio provided that it satisfies the Asset Conditions.

  • Subject to complying with the terms of Clause 6.1, where the Servicer accepts an application for an Underpayment Option, the Servicer shall notify the Seller and the Issuer in writing no later than the Monthly Test Date following the Monthly Period in which such Underpayment Option occurred that such Underpayment Option (where such Underpayment Option is a Tested Underpayment Option) caused a breach of the Asset Conditions.

  • The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any election by a Borrower to exercise an Underpayment Option with respect to any relevant Loan.

  • Representations and Warranties:The Seller will make the Loan Warranties regarding the Loans and Related Security to the Issuer on the Closing Date and in respect of any Further Advance, Product Switch and/or Tested Underpayment Option on the last day of the Monthly Period in which each such Further Advance, Product Switch and/or Tested Underpayment Option takes place.

  • For the avoidance of doubt, where the Servicer accepts any application for a Further Advance, Product Switch or Underpayment Option contemplated by this Clause 6, it shall do so pursuant to its appointment under this Agreement.

  • Any breach of Clause 5.6(d) in the case of a Tested Underpayment Option shall be subject to Clause 9.3 (above).

  • The Seller shall notify (by a notice in the form of Schedule 9 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period.

  • Representations and Warranties:The Seller will make certain Loan Warranties regarding the Loans and Related Security to the Issuer on the Closing Date and on the last day of the Monthly Period in which each Further Advance, Product Switch and/or Underpayment Option takes place.

Related to Underpayment Option

  • Underpayment means any payment or portion of a payment not made to a provider for services delivered to eligible members according to the laws and rules applicable to the Medicaid program and to which the provider is entitled.

  • Overpayment means payment in excess of the required fee. Overpayment of less than $10 received by the board shall not be refunded.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Over-Allotment Option means the option of the Underwriters to purchase up to an additional 15 per cent of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions.

  • Grant Amount or “Grant” means the total amount of financial assistance disbursed under this Agreement, which consists of the City's Amount and the Consultant’s Amount.

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • PRE-PAYMENT The Tenant shall: (check one) ☐ - Pre-Pay Rent in the amount of $ for the term starting on and ending on . The Pre-Payment of Rent shall be due upon the execution of this Agreement. ☐ - Not be required to Pre-Pay Rent.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Section 409A Payment Date means the earlier of (a) the date of Executive’s death or (b) the date that is six months after the date of termination of Executive’s employment with the Company.

  • Option Fee means an amount equal to 7% of the Specified Amount;

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Tax Payment Date means, with respect to any applicable Taxes, the date occurring 30 days prior to the date the same are due and payable.

  • Overpayments as used in this Section include payments (i) made by the System Agency that exceed the maximum allowable rates; (ii) that are not allowed under applicable laws, rules, or regulations; or (iii) that are otherwise inconsistent with this Contract, including any unapproved expenditures. Xxxxxxx understands and agrees that it will be liable to the System Agency for any costs disallowed pursuant to financial and compliance audit(s) of funds received under this Contract. Xxxxxxx further understands and agrees that reimbursement of such disallowed costs shall be paid by Grantee from funds which were not provided or otherwise made available to Grantee under this Contract.

  • Replacement Option means an Option that is granted when a Participant uses a Common Share held or to be acquired by the Participant to exercise an Option and/or to satisfy tax withholding requirements incident to the exercise of an Option.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • Matching Period has the meaning specified in Section 5.4(1)(e).

  • Sales Year means the calendar year during which the Company sold Cigarettes in a Beneficiary State requiring the deposit of QEF Principal.

  • Exercise Payment means the amount of money equal to the Exercise Price multiplied by the number of Optioned Shares specified in the Notice of Exercise;

  • option-based award means an award under an equity incentive plan of options, including, for greater certainty, share options, share appreciation rights, and similar instruments that have option-like features;

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Grant Year has the same meaning as in subclause 1(1) of Schedule 1 of HESA; ‘HESA’ means the Higher Education Support Xxx 0000; ‘maximum basic grant amount’ or ‘MBGA’ has the same meaning as in subclause 1(1) of Schedule 1 of HESA.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.