Conversion to Fixed Interest Rate Sample Clauses

The Conversion to Fixed Interest Rate clause allows a borrower or lender to change a loan’s interest rate from a variable (floating) rate to a fixed rate during the term of the agreement. Typically, this process involves notifying the other party and may be subject to certain conditions, such as timing restrictions or fees. By enabling the switch to a fixed rate, this clause provides predictability in future payment amounts and protects against the risk of rising interest rates.
Conversion to Fixed Interest Rate. The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;
Conversion to Fixed Interest Rate. Except as allowed by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to each ARM Mortgage Loan; the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. Except as allowed by the applicable Loan Program Authority or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to the aggregate outstanding principal balance of the Mortgage Loans on the related Purchase Date, no more than 50% of the Mortgage Notes contain a provision allowing the Mortgagor to convert the Mortgage Note from an adjustable interest rate Mortgage Note to a fixed interest rate Mortgage Note for the remaining term thereof all in accordance with the terms of a rider to the related Mortgage Note.
Conversion to Fixed Interest Rate. On any Interest Period Reset Date on or after the first Interest Payment Date, Bonds bearing interest at a Variable Rate may be converted to a Fixed Interest Rate upon receipt by the Trustee and the Remarketing Agent of a written direction from the Authorized Company Representative, not less than sixty (60) days prior to such Interest Period Reset Date, to convert the interest rate on the Bonds to a Fixed Interest Rate. In such case, the Bonds shall continue to mature on the Maturity Date, but shall be subject to mandatory sinking fund redemption pursuant to Section 3.01(a) hereof. Mandatory sinking fund redemption shall occur on September 1 of each year following the Fixed Interest Rate Conversion Date, and the principal amount subject to sinking fund redemption in each such year, which amount shall be calculated by the Trustee at the time of the conversion and provided by the Trustee to each Rating Agency, the Issuer, and the Company, shall result in substantially level debt service for each year ending on the Maturity Date, rounded to the nearest $5,000 in principal amount; provided, however, upon the written direction of the Company, accompanied by the written consent of the Bank provided to the Trustee and an opinion of Bond Counsel to the effect that the exclusion of interest on the Bonds from gross income will not be adversely affected thereby, the Trustee shall use such alternate mandatory redemption schedule as is provided by the Company. Such direction to convert the interest rate on the Bonds to a Fixed Interest Rate shall be accompanied by (i) in the case that the conversion is from an Interest Rate Mode of less than one year to a Fixed Interest Rate, an Opinion of Bond Counsel delivered to the Issuer, the Trustee, the Bank and the Remarketing Agent, stating that such conversion to the specified Interest Rate Mode will not adversely affect the exclusion of the interest on the Bonds from gross income for federal income tax purposes; and (ii) either (a) evidence that the Bonds have an Investment Grade Rating from each Rating Agency immediately after the conversion or (b) an investment letter from each purchaser of Bonds addressing the points set forth in Exhibit B hereto. Notwithstanding any provision of this paragraph, no conversion shall be effective (A) if the Company makes an election on or prior to the day immediately succeeding any Interest Rate Determination Date not to proceed with the proposed conversion or (B) the Trustee has not receiv...
Conversion to Fixed Interest Rate. With respect to each ARM Mortgage Loan; the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan. 10. The Existing Servicing Agreement is hereby amended by adding the following language as a new Section 4.20:
Conversion to Fixed Interest Rate. The Mortgage Loan is a fixed interest rate Mortgage Loan.