Adjustable Rate Loan definition

Adjustable Rate Loan means a Loan which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto.

Adjustable Rate Loan means a Mortgage Loan that provides for the adjustment of the Mortgage Interest Rate payable in connection with such Mortgage Loan.

Adjustable Rate Loan. A Loan which provides for the adjustment of the Loan Interest Rate payable in respect thereto.

Examples of Adjustable Rate Loan in a sentence

• With respect to each Adjustable Rate Loan, the Mortgage Note does not contain a provision permitting or requiring conversion to a fixed interest rate Loan.

• If the Lender makes a new agreement with another borrower or person, corporation or entity who is obligated to pay the Adjustable Rate Loan or any part of the Indebtedness, the Borrower will not be released from the Borrower’s obligations under this Contract, even if the Borrower does not sign or is not advised of such new agreement.

• The Borrower does not have a right to renew the Adjustable Rate Loan.

• In the event the Lender requires such tax instalments: The Borrower will pay the instalment on account of Taxes on each regular payment date for the Adjustable Rate Loan.

• The amount of each Regular Payment Amount, which includes principal and interest, is based on the Interest Rate; The Regular Payment Amount will change with each adjustment in the Interest Rate to an amount sufficient to pay all interest that will accrue up to the next payment date, plus the amount of principal which the Lender determines is required to be paid to maintain the amortization of the Adjustable Rate Loan, as adjusted for any prepayment the Borrower has made, if any.

More Definitions of Adjustable Rate Loan

Adjustable Rate Loan means a loan on which the interest rate payable over the term of the loan may be changed by a System institution. The term includes loans which are titled "adjustable rate" or "variable rate" or any other similar designation.

Adjustable Rate Loan means a Loan advanced by the Chargee with an adjustable rate of interest secured by the Mortgage.

Adjustable Rate Loan means each Group I Adjustable Rate Loan or Group II Adjustable Rate Loan.

Adjustable Rate Loan. Any of the Loans that has an adjustable-rate Mortgage Interest Rate.

Adjustable Rate Loan means a Loan that adjusts the interest rate in accordance with a specified index periodically, made by Lender to a customer in accordance with the applicable Loan Documents and Underwriting Criteria for the related Loan Product, which Loan is secured by a first, second or third mortgage lien upon the customer’s residential real estate.

Adjustable Rate Loan. Any Loan, the Loan Interest Rate with respect to which is subject to adjustment; provided that under the terms of such Loan, such adjustments may not modify the Loan Interest Rate to a rate that is more than six percent above or two percent below the Loan Interest Rate at the origination of such Loan.

Adjustable Rate Loan or the “Loan”) of a sum of dollars ($) (the “Principal Amount”) for a term of () years (the “Term”) beginning on (the “Interest Adjustment Date”) and ending on (the “Balance Due Date”). The Adjustable Rate Loan bears interest at the rate of the Prime Rate [plus or minus] percent (%) per year (the “Interest Rate”), calculated daily and not in advance on a basis of a 365-day year (or 366-day year in the case of a leap year) unless otherwise provided in a commitment letter, a cost of borrowing disclosure or any other loan agreement to be entered from time to time between the Borrower and the Lender. For the purpose of the Interest Act (Canada) in the case of a leap year, the annual interest rate corresponding to the interest calculated on the basis of a 365-day year is equal to the interest rate thus calculated multiplied by 366 and divided by 365. Interest accrues from the date of each advance, until the entire repayment of the Adjustable Rate Loan. Interest unpaid when due bears interest at the same rate. Interest is payable both before and after the Balance Due Date, before and after default, and before and after any court judgment the Lender obtains against the Borrower. Whenever there is a change in the Prime Rate, the Interest Rate is automatically adjusted (every date on which an adjustment is made is referred to herein as an “Adjustment Date”). On each Adjustment Date, the Interest Rate for the day will be adjusted and set to the Prime Rate then in effect plus or minus the percentage points, if any, referred to in paragraph 2 above. Within a reasonable time after each Adjustment Date, the Lender will mail the Borrower, at the Borrower’s mailing address according to the Lender’s records, a notice of the changed Interest Rate and its effective date. The Interest Rate and payment amount will vary in accordance with this paragraph 3 even if the Lender fails to send the aforementioned notice to the Borrower or if the Borrower fails to receive it. The Prime Rate is the rate of interest which the Lender establishes from time to time as the reference rate of interest that determines interest rates it will charge its customers on any given day for adjustable and variable rate loans in Canada. The Borrower can always find the Prime Rate then in effect and the current Interest Rate on the Adjustable Rate Loan by contacting the Lender. If there is a need to prove the Interest Rate, the Borrower agrees that any certificate in writing the Lender issues setting out ...