Fixed to Float Loan definition
Examples of Fixed to Float Loan in a sentence
The Loan Amount for Acquisition Loans and No Cash Out Refinance Loans will not exceed the amount that produces: (i) for a Fixed Rate Loan or Fixed to Float Loan, an Amortizing DCR of 1.25:1.0, and (ii) for a Variable Rate Loan, an Amortizing DCR of 1.05:1.0. The Loan Amount for Cash Out Refinance Loans will not exceed the amount that produces: (i) for a Fixed Rate Loan or Fixed to Float Loan, an Amortizing DCR of 1.30:1.0, and (ii) for a Variable Rate Loan, an Amortizing DCR of 1.10:1.0.
The Loan Amount for Acquisition Loans and No Cash Out Refinance Loans will not exceed the amount that produces: (i) for a Fixed Rate Loan or Fixed to Float Loan, an Amortizing DCR of 1.30:1.0, and (ii) for a Variable Rate Loan, an Amortizing DCR of 1.05:1.0. The Loan Amount for Cash Out Refinance Loans will not exceed the amount that produces: (i) for a Fixed Rate Loan or Fixed to Float Loan, an Amortizing DCR of 1.35:1.0, and (ii) for a Variable Rate Loan, an Amortizing DCR of 1.10:1.0.
Each Fixed to Float Loan will have, at the option of the Sponsor, a term of five (5), six (6), seven (7), nine (9) or ten (10) years plus the Extension Period, if applicable.
The Loan Amount for Acquisition Loans and No Cash Out Refinance Loans will not exceed the amount that produces: (i) for a Fixed Rate Loan or Fixed to Float Loan, an Amortizing DCR of 1.25:1.0, and (ii) for a Variable Rate Loan, an Amortizing DCR of 1.05:1.0. The Loan Amount for Cash Out Refinance Loans will not exceed the amount that produces (i) for a Fixed Rate Loan or Fixed to Float Loan, an Amortizing DCR of 1.30:1.0, and (ii) for a Variable Rate Loan, an Amortizing DCR of 1.10:1.10.
The Fixed Rate Loan or Fixed to Float Loan resulting from a conversion of a Variable Rate Loan shall not be counted against the Aggregate Commitment Available or otherwise subject to the terms of this Agreement.
If an Extension Period applies to a Fixed to Float Loan, the interest rate shall convert to a Variable Rate Interest Rate on the first day of the Extension Period.
Each Fixed to Float Loan shall be subject to payment of a prepayment premium upon prepayment prior to the Extension Period, if applicable, of such Fixed to Float Loan as more fully described in the applicable Form FTF Note.
During the Fixed Rate Period, interest on the principal balance of such Fixed to Float Loan will accrue at such Fixed Interest Rate.
The Margin applicable during the Extension Period for such Fixed to Float Loan shall be determined by F▇▇▇▇▇▇ Mac based on the then-current market level determined in its sole discretion.
The Borrower of a Variable Rate Loan may convert such Variable Rate Loan to a Fixed Rate Loan or Fixed to Float Loan at any time during the term of the Variable Rate Loan in accordance with F▇▇▇▇▇▇ Mac's Streamlined Refinance Mortgage Purchase Product as then in effect.