Hybrid Loan definition

Hybrid Loan. Any Mortgage Loan that bears interest at a fixed rate for its initial three year period following origination, and at an adjustable rate for the ensuring 27 years in which it remains outstanding.
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Hybrid Loan means each Loan that accrues interest based upon an index that is determined by reference to a floating rate GECS Hybrid Loan Rate Confirmation and that is convertible at the option of the Obligor thereunder to a fixed rate based on a benchmark index. Spread: 20 basis points per annum Party B Floating Rate Day Count Fraction: Actual/360 LIBOR Floating Rate Amounts: LIBOR Floating Rate Payer: Party A LIBOR Floating Rate Payer Payment Dates: Each Payment Date
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Hybrid Loan means a collective reference to (i) (A) Note No. 1 issued on the Restatement Date by Canadian Borrower to U.S. Borrower and (B) Note No. 2 issued on the Restatement Date by Canadian Borrower to U.S. Borrower, in an aggregate principal amount of Cdn$342,836,000 and, in each case, any refinancing, refundings, renewals or extensions thereof not increasing the principal amount thereof (except to the extent representing the financing of premiums, interest, fees and expenses in connection therewith) or shortening the maturity thereof, (ii) No. 1 Common Share Forward Subscription Agreement dated as of the Restatement Date between U.S. Borrower and Canadian Borrower and any replacement thereof and (iii) No. 2 Common Share Forward Subscription Agreement dated as of the Restatement Date between U.S. Borrower and Canadian Borrower and any replacement thereof.
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Examples of Hybrid Loan in a sentence

  • Under or pursuant to the Guarantee Support Agreement each Originator warrants and represents that if the relevant Receivable results from a Life Loan, Savings Loan or Hybrid Loan, all receivables under the relevant Mixed Insurance Policy have been validly pledged by the relevant Borrower to the relevant Originator, which pledge has been notified to the relevant insurer.

  • Under or pursuant to the Guarantee Support Agreement each Originator warrants and represents that if the relevant Receivable relates to a Life Loan, Savings Loan or Hybrid Loan, all receivables under the relevant Mixed Insurance Policy have been validly pledged by the relevant Borrower to the relevant Originator for at least that part by which the relevant Receivable exceeds 100% of the foreclosure value of the relevant Property, which pledge has been notified to the relevant insurer.

  • It is hereby clarified that the condition contained in this Clause 2.11(b) shall not apply in case the Borrower has availed a Flexi Term Loan, Flexi Interest-only Loan or Flexi Hybrid Loan.

  • A Hybrid Loan is a combination of a Life Loan and a Savings Loan.

  • The insurance proceeds of the insurance policy are due at the earlier of the maturity of the insurance policy (which is generally thirty years) and the death of the Borrower, and are applied towards repayment of the Hybrid Loan.

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  • To secure the Hybrid Loan, the Borrower pledges the rights under an insurance policy to the Originator, which is a combined risk and capital insurance policy.

  • A hybrid loan, an asset growth loan or a life growth loan or any other loan with substantially the same or comparable characteristics (a " Hybrid Loan") is, like an Interest-Only Loan, a loan on which only interest is due until maturity.

  • Hybrid Loan In 2012, USD 800 million of the total outstanding balance of the loan payable to KMG International NV was converted into an unsecured hybrid loan, repayable after 51 years.

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More Definitions of Hybrid Loan

Hybrid Loan. Any Mortgage Loan that bears interest at a fixed rate for its initial two, three or five year period following origination, and at an adjustable rate for the remaining 28, 27 or 25 years, respectively, in which it remains outstanding. Index: With respect to any Adjustable Rate Mortgage Loan, the applicable index for computing the Mortgage Loan Rate as specified in the Mortgage Note.
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Hybrid Loan means each Loan that accrues interest based upon an index that is determined by reference to a floating rate and that is convertible at the option of the obligor thereunder to a fixed rate based on a benchmark index. Trade Date: November 9, 2007 Effective Date: November 20, 2007
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Hybrid Loan means each Loan that accrues interest based upon an index that is determined by reference to a floating rate and that is convertible at the option of the Obligor thereunder to a fixed rate based on a benchmark index. GECS Hybrid Loan Rate Confirmation Spread: 1.45 basis points (0.0145%) per annum Party B Floating Rate Day Count Fraction: Actual/360 LIBOR Floating Rate Amounts: LIBOR Floating Rate Payer: Party A LIBOR Floating Rate Payer Payment Dates: Each Payment Date LIBOR Floating Rate Payer Period End Dates: The last day of each Calculation Period, subject to adjustment in accordance with the Following Business Date Convention.
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Related to Hybrid Loan

  • PPP Loan means the loan made to the Company by the PPP Lender pursuant to the PPP Loan Agreement, for the principal amount of $905,207.00, pursuant to the requirements of the Paycheck Protection Program under the CARES Act.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • CD Loan means (i) a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which was a CD Loan immediately before it became overdue.

  • Revolving Advance has the meaning given in Section 2.1.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Reference Rate Loan means each portion of a Loan that bears interest at a rate determined by reference to the Reference Rate.

  • Committed Advance means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Committed Advance, each of which is a “Type” of Committed Advance.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Domestic Rate Loan means any Advance that bears interest based upon the Alternate Base Rate.

  • Outstanding Advances means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances made as of or prior to such date, minus (1) all payments or collections as of or prior to such date which are specified in Section 4.04(b) and (c) as applied to reimburse all unpaid Advances with respect to such Receivable and (2) all amounts for which the Servicer has deemed to have released all claims for reimbursement of Outstanding Advances pursuant to Section 3.08.

  • Liquidated Loan A Mortgage Loan with respect to which the related Mortgaged Property has been acquired, liquidated or foreclosed and with respect to which the applicable Servicer determines that all Liquidation Proceeds which it expects to recover have been recovered.

  • Fraud Loan A Liquidated Mortgage Loan as to which a Fraud Loss has occurred.

  • Revolving Loan has the meaning specified in Section 2.01(a).

  • LIBOR Loan means a Loan or any portion thereof bearing interest by reference to the LIBOR Rate.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Bid Loan has the meaning specified in Section 2.03(a).

  • ARD Loan Any Mortgage Loan that is identified on the Mortgage Loan Schedule as having an Anticipated Repayment Date and Revised Rate.

  • Fixed Rate Loan means a Competitive Loan bearing interest at a Fixed Rate.

  • Term Loan as defined in Section 2.1.