Lifetime Cap definition

Lifetime Cap. As to any Mortgage Loan, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule.

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Lifetime Cap. The provision in the Promissory Note for each ARM which limits the maximum Loan Interest Rate over the life of such ARM.

Lifetime Cap. The provision in the Mortgage Note for each Pool II Mortgage Loan which limits the maximum Mortgage Interest Rate over the life of such Pool II Mortgage Loan to the rate set forth in the applicable Mortgage Note.

Examples of Lifetime Cap in a sentence

• A Home Equity Loan the Mortgage Rate of which adjusts on each Change ---- Date by reference to the applicable Mortgage Index, subject to the applicable Periodic Rate Cap, Lifetime Floor and Lifetime Cap.

• Effective January 1, 2011, the total amount of contributions under Sections 3.2(a) and (b) made to the Plan on behalf of each Corporate Policy Council member ("CPC Participant") shall not exceed $5 million (the "Lifetime Cap").

• The Loan Interest Rate is adjusted, with respect to ARMs, on each Change Date to equal the Index plus the Gross Margin (rounded up or down to the nearest .125%), subject to the Lifetime Cap.

• The following items will not count toward the Lifetime Cap: (a) investment gains or earnings, and (b) amounts originally contributed to other plans that have been or are merged into the Plan.

• ARM: An adjustable rate Mortgage Loan the Coupon Rate of which adjusts on each Change Date by reference to the applicable Index, subject to the applicable Periodic Rate Cap, Lifetime Floor and Lifetime Cap.

More Definitions of Lifetime Cap

Lifetime Cap means, as to any HELOC, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule.

Lifetime Cap. With respect to an Adjustable Rate Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein. LIMITED GUARANTEE: The obligation of Clayton to make Guarantee Payments as set forth in Section 6.05.

Lifetime Cap. With respect to a Group II Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein; provided, however, that solely for the purposes of calculating the Weighted Average Lifetime Cap on any given date, each Group II Contract as to which a maximum APR has not been set forth in such Contract shall be deemed to have a Lifetime Cap equal to its APR on such date.

Lifetime Cap means the provision in the Mortgage Note for each ARM ------------ which limits the maximum Mortgage Rate over the life of such ARM to ___ basis points greater than the Mortgage Rate on the date of origination of such ARM.

Lifetime Cap. With respect to a Group II Contract, the maximum APR, if ------------ any, that may be borne by such Contract over its term, as set forth as such therein; provided, however, that solely for the purposes of calculating the Weighted Average Lifetime Cap on any given date, each Group II Contract as to which a maximum APR has not been set forth in such Contract shall be deemed to have a Lifetime Cap equal to its APR on such date. LIMITED GUARANTEE: The obligation of CHI to make Guarantee Payments as ----------------- set forth in Section 6.05.

Lifetime Cap. As to any Mortgage Loan in Loan Group I or Loan Group II, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule, which rate may be applicable to such Mortgage Loan at any time during the life of such Mortgage Loan.

Lifetime Cap. With respect to an Adjustable Rate Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein.