Minimum Mortgage Interest Rate definition

Minimum Mortgage Interest Rate. With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased on any Adjustment Date.
Minimum Mortgage Interest Rate. With respect to each Adjustable-Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the minimum Mortgage Interest Rate thereunder.
Minimum Mortgage Interest Rate. With respect to each adjustable rate Mortgage Loan, the absolute Minimum Mortgage Interest Rate set forth in the related Mortgage Note.

Examples of Minimum Mortgage Interest Rate in a sentence

On each applicable Adjustment Date, the Mortgage Rate with respect to each Mortgage Loan shall be adjusted, in compliance with the requirements of the related Mortgage and Mortgage Note, to equal the sum of the Index plus the Gross Margin (rounded in accordance with the related Mortgage Note) subject to the applicable Periodic Rate Cap, Maximum Mortgage Interest Rate and Minimum Mortgage Interest Rate, as set forth in the Mortgage Note.

On each applicable Adjustment Date, the Mortgage Rate with respect to each adjustable rate Mortgage Loan shall be adjusted, in compliance with the requirements of the related Mortgage and Mortgage Note, to equal the sum of the Index plus the Gross Margin (rounded in accordance with the related Mortgage Note) subject to the applicable Periodic Rate Cap, Maximum Mortgage Interest Rate and Minimum Mortgage Interest Rate, as set forth in the Mortgage Note.

The Minimum Mortgage Interest Rate may be amended by the CBC and the Issuer, subject to Rating Agency Confirmation and prior consent of the Security Trustee.

The Servicing Agreement provides that following notification to the relevant Borrowers of the assignment of the Receivables, the Servicer, acting on behalf of the CBC, will only offer the relevant Borrowers an interest rate of at least the Minimum Mortgage Interest Rate, subject to the relevant mortgage loan agreement and applicable law (including but not limited to principles of reasonableness and fairness and applicable duties of care).

On each applicable Adjustment Date, the Mortgage Rate with respect to each Mortgage Loan shall be adjusted, in compliance with the requirements of the related Mortgage and Mortgage Note, to equal the sum of the related Index plus the Gross Margin (rounded in accordance with the related Mortgage Note) subject to the applicable Periodic Rate Cap, Maximum Mortgage Interest Rate and Minimum Mortgage Interest Rate, as set forth in the Mortgage Note.


More Definitions of Minimum Mortgage Interest Rate

Minimum Mortgage Interest Rate. With respect to any ARM Loan, the minimum rate of interest, if any, that may be charged pursuant to the related Mortgage Note.
Minimum Mortgage Interest Rate. The minimum annual rate at which interest accrues on any adjustable rate Mortgage Loan in accordance with the provisions of the related Mortgage Note.
Minimum Mortgage Interest Rate. With respect to an Adjustable Rate Mortgage Loan, the specified minimum mortgage rate over the life of such mortgage loan; with respect to a Mortgage Loan with a fixed rate, the Mortgage Interest Rate.
Minimum Mortgage Interest Rate means in respect of Mortgage Loans (or relevant loan part thereof) an interest rate for the next succeeding interest rate period (rentevastperiode) which is at least 3.00 per cent. per annum which percentage may be amended by the CBC and the Issuer, subject to Rating Agency Confirmation and with the consent of the Security Trustee;
Minimum Mortgage Interest Rate. With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased on any Adjustment Date. MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.
Minimum Mortgage Interest Rate. With respect to each HELOC, a rate that is set forth on the related HELOC Schedule and in the related Loan Agreement and is the minimum interest rate to which the Mortgage Interest Rate on such HELOC may be decreased on any Adjustment Date.