Examples of Non-Discount Mortgage Loan in a sentence
In the case of a Non-Discount Mortgage Loan, the Scheduled Principal Balance of such Mortgage Loan and, in the case of a Discount Mortgage Loan, the product of (i) the Scheduled Principal Balance of such Mortgage Loan and (ii) the Non-PO Percentage for such Mortgage Loan.
Second, the Adjusted Net Mortgage Rate determines whether a loan is a Non-Discount Mortgage Loan (i.e., a mortgage loan with an interest rate greater than or equal to the Required Coupon) or a Discount Mortgage Loan (i.e., a mortgage loan with an interest rate lower than the Required Coupon).
As explained further below, although the Trustee uses the Original Rate as the Mortgage Rate to determine whether a loan is a Non-Discount Mortgage Loan in order to calculate the Notional Amount, the Trustee uses the Modified Rate as the Mortgage Rate to calculate the Pass-Through Rate.
I, I-17 (defining Non-Discount Mortgage Loan as “any Mortgage Loan in a Loan Group with an Adjusted Net Mortgage Rate that is greater than or equal to the Required Coupon for such Loan Group”), with PSA, art.
I, I-1 (“For purposes of determining whether any Substitute Mortgage Loan is a Discount Mortgage Loan or a Non-Discount Mortgage Loan and for purposes of calculating the applicable PO Percentage and the applicable Non-PO Percentage, each Substitute Mortgage Loan shall be deemed to have an Adjusted Net Mortgage Rate equal to the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan for which it is substituted.”).