Offset Loan definition

Offset Loan has the meaning assigned that term in the Management Services Agreement.
Sample 1Sample 2
Offset Loan means a Loan which permits the Borrower to offset the amount of monies standing to the credit of specified savings account(s) against the current balance of their Loan for the purposes of reducing the interest bearing balance of their Loan; Option Date means the date that the Underpayment Option or Tested Underpayment Option, as applicable, is made; Optional Redemption Date has the meaning given to it in Condition 7.3(a) (Optional Redemption of the Class A Notes in Full) of the Notes;
Sample 1
Offset Loan means a Loan which permits the Borrower to offset the amount of monies standing to the credit of specified savings account(s) against the current balance of their Loan for the purposes of reducing the interest bearing balance of their Loan; Option Date means the date that the Underpayment Option or Tested Underpayment Option, as applicable, is made; Optional Redemption Date has the meaning given to it in Condition 7.3(a) (Optional Redemption of the Class A Notes in Full) of the Notes; Ordinary Resolution has the meaning given to it in paragraph 1 of Schedule 4 to the Trust Deed; Original LTV Ratio means the ratio calculated by calculated by dividing the Total Debt Advanced by the Original Valuation;
Sample 1

Examples of Offset Loan in a sentence

  • This is the case irrespective of whether, on any given day, the aggregate of the credit balances of all Linked Deposit Accounts at the end of that day exceeds the debit balance of the Choices Offset Loan to which they are linked.

  • It will continue to accrue in accordance with the standard terms and conditions that apply to any Choices Offset Loan.

  • The effect of offsetting is that interest will be payable on the lower notional principal balance of the Choices Offset Loan.

  • If the aggregate of the credit balances of all Linked Deposit Accounts equals or exceeds the debit balance of the relevant Choices Offset Loan, no interest will accrue on the Choices Offset Loan.

  • No interest will accrue or be paid on the credit balance of a Linked Deposit Account for so long as it is linked to a Choices Offset Loan.

  • Clause 3 of the Offset Arrangement Agreement and Clause 2 of the Offset Arrangement Contributor Agreement make it clear that interest is suspended on Linked Deposit Accounts only for so long as they are linked to a Choices Offset Loan under those agreements.

  • The rate of interest applicable to a Choices Offset Loan will be a market rate that Westpac determines.

  • The effect of offsetting is that interest will be payable on the lower notional principal balance of the Choice Offset Loan.

  • In the case of a Borrower acting in its/their capacity as the trustee(s) of a trust or the executor(s) of an estate, deposit accounts held only by the Borrower in its/their capacity(ies) as the trustee(s) of the same trust or executor(s) of the same estate can be linked to its Choices Offset Loan.

  • Further, if ABC Limited is a party to the Choices Offset Loan as trustee of a trust, deposit accounts held only by ABC Limited in its capacity as trustee of the same trust may be linked to that loan.


More Definitions of Offset Loan

Offset Loan means a Loan which permits the Borrower to offset the amount of monies standing to the credit of specified savings account(s) against the current balance of their Loan for the purposes of reducing the interest bearing balance of their Loan; One-Month Sterling LIBOR means the London Interbank Offered Rate for one-month Sterling deposits as displayed on Reuters Screen page LIBOR01; Option Date means the date that the Underpayment Option or Tested Underpayment Option, as applicable, is made; Optional Redemption Date has the meaning given to it in Condition 7.3(a) (Optional Redemption of the Class A Notes in Full) of the Notes; Ordinary Resolution has the meaning given to it in paragraph 1 of Schedule 4 to the Trust Deed; Original LTV Ratio means the ratio calculated by calculated by dividing the Total Debt Advanced by the Original Valuation;
Sample 1
Offset Loan means a Loan which permits the Borrower to offset the amount of monies standing to the credit of specified savings account(s) against the current balance of their Loan for the purposes of reducing the interest-bearing balance of their Loan; Option Date means the date that the Underpayment Option or Tested Underpayment Option, as applicable, is made; Optional Redemption Date has the meaning given to it in Condition 7.3(a) (Optional Redemption of the Class A Notes in Full); Ordinary Resolution has the meaning given to it in paragraph 1 of Schedule 4 (Provisions for Meetings of Noteholders) to the Trust Deed;
Sample 1

Related to Offset Loan

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

  • 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.

  • 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.

  • Junior Loan has the meaning provided in the Recitals hereto.

  • 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.

  • Default Loan shall have the meaning provided in Section 5.2(b)(1).

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

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

  • Subordinated Loan has the meaning set forth in Section 1.2(a) of the Agreement.

  • Delinquent Loan A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Monthly Payments or Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period.

  • Subordinate Prepayment Percentage As to any Distribution Date and Loan Group, 100% minus the Senior Prepayment Percentage for such Loan Group for such Distribution Date.

  • Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.

  • Maximum Revolving Advance Amount means $30,000,000.

  • Net Aggregate Prepayment Interest Shortfall With respect to any Distribution Date, the amount, if any, by which (a) the aggregate of all Prepayment Interest Shortfalls incurred in connection with the receipt of Principal Prepayments on the Mortgage Loans during the related Due Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the Certificate Account for such Distribution Date pursuant to Section 3.19 in connection with such Prepayment Interest Shortfalls.

  • Term Loan Obligations means the “Obligations” as defined in the Term Loan Credit Agreement.

  • Interest Advance means an Advance made pursuant to Section 2.02(a).

  • U.S. Revolving Loan means Loans made by a Lender in respect of its U.S. Revolving Commitment to the U.S. Borrower pursuant to Section 2.02(a) and/or Section 2.24.

  • Loan Obligations means (a) the due and punctual payment by the Borrower of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the Borrower under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrower owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents.

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

  • Aggregate Loan Group Balance As to any Loan Group and as of any date of determination, will be equal to the aggregate of the Stated Principal Balances of the Mortgage Loans in that Loan Group, except as otherwise provided, as of the last day of the related Collection Period.

  • 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.