One-Year LIBOR Index definition
One-Year LIBOR Index. The average of the London interbank offered rates for one-year U.S. dollar deposits in the London market, generally as set forth in either The Wall Street Journal or some other source generally accepted in the residential mortgage loan origination business and specified in the related Mortgage Note, or, if such rate ceases to be published in The Wall Street Journal or becomes unavailable for any reason, then based upon a new index selected by the servicer, based on comparable information, in each case, as most recently announced as of either 45 days prior to, or the first Business Day of the month immediately preceding the month of, such Adjustment Date.
One-Year LIBOR Index. A rate per annum that is defined to be the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market, as published in The Wall Street Journal and most recently available either (i) as of the first Business Day in the month preceding the month of the applicable Rate Adjustment Date or (ii) up to the date 45 days before the applicable Rate Adjustment Date.
Examples of One-Year LIBOR Index in a sentence
One-Year LIBOR Index: The interbank offered rates for twelve-month United States dollar deposits in the London market, calculated as provided in the related mortgage note.
Index: Either the Six-Month LIBOR Index or the One-Year LIBOR Index.
Indicates a Mortgage Loan that has an adjustable Mortgage Rate calculated on the basis of the One-Year LIBOR Index.
Index: As to any Adjustable-Rate Mortgage Loan and Rate Adjustment Date, the One-Year LIBOR Index, the Six-Month LIBOR Index, the COFI Index, the MTA Index or the One-Year CMT Index.