Participation Interest Rate means, with respect to any Participated Mortgage Loan, the per annum rate of interest payable to Bank in connection with such Participated Mortgage Loan and its Participation Interest therein, which rate shall be calculated as a variable rate equal to the greater of: (a) the LIBOR Rate as of the related Purchase Date, as the LIBOR Rate may vary from day to day thereafter, Plus [***]; or (b) the Participation Interest Rate Floor; provided, however, that the Participation Interest Rate for any Participated Mortgage Loan shall not at any time be greater than the maximum rate permitted under applicable Law. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate applicable to Participated Mortgage Loans upon thirty (30) days advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day after the date of such notice, the Participation Interest Rate for any and all Mortgage Loans in which Bank elects to purchase Participation Interests on or after such thirty-first (31st) day shall be the lesser of (a) the rate of interest set forth in such written notice or (b) the maximum rate permitted under applicable Law for the applicable Participated Mortgage Loan. For purposes of determining the Participation Interest Rate for any Participated Mortgage Loan, the “LIBOR Rate” means, with respect to a period of thirty (30) days, the London Interbank Offered Rate for deposits in United States Dollars (expressed as a percentage per annum) that is published or announced from time to time by Bloomberg or such other recognized commercial service selected by Bank, in its sole discretion; provided, however, if such rate is not available or, in Bank’s sole discretion, becomes unreliable, the LIBOR Rate will be determined by an alternate method reasonably selected by Bank. Notwithstanding anything herein to the contrary, in no event shall the LIBOR Rate be less than [***] per annum. All interest hereunder shall be calculated on the basis of a three hundred sixty (360) day year and shall accrue on the actual number of days elapsed for any whole or partial month in which interest is being calculated.

Participation Interest Rate. With respect to each Participation, the rate of interest at which the related Mortgage accrues (subject to any periodic adjustments in interest rate of the related Mortgage), less the related servicing fee margin, as reflected in the Schedule of Pooled Participations and Mortgages.

Examples of Participation Interest Rate in a sentence

As discussed below, the Participation Interest Rate is the note rate of the related HECM loan less the related Servicing Fee Margin.
With respect to each Participation, the Participation Interest Rate generally equals the interest rate of the related HECM loan, less the Servicing Fee Margin.
Amounts added to the outstanding balance of a HECM loan in respect of MIP, servicing compensation paid on a flat monthly fee arrangement and additional amounts drawn by the mortgagor, as well as any interest accrued on any such amounts, at the note rate, are not included in the Participation Interest Rate and are not added to the principal amount of any existing Participation.
Each Participation bears a Participation Interest Rate equal to the note rate of the related HECM loan, less the Servicing Fee Margin.
Participation Interest Rate: The rate that interest accrued on the Participation for the reporting period, as of the most recent reporting period.

More Definitions of Participation Interest Rate

Participation Interest Rate means the interest rate that applies to your Loan Participation Interest as set out in the Offer Terms.

Participation Interest Rate means eleven percent (11.00%) per annum.

Participation Interest Rate means the per annum rate of interest payable to Bank for its Participation Interest in a Mortgage Loan purchased pursuant to this Agreement, and shall be calculated as a fixed rate equal to the greater of: (a) the Mortgage Note rate minus fifty basis points (0.50%) for such Mortgage Loan or (b) the Rate Floor; provided, that the Participation Interest Rate shall not at any time be greater than the maximum rate permitted under applicable Law. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate to be charged for individual Mortgage Loans upon thirty (30) days advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day from the date of such notice, the Participation Interest Rate for individual Mortgage Loans in which Bank purchases a Participation Interest on or after such date shall be the lesser of (a) the rate of interest set forth in such written notice or (b) the maximum rate permitted under applicable Law.

Participation Interest Rate has the meaning assigned to that term in Section 2.6(a).

Participation Interest Rate means, with respect to any Participated Mortgage Loan, the per annum rate of interest payable to Bank in connection with such Participated Mortgage Loan and its Participation Interest therein, which rate shall be calculated as a variable rate equal to the greater of: (a) the LIBOR Rate as of the related Purchase Date, as the LIBOR Rate may vary from day to day thereafter, Plus [***]; or (b) the Participation Interest Rate Floor; provided, however, that the Participation Interest Rate for any Participated Mortgage Loan shall not at any time be greater than the maximum rate permitted under applicable Law. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate applicable to Participated Mortgage Loans upon thirty (30) days advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day after the date of such notice, the Participation Interest Rate for any and all Mortgage Loans in which Bank elects to purchase Participation Interests on or after such thirty-first (31st) day shall be the lesser of (a) the rate of interest set forth in such written notice or (b) the maximum rate permitted under applicable Law for the applicable Participated Mortgage Loan. For purposes of determining the Participation Interest Rate for any Participated Mortgage Loan, the "LIBOR Rate" means, with respect to a period of thirty (30) days, the London Interbank Offered Rate for deposits in United States Dollars (expressed as a percentage per annum) that is published or announced from time to time by Bloomberg or such other recognized commercial service selected by Bank, in its sole discretion; provided, however, if such rate is not available or, in Bank’s sole discretion, becomes unreliable, the LIBOR Rate will be determined by an alternate method reasonably selected by Bank. Notwithstanding anything herein to the contrary, in no event shall the LIBOR Rate be less than [***] per annum. All interest hereunder shall be calculated on the basis of a three hundred sixty

Participation Interest Rate definition

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