Subsidy Loan definition

Subsidy Loan. Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.
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Subsidy Loan. Any Mortgage Loan subject to a Subsidy Agreement. Each Subsidy Loan will be identified as such in the related Data File.
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Examples of Subsidy Loan in a sentence

  • Any amounts distributed to the Purchaser in accordance with the preceding sentence will be applied to reduce the outstanding principal balance of the related Subsidy Loan.

  • No Mortgage Loan is a Subsidy Loan, or otherwise contains provisions pursuant to which Monthly Payments are (a) paid or partially paid with funds deposited in any separate account established by the Company, the Mortgagor, or anyone on behalf of the Mortgagor or (b) paid by any source other than the Mortgagor.

  • All Subsidy Funds required to make the full payment of principal and interest under each Subsidy Loan are in the Subsidy Account held by the Company in its capacity as servicer.

  • I-42 Subsidy Loan.......................................................................................

  • A report of all Mortgage Loans with a buydown subsidy, including Commercial Federal Bank loan number, due date, total monthly payment, monthly buydown subsidy amount, remaining buydown balance, schedule of future monthly buydown payments and effective dates of buydown payment changes, an SSCRA Loan (Y/N), a CORP Subsidy Loan (Y/N).

  • The CalHFA Subsidy Loan is evidenced by a promissory note from the Borrower to CalHFA in the face amount of Six Million Five Hundred Thousand and No/100s Dollars ($6,500,000.00) secured by a deed of trust.

  • With respect to each Subsidy Loan, on the Business Day next following receipt of the Mortgagor's required monthly payment under the related subsidy agreement, the Servicer shall withdraw from the Subsidy Account and deposit in immediately available funds in the Servicer Custodial Account an amount which, when added to such Mortgagor's payment, will equal the full monthly payment due under the related Mortgagor Note.

  • The Subsidy Loan is evidenced by a promissory note from the Borrower to CalHFA in the face amount of Seven Million Three Hundred Sixty Thousand Four Hundred Three and No/100 Dollars ($7,360,403.00) and a deed of trust securing the obligations of the promissory note for the Subsidy Loan and the Subsidy Regulatory Agreement, described below.

Related to Subsidy 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.

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

  • ▇▇▇▇▇▇▇▇ Loan means a Subsidized ▇▇▇▇▇▇▇▇ Loan or an Unsubsidized ▇▇▇▇▇▇▇▇ Loan.

  • 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.

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