Traditional Loan definition

Traditional Loan means a Loan that is not a Deferred Interest Loan.

Examples of Traditional Loan in a sentence

  • It will apply to any new or outstanding Traditional Loan under this Policy during the calendar year.

  • Traditional Loan Interest - Traditional Loans will bear interest at an adjustable loan interest rate.

  • The Traditional Loan interest rate will be determined by comparing the rate in effect for the preceding calendar year with a maximum interest rate defined by law and described below.

  • We will determine the Traditional Loan interest rate as of the first day of each calendar year.

  • You can switch from the Traditional Loan Option by transferring the entire loan balance to the Indexed Loan Account by way of the Holding Fixed Accounts on a policy anniversary.

  • Loan interest due at the end of a policy year will first be withdrawn from any credited interest remaining in the Traditional Loan Account.

  • Traditional Loan Option - When a Traditional Loan is taken, an amount equal to the amount of the loan will be withdrawn from the Policy Value.

  • Policy Loans will continue to accrue interest and the Traditional Loan Account will continue to operate as stated in the Traditional Loans provision.

  • If the legal maximum interest rate is higher than the Traditional Loan interest rate in effect during the preceding calendar year by 1/2% or more, the loan interest rate may be increased by at least 1/2%, but not to exceed the legal maximum interest rate.

  • Starting in the 11th policy year, the rate of interest credited on the Traditional Loan Account will in no event be more than 0.25% lower than the Traditional Loan interest rate.

Related to Traditional Loan

  • Educational loan means a loan made by the authority to an institution.

  • Additional Loan means the Eligible Loans evidenced by a Note or Notes sold from time to time during the Supplemental Purchase Period pursuant to an Additional Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Conventional Loan A Mortgage Loan that is not insured by the United States Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

  • Additional Loans means any Additional Revolving Loans and any Additional Term Loans.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • Initial Loan is defined in Section 2.1.

  • Educational facility means a structure available for use as a dormitory or other housing facility, including housing facilities for students, a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, and maintenance, storage, or utility facility, and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, including parking and other facilities or structures essential or convenient for the orderly conduct of the institution for higher education, and shall include lands and interests in lands and landscaping, site preparation, furniture, equipment, machinery, and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended, and any improvements necessary to a particular facility to make the facility more energy efficient. Educational facility does not include items as books, fuel, supplies, or other items the costs of which are customarily deemed to result in a current operating charge and does not include any facility used or to be used for sectarian instruction or as a place of religious worship, nor a facility which is used or to be used primarily in connection with a part of the program of a school or department of divinity for a religious denomination.

  • Additional Loans Purchase Price means the dollar amount representing the aggregate purchase price of the related Additional Loans as specified in the applicable Additional Purchase Agreement (which, with respect to any Additional Loan purchased with funds on deposit in the Supplemental Purchase Account, will be equal to 100% of the aggregate principal balance of such Additional Loan, plus accrued interest to be capitalized).

  • Commercial loan means a loan that is not made primarily for

  • Designated loan means a loan se- cured by a building or mobile home that is located or to be located in a special flood hazard area in which flood insurance is available under the Act.

  • Incremental Loan has the meaning set forth in Section 2.14(b).

  • Refinance Loan Any Mortgage Loan the proceeds of which are used to refinance an Original Mortgage Loan.

  • 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”.

  • 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.

  • Eligible Loan means a Loan offered for sale or substituted by Seller under a Sale Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Sale Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan:

  • PPP Loan has the meaning set forth in Section 3.28.

  • Loan Program means the State Treasurer’s Interest-Free Loan Program for Colorado School Districts authorized pursuant to the Loan Program Statutes.

  • Federal loan means a loan made by an agency. The term does not include loan guarantee or loan insurance.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Original Loans means the loans and other extensions of credit outstanding under the Original Credit Agreement as of the Effective Date.

  • Specially Serviced Mortgage Loan means the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing Transfer Event.

  • Extended Loan shall have the meaning assigned to such term in Section 2.26(a).

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Equipment Loan means middle market equipment loans that consist of loans made to obligors in the United States of America primarily secured by new or used transportation equipment and managed by the Equipment Finance reporting category of the Commercial Lending and Leasing division of GE Capital.

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.