Adjustable Rate Loan means a Loan which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto.
Adjustable Rate Loan means a loan on which the interest rate payable over the term of the loan may be changed by a qualified lender. The term includes loans which are titled "adjustable rate" or "variable rate" or any other similar designation.
Adjustable Rate Loan means a Loan advanced by the Chargee with an adjustable rate of interest secured by the Mortgage.
Examples of Adjustable Rate Loan in a sentence
With respect to each Adjustable Rate Loan, the Mortgage Note does not contain a provision permitting or requiring conversion to a fixed interest rate Loan.
With respect to each Adjustable Rate Loan, the Mortgage Note does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
On each Adjustment Date, the Seller shall make interest rate adjustments for each Adjustable Rate Loan in compliance with the requirements of the related Note and Mortgage.
The Loan Interest Rate and monthly payment on the Adjustable Rate Loan have been timely and appropriately adjusted, if such adjustment is required, and the respective Obligor timely and appropriately advised.
Operating expenses are further explained in detail in Section 5 and Section 25.
More Definitions of Adjustable Rate Loan
Adjustable Rate Loan means each Group I Adjustable Rate Loan or Group II Adjustable Rate Loan.
Adjustable Rate Loan. Any of the Loans that has an adjustable-rate Mortgage Interest Rate.
Adjustable Rate Loan. Any Loan, the Loan Interest Rate with respect to which is subject to adjustment; provided that under the terms of such Loan, such adjustments may not modify the Loan Interest Rate to a rate that is more than six percent above or two percent below the Loan Interest Rate at the origination of such Loan.
Adjustable Rate Loan and when there is no Credit Card Account (as hereafter defined), sometimes referred to herein as the “Loan”) of a sum of ( dollars ($() (the “Principal Amount”) for a term of ( (() years (the “Term”) beginning on ( (the “Interest Adjustment Date”) and ending on ( (the “Balance Due Date”). The Adjustable Rate Loan bears interest at the rate of the Prime Rate plus or minus ( percent ((%) per year (the “Interest Rate”), calculated daily and not in advance unless otherwise provided in the Commitment or the Cost of Borrowing Disclosure (as those expressions are hereinafter defined). Interest accrues from the date of each advance, until the entire repayment of the Adjustable Rate Loan. Interest unpaid when due bears interest at the same rate. Whenever there is a change in the Prime Rate, the Interest Rate will be adjusted on the first day of the next month (every date on which an adjustment is made is referred to herein as an “Adjustment Date”). On each Adjustment Date, the Interest Rate for the month will be adjusted and set to the Prime Rate then in effect plus or minus the percentage points, if any, referred to in paragraph 2 above. Within a reasonable time after each Adjustment Date, the Lender will mail the Borrower, at the Borrower’s mailing address according to the Lender’s records, a notice of the changed Interest Rate as well as any change to the payment amount and its effective date. The Interest Rate and payment amount will vary in accordance with this paragraph 3 even if the Lender fails to send the aforementioned notice to the Borrower or if the Borrower fails to receive it. The Prime Rate is the prime rate as set out in or referred to in the Commitment and/or Cost of Borrowing Disclosure (as those expressions are hereafter defined). The Borrower can always find the Prime Rate then in effect and the current Interest Rate on the Adjustable Rate Loan by contacting the Lender. If there is a need to prove the Interest Rate, the Borrower agrees that any certificate in writing the Lender issues setting out the Prime Rate and the Interest Rate then in effect will be considered as conclusive evidence of the Interest Rate in effect at that time. CREDIT CARD REVOLVING ACCOUNT AND LINE OF CREDIT, IF APPLICABLE The Lender has agreed to extend in favour of the Borrower a credit card revolving account and line of credit (as amended, modified or renewed from time to time, being herein referred to as the “Credit Card Account” and collectively with the Adjustable Ra...
Adjustable Rate Loan. Each of the adjustable rate mortgage loans, transferred and assigned to the Trustee pursuant to Section 2.01 or Section 2.03 and from time to time held in the Trust Fund, the Adjustable Rate Loans originally so transferred, assigned and held being identified in the Mortgage Loan Schedule. As used herein, the term "Adjustable Rate Loan" includes the related Mortgage Note and Mortgage.
Adjustable Rate Loan includes the related Mortgage Note and Mortgage.
Adjustable Rate Loan means each closed-end home equity loan identified as such in the List of Loans, which Adjustable Rate Loan is to be assigned and conveyed by the Company to the Trust, and includes, without limitation, all related mortgages, deeds of trust and security deeds and any and all rights to receive payments due pursuant thereto after the Cut-off Date, or Subsequent Cut-off Date in the case of a Subsequent Loan.