Hybrid Loan definition

Hybrid Loan. Any Mortgage Loan that bears interest at a fixed rate for its initial three year period following origination, and at an adjustable rate for the ensuring 27 years in which it remains outstanding.
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Hybrid Loan means each Loan that accrues interest based upon an index that is determined by reference to a floating rate GECS Hybrid Loan Rate Confirmation and that is convertible at the option of the Obligor thereunder to a fixed rate based on a benchmark index. Spread: 20 basis points per annum Party B Floating Rate Day Count Fraction: Actual/360 LIBOR Floating Rate Amounts: LIBOR Floating Rate Payer: Party A LIBOR Floating Rate Payer Payment Dates: Each Payment Date
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Hybrid Loan means a collective reference to (i) (A) Note No. 1 issued on the Restatement Date by Canadian Borrower to U.S. Borrower and (B) Note No. 2 issued on the Restatement Date by Canadian Borrower to U.S. Borrower, in an aggregate principal amount of Cdn$342,836,000 and, in each case, any refinancing, refundings, renewals or extensions thereof not increasing the principal amount thereof (except to the extent representing the financing of premiums, interest, fees and expenses in connection therewith) or shortening the maturity thereof, (ii) No. 1 Common Share Forward Subscription Agreement dated as of the Restatement Date between U.S. Borrower and Canadian Borrower and any replacement thereof and (iii) No. 2 Common Share Forward Subscription Agreement dated as of the Restatement Date between U.S. Borrower and Canadian Borrower and any replacement thereof.
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Examples of Hybrid Loan in a sentence

  • The 3/6 Hybrid Loan Cap Agreement Payment Date, the 5/6 Hybrid Loan Cap Agreement Payment Date or the 7/6 Hybrid Loan Cap Agreement Payment Date, as applicable.

  • The 3/6 Hybrid Loan Cap Agreement, the 5/6 Hybrid Loan Cap Agreement or the 7/6 Hybrid Loan Cap Agreement, as applicable.

  • The Master Servicer (or other party) designated in Section 4.03 of the Trust Agreement shall advise the Securities Administrator in writing of its election to cause a Terminating Purchase (with respect to either the Hybrid Loan Group or the Seasoned Loan Group) no later than the Distribution Date in the month preceding the Distribution Date on which such Terminating Purchase will occur.

  • The Master Servicer (or other party) designated in Section 4.03 of the Trust Agreement shall advise the Securities Administrator in writing of its election to cause a Terminating Purchase (with respect to either the Short Reset Loan Group or the Hybrid Loan Group) no later than the Distribution Date in the month preceding the Distribution Date on which such Terminating Purchase will occur.

  • August 2021 Hybrid Loan Closing Offered a Hybrid loan closing in Blend in August 2021 where 80% of the closing documents could be eSigned in Blend.

  • With respect to each of the Short Reset Loan Group and the Hybrid Loan Group, the Master Servicer (or other party) designated in Section 4.03 of the Trust Agreement may, at its option, make or cause a Person to make a Terminating Purchase for the Termination Price at the time and on the terms and conditions specified in the Trust Agreement.

  • With respect to each of the Hybrid Loan Group and the Seasoned Loan Group, the Master Servicer (or other party) designated in Section 4.03 of the Trust Agreement may, at its option, make or cause a Person to make a Terminating Purchase for the Termination Price at the time and on the terms and conditions specified in the Trust Agreement.

  • The Parties shall have received evidence that each of ENCO and Cardanes shall have received the Hybrid Loans, pursuant to the Securities Agreements, in order to provide ENCO and Cardanes with the funds necessary to pay the Hybrid Loan Dividends referred to in Section 7.7(b) hereof.


More Definitions of Hybrid Loan

Hybrid Loan. Any Mortgage Loan that bears interest at a fixed rate for its initial two, three or five year period following origination, and at an adjustable rate for the remaining 28, 27 or 25 years, respectively, in which it remains outstanding. Index: With respect to any Adjustable Rate Mortgage Loan, the applicable index for computing the Mortgage Loan Rate as specified in the Mortgage Note.
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Hybrid Loan means each Loan that accrues interest based upon an index that is determined by reference to a floating rate and that is convertible at the option of the obligor thereunder to a fixed rate based on a benchmark index. Trade Date: November 9, 2007 Effective Date: November 20, 2007
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Hybrid Loan means each Loan that accrues interest based upon an index that is determined by reference to a floating rate and that is convertible at the option of the Obligor thereunder to a fixed rate based on a benchmark index. GECS Hybrid Loan Rate Confirmation Spread: 1.45 basis points (0.0145%) per annum Party B Floating Rate Day Count Fraction: Actual/360 LIBOR Floating Rate Amounts: LIBOR Floating Rate Payer: Party A LIBOR Floating Rate Payer Payment Dates: Each Payment Date LIBOR Floating Rate Payer Period End Dates: The last day of each Calculation Period, subject to adjustment in accordance with the Following Business Date Convention.
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Related to Hybrid Loan

  • PPP Loan means (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

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

  • CD Loan means a Committed Loan to be made by a Bank as a CD Loan in accordance with the applicable Notice of Committed Borrowing.

  • Revolving Advance has the meaning given in Section 2.1.

  • 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”.

  • 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.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Reference Rate Loan means each portion of a Loan that bears interest at a rate determined by reference to the Reference Rate.

  • Committed Advance means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Committed Advance, each of which is a “Type” of Committed Advance.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • 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.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Domestic Rate Loan means any Advance that bears interest based upon the Alternate Base Rate.

  • Outstanding Advances means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances made as of or prior to such date, minus (1) all payments or collections as of or prior to such date which are specified in Section 4.04(b) and (c) as applied to reimburse all unpaid Advances with respect to such Receivable and (2) all amounts for which the Servicer has deemed to have released all claims for reimbursement of Outstanding Advances pursuant to Section 3.08.

  • Liquidated Loan A Mortgage Loan with respect to which the related Mortgaged Property has been acquired, liquidated or foreclosed and with respect to which the applicable Servicer determines that all Liquidation Proceeds which it expects to recover have been recovered.

  • Fraud Loan A Liquidated Mortgage Loan as to which a Fraud Loss has occurred.

  • Revolving Loan means a Loan made pursuant to Section 2.01.

  • LIBOR Loan means a Loan or any portion thereof bearing interest by reference to the LIBOR Rate.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • Bid Loan has the meaning specified in Section 2.03(a).

  • ARD Loan Any Mortgage Loan that provides that if the unamortized principal balance thereof is not repaid on its Anticipated Repayment Date, such Mortgage Loan will accrue Additional Interest at the rate specified in the related Mortgage Note and the Mortgagor is required to apply excess monthly cash flow generated by the related Mortgaged Property to the repayment of the outstanding principal balance on such Mortgage Loan.

  • Fixed Rate Loan means a Competitive Loan bearing interest at a Fixed Rate.