Lifetime Cap definition

Lifetime Cap. As to any Mortgage Loan, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule.

Lifetime Cap. The provision in the Promissory Note for each ARM which limits the maximum Loan Interest Rate over the life of such ARM.

Lifetime Cap. As to any Mortgage Loan in Loan Group I, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule, which rate may be applicable to such Mortgage Loan at any time during the life of such Mortgage Loan.

Examples of Lifetime Cap in a sentence

• The following are HMBS pool suffix options: RA – For one year adjustable rate HECM loans, one-year CMT index, 2/5 Cap structure; RM – For monthly adjustable rate HECM loans, one-year CMT index, Lifetime Cap determined by Issuer; AL – For one year adjustable rate HECM loans, one-year LIBOR index, 2/5 Cap structure; ML – For monthly adjustable rate HECM loans, one-month LIBOR index, Lifetime Cap determined by Issuer; RF – For Fixed Rate HECM loans.

• Lifetime Cap - A cap that limits the interest rate increase or decrease over the life of the loans in the pool.

• For once the door opened for him I experienced a hurricane of energy surge through the door, and in his brown robes, his black-turbaned head, his white beard he stirred every molecule in the building and riveted the attention in a way that made everything else disappear.

• Noteholders should note that there is increased uncertainty of the maturity date of the Note, which would be the earlier of the pre-specified maturity date or the interest payment date when the cumulative interest amount has reached its Lifetime Cap.

• If the Interest Related Variable performs poorly, Noteholders may receive little or no interest during the term of the Notes and then receive the balance of the Lifetime Cap at maturity.

More Definitions of Lifetime Cap

Lifetime Cap. The provision in the Mortgage Note for each Pool II Mortgage Loan which limits the maximum Mortgage Interest Rate over the life of such Pool II Mortgage Loan to the rate set forth in the applicable Mortgage Note.

Lifetime Cap means, as to any HELOC, the maximum Mortgage Interest Rate set forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule.

Lifetime Cap. With respect to an Adjustable Rate Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein. LIMITED GUARANTEE: The obligation of Clayton to make Guarantee Payments as set forth in Section 6.05.

Lifetime Cap. With respect to a Group II Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein; provided, however, that solely for the purposes of calculating the Weighted Average Lifetime Cap on any given date, each Group II Contract as to which a maximum APR has not been set forth in such Contract shall be deemed to have a Lifetime Cap equal to its APR on such date.

Lifetime Cap means the provision in the Mortgage Note for each ARM ------------ which limits the maximum Mortgage Rate over the life of such ARM to ___ basis points greater than the Mortgage Rate on the date of origination of such ARM.

Lifetime Cap. With respect to a Group II Contract, the maximum APR, if ------------ any, that may be borne by such Contract over its term, as set forth as such therein; provided, however, that solely for the purposes of calculating the Weighted Average Lifetime Cap on any given date, each Group II Contract as to which a maximum APR has not been set forth in such Contract shall be deemed to have a Lifetime Cap equal to its APR on such date. LIMITED GUARANTEE: The obligation of CHI to make Guarantee Payments as ----------------- set forth in Section 6.05.

Lifetime Cap. With respect to an Adjustable Rate Contract, the maximum APR, if any, that may be borne by such Contract over its term, as set forth as such therein.