Conversion to Fixed Interest Rate Sample Clauses
The Conversion to Fixed Interest Rate clause allows a borrower or lender to change a loan’s interest rate from a variable (floating) rate to a fixed rate during the term of the agreement. Typically, this process involves notifying the other party and may be subject to certain conditions, such as timing restrictions or fees. By enabling the switch to a fixed rate, this clause provides predictability in future payment amounts and protects against the risk of rising interest rates.
Conversion to Fixed Interest Rate. The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;
Conversion to Fixed Interest Rate. With respect to Adjustable Rate Mortgage Loans, the Mortgage Loan is not a Convertible Mortgage Loan;
Conversion to Fixed Interest Rate. Except as allowed by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to each ARM Mortgage Loan; the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. Except as allowed by the applicable Loan Program Authority or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.
Conversion to Fixed Interest Rate. With respect to the aggregate outstanding principal balance of the Mortgage Loans on the related Purchase Date, no more than 50% of the Mortgage Notes contain a provision allowing the Mortgagor to convert the Mortgage Note from an adjustable interest rate Mortgage Note to a fixed interest rate Mortgage Note for the remaining term thereof all in accordance with the terms of a rider to the related Mortgage Note.
Conversion to Fixed Interest Rate. (a) The Authority may at its option convert the interest rate on all or a portion of the Adjustable Rate Bonds on any Effective Rate Date to Fixed Interest Rates as described herein upon written notice to the other Notice Parties that the Authority will cause a Conversion of the Adjustable Rate Bonds (or such portion thereof) on the Conversion Date set forth in such written notice, which Conversion Date shall not occur sooner than 45 days after the date of such notice; provided that if only a portion of the Adjustable Rate Bonds are to be Converted, the consent of the Liquidity Facility Provider (which consent shall not be unreasonably withheld) shall be obtained prior to such Conversion, and provided, further, that no partial Conversion of SAVRS Rate Bonds shall cause the Outstanding principal amount of SAVRS Rate Bonds to be (i) less than $10,000,000 without the approval of the Broker-Dealers and (ii) other than in multiples of $25,000.
(b) Prior to the Conversion of any of the Adjustable Rate Bonds, the Trustee shall deliver a notice to the Owners of the Adjustable Rate Bonds to be Converted, not less than 30 days prior to the Conversion Date, setting forth the following information:
(i) that the interest rate on such Adjustable Rate Bonds will be converted to a Fixed Interest Rate;
(ii) the proposed Conversion Date;
(iii) that such Adjustable Rate Bonds will be remarketed by the Remarketing Agent or purchased by the Trustee on the Conversion Date; and
(iv) that the Authority may elect to cancel such Conversion, notice of which shall be given to Bondowners at least 15 days prior to the proposed Conversion Date. If the Authority elects not to proceed with such Conversion, the Authority shall give notice of the cancellation of the Conversion to the Notice Parties not less than 20 days prior to the proposed Conversion Date and, thereafter, the Trustee shall give notice to each Owner of the Adjustable Rate Bonds of such cancellation of the proposed Conversion not later than the 15th day prior to the proposed Conversion Date for which the foregoing notice was given.
(c) Upon any Conversion, the Adjustable Rate Bonds to be Converted shall be subject to mandatory tender in accordance with this Section 3.7 and Section 3.9 of this Series Indenture, and the Owners thereof shall be notified of such Conversion as provided herein. No Adjustable Rate Bonds to be Converted shall be remarketed by the Remarketing Agent subsequent to the date of notice of such Conversion...
Conversion to Fixed Interest Rate. With respect to each ARM Mortgage Loan; the Mortgage Loan does not contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan.
10. The Existing Servicing Agreement is hereby amended by adding the following language as a new Section 4.20:
Conversion to Fixed Interest Rate. The Mortgage Loan is a fixed interest rate Mortgage Loan.