Fixed Rate Mortgages Sample Clauses

A Fixed Rate Mortgages clause establishes that the interest rate on a mortgage loan will remain constant throughout the entire term of the loan. This means that the borrower's monthly principal and interest payments will not change, regardless of fluctuations in market interest rates. By locking in a stable rate, this clause provides predictability and financial security for borrowers, protecting them from the risk of rising interest rates over time.
Fixed Rate Mortgages. The Borrower will pay to the Lender in lawful Canadian Dollars on each Payment Date at the address set out in this Mortgage or otherwise provided in the Additional Terms and Conditions (as described below) regular payments of principal and interest. The interest rate will be per cent per annum and will be calculated semi-annually not in advance. Interest on the Principal Amount is payable at the Interest Rate both before and after the Balance Due Date, default and judgement, until the Principal Amount has been paid in full. Interest on all money advanced to the Borrower will be calculated daily at the Interest Rate on the date of each advance up to and including the day preceding the day of , 20 to be paid by the Borrower on the date last mentioned (the "Interest Adjustment Date"). At the Lender’s option, such interest will either: (i) be payable by the Borrower on the Interest Adjustment Date; (ii) be added to the Principal Amount on the Interest Adjustment Date and bear interest at the Interest Rate; (iii) be deducted by the Lender from any advance or advances which the Lender makes; or (iv) be debited by the Lender from the Borrower’s account on the first regular payment date. The Borrower will make, thereafter, regular payments of principal together with interest thereon at the Interest Rate in the amount of Dollars ($ ) (which include principal and interest) on the day of of , 20 (the "Balance Due Date"), and the balance of the said Principal ▇▇▇▇▇▇ then remaining unpaid and all accrued and unpaid interest and other moneys (if any) then owing under this Mortgage to become due and paid on the Balance Due Date.
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Fixed Rate Mortgages. (a) Unless each Designated Rating Agency should otherwise notify the Manager in writing, the Manager must not at any time cause: (1) the aggregate Outstanding Principal Balance of all fixed interest rate Mortgages to exceed 50% of the aggregate Outstanding Principal Balance of all Mortgages; (2) the aggregate Outstanding Principal Balance of all fixed interest rate Mortgages with an outstanding fixed interest rate period of 3 years or less to exceed 50% of the aggregate Outstanding Principal Balance of all Mortgages; and -------------------------------------------------------------------------------- page 19 Security Trust Deed - SMHL Global Fund [ ]-[ ] (3) the aggregate Outstanding Principal Balance of all fixed interest rate Mortgages with an outstanding fixed interest rate period of greater than 3 years and not exceeding 5 years to exceed 25% of the aggregate Outstanding Principal Balance of all Mortgages; and (4) the fixed interest rate period for any Mortgage to end on or after the date nominated by the Manager and notified in writing to the Issuing Trustee, the Security Trustee and the Note Trustee prior to the issue of any Notes by the Issuing Trustee. (b) The Manager must not cause any fixed interest rate Mortgage to become an Asset of the Fund unless: (1) the Trustee has entered into a Payment Funding Facility for such amount agreed to from time to time by the Manager and each Designated Rating Agency so that the rating of the Notes by each Designated Rating Agency will not be downgraded or withdrawn by the Trustee holding fixed interest rate Mortgages; and (2) the Trustee has entered into an Enhancement or Interest Hedge in respect of the fixed interest rate component of the Mortgage for the period of that fixed interest rate component and whether in respect of that Mortgage alone or with any other Mortgage that is an Asset of the Securitisation Fund. (c) Subject to the terms of any such Payment Funding Facility, the Manager must cause the principal amount outstanding under the Payment Funding Facility to be not less than the amount agreed from time to time by the Manager and each Designated Rating Agency. (d) For the purposes of clause 6.3 a reference: (1) to a Mortgage is to a Mortgage which is an Asset of the Securitisation Fund; (2) to a fixed interest rate Mortgage is a Mortgage under which all or part of the interest payable is set at a fixed rate; (3) the Outstanding Principal Balance of a fixed interest rate Mortgage is that portion of t...
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Fixed Rate Mortgages. If you have a Fixed Rate mortgage, the prepayment charge referred to in sections 2.14.1.4 and 2.14.1.5 above is equal to the higher of the following two amounts: (i) three months’ interest on the amount of the prepayment calculated at your current interest rate; and (ii) the interest rate differential amount which is the difference between the following two amounts, each calculated from the date of the prepayment until the end of the term of the Fixed Rate mortgage: (A) all interest you would have paid on the Fixed Rate mortgage at your current interest rate; and (B) all interest you would pay on the Fixed Rate mortgage at the interest rate that we are charging on the date of prepayment for a closed fixed rate mortgage having a term that is closest to the remaining term of your Fixed Rate mortgage.
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Fixed Rate Mortgages. If you’re on a fixed rate mortgage, it means your interest rate and your monthly payments will be fixed for the period of time stated in your Mortgage Offer. At the end of the fixed term, the interest rate will automatically change to our Standard Variable Rate, which may be higher or lower than your initial fixed rate. You can find details of our current Standard Variable Rate (SVR) on our website. As our SVR is a variable rate managed by us, it can go up or down at any time without notice; so if you’re on our SVR, this means your monthly payments may also go up or down. If your monthly payment will change as a result of a change to our SVR, we’ll give you at least 10 days’ notice of your new payments and put a new confirmation document in your Vault. Subject to any specific terms in your Mortgage Offer, we can increase our SVR at any time if we reasonably believe it’s necessary to: • Reflect a change in the Bank of England base rate; • Reflect changes to the law, regulatory requirements or any relevant code of conduct or practice; • Reflect changes in the cost to us of borrowing funds; • Maintain our financial strength in the interest of all our customers; or • Address risks to our business that arise as a result of any significant changes in the economic environment. If you’re not happy with the change, you can repay the Loan in full. Your Mortgage Offer will confirm if there are any charges to do so (e.g. early repayment charge).
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Related to Fixed Rate Mortgages

  • Floating Rate/Fixed Rate Notes If this Note is specified on the face hereof as a “Floating Rate/Fixed Rate Note”, this Note will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on the first Interest Reset Date, the rate at which this Floating Rate/Fixed Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that: (A) the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate specified on the face hereof; and (B) the interest rate in effect commencing on the Fixed Rate Commencement Date will be the Fixed Interest Rate, if specified on the face hereof, or, if not so specified, the interest rate in effect on the day immediately preceding the Fixed Rate Commencement Date.

  • Fixed Rate Notes If this Note is specified on the face hereof as a “Fixed Rate Note”: (i) This Note will bear interest at the rate per annum specified on the face hereof. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months. (ii) Unless otherwise specified on the face hereof, the Interest Payment Dates for this Note will be as follows:

  • Interest Rate Protection Agreements The Borrower shall, within 30 days of the Closing Date, have in place interest rate protection agreements, in form and substance acceptable to the Agent, protecting against fluctuations in interest rates which agreements shall provide coverage for a period of three (3) years, and in a notional amount of at least fifty percent (50%) of the outstanding principal amount of the Term Loans.

  • Interest Rate Protection Agreement (a) Prior to or contemporaneously with the Closing Date, Borrower shall enter into an Interest Rate Protection Agreement. The Interest Rate Protection Agreement (i) shall at all times be in a form and substance reasonably acceptable to Administrative Agent (it being agreed that the items in clauses (ii) through (v) below shall not be subject to Administrative Agent approval), (ii) shall at all times be with an Acceptable Counterparty, (iii) shall during the continuance of a Cash Sweep Period direct such Acceptable Counterparty to deposit directly into the Cash Management Account any amounts due Borrower under such Interest Rate Protection Agreement so long as any portion of the Debt exists or any amounts remain due and owing to Administrative Agent or the Lenders, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof, (iv) shall be for a term through the then-applicable Maturity Date of the Loan and (v) shall at all times have a notional amount equal to or greater than the then outstanding principal balance of the Loan and shall at all times provide for the applicable Strike Price. Borrower shall collaterally assign to Administrative Agent, for the benefit of Lenders, pursuant to the Collateral Assignment of Interest Rate Protection Agreement (the “Assignment of Interest Rate Protection Agreement”), all of its right, title and interest to receive any and all payments under the Interest Rate Protection Agreement, and shall deliver to Administrative Agent an executed counterpart of such Interest Rate Protection Agreement (which shall, by its terms, authorize the assignment to Administrative Agent for the benefit of Lenders and require that payments be deposited directly into the Cash Management Account) and shall notify the Acceptable Counterparty of such assignment. (b) Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Protection Agreement. All amounts paid by the Acceptable Counterparty under the Interest Rate Protection Agreement to Borrower or Administrative Agent for the benefit of Lenders shall be directly deposited immediately into the Lockbox Account. Borrower shall take all actions reasonably requested by Administrative Agent to enforce Administrative Agent’s rights under the Interest Rate Protection Agreement in the event of a default by the Acceptable Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder. (c) In the event of any downgrade, withdrawal or qualification of the rating of the Acceptable Counterparty by any Rating Agency such that it is no longer an Acceptable Counterparty, Borrower shall either (i) replace or cause the cap provider to replace the Interest Rate Protection Agreement with a Replacement Interest Rate Protection Agreement not later than the period of time provided for in such Interest Rate Protection Agreement following such downgrade, withdrawal or qualification (not to exceed ten (10) Business Days) or (ii) if provided in such Interest Rate Protection Agreement, in the case of such downgrade, withdrawal or qualification of the Rating of such Acceptable Counterparty, cause the Acceptable Counterparty to deliver collateral to secure Borrower’s exposure under the Interest Rate Protection Agreement in such amount and pursuant to such terms as are acceptable to the Administrative Agent. (d) In the event that Borrower fails to purchase and deliver to Administrative Agent the Interest Rate Protection Agreement or fails to maintain the Interest Rate Protection Agreement in accordance with the terms and provisions of this Agreement, Administrative Agent may purchase the Interest Rate Protection Agreement and the cost incurred by Administrative Agent in purchasing such Interest Rate Protection Agreement shall be paid by Borrower to Administrative Agent with interest thereon at the Default Rate from the date such cost was incurred by Administrative Agent until such cost is reimbursed by Borrower to Administrative Agent. (e) In connection with the Interest Rate Protection Agreement, Borrower shall obtain and deliver to Administrative Agent within fifteen (15) Business Days following (x) the date upon which an Interest Rate Protection Agreement is required pursuant to Section 2.2.7(a) or (y) the first day of any applicable Extension Option, as applicable (i) a resolution/consent, as applicable, of the Acceptable Counterparty authorizing the delivery of the Interest Rate Protection Agreement acceptable to Administrative Agent, and (ii) an opinion from counsel (which counsel may be in-house counsel for the Acceptable Counterparty) for the Acceptable Counterparty (upon which Administrative Agent and its successors and assigns for the benefit of Lenders and their successors and assigns may rely) which shall provide, in relevant part, that: (i) the Acceptable Counterparty is duly organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation or formation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Protection Agreement; (ii) the execution and delivery of the Interest Rate Protection Agreement by the Acceptable Counterparty, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; (iii) all consents, authorizations and approvals required for the execution and delivery by the Acceptable Counterparty of the Interest Rate Protection Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory body is required for such execution, delivery or performance; and (iv) the Interest Rate Protection Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto, has been duly executed and delivered by the Acceptable Counterparty and constitutes the legal, valid and binding obligation of the Acceptable Counterparty, enforceable against the Acceptable Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). (f) At such time as the Loan is repaid in full, all of Administrative Agent’s right, title and interest in and to the Interest Rate Protection Agreement shall terminate and Administrative Agent shall execute and deliver such documents as may be required to evidence Administrative Agent’s release of the Interest Rate Protection Agreement on behalf of Lenders and to notify Acceptable Counterparty of such release.

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.