Combination Loan. A loan, the proceeds of which were used by the Obligor in combination to finance property improvements and for debt consolidation or other purposes.
Combination Loan means a single loan that is (a) used for both acquisition and construction purposes and (b) satisfies the requirements contained in the definition of “Assumed Purchase Money Loan” or “Seller Purchase Money Loan”, as the case may be, and the definition of “Construction Loan”. A Combination Loan (x) shall be considered an Assumed Purchase Money Loan or a Seller Purchase Money Loan, as the case may be, with respect to the portion of such Combination Loan used for acquisition purposes, and a Construction Loan with respect to the portion of such Combination Loan used for construction purposes, (y) shall be treated as a single loan for purposes of the definition of “Assumed Purchase Money Loan” or “Seller Purchase Money Loan”, as the case may be, and the definition of “Construction Loan”, in each case in connection with any amendment, modification, extension or refinancing of such Combination Loan and (z) may, for the avoidance of doubt, be secured by the Real Property Inventory relating to such Combination Loan and/or an Equity Pledge.
Combination Loan means a loan, the proceeds of which were used by the related obligor in combination to finance property improvements, debt consolidation, cash-out, or other consumer purposes.
Examples of Combination Loan in a sentence
Each Home Loan is either (i) a Home Improvement Loan, (ii) a Debt Consolidation Loan, (iii) a Combination Loan, or (iv) a first or junior lien purchase money loan.
With respect to each ----------------------------------- Combination Loan the related Obligor has represented to Seller that a portion of the proceeds of such Combination Loan will be used to finance property improvements.
Each Home ------------------------------------------------- Loan is either (i) a Home Improvement Loan, (ii) a Debt Consolidation Loan, or (iii) a Combination Loan.
Each Home Loan ------------------------------------------------- is either (i) a Home Improvement Loan, (ii) a Debt Consolidation Loan, or (iii) a Combination Loan.
With respect to each ----------------------------------- Combination Loan the related Obligor has represented to Purchaser that a portion of the proceeds of such Combination Loan will be used to finance property improvements.
More Definitions of Combination Loan
Combination Loan. A Home Loan, the proceeds of which were used by the Obligor in combination to finance property improvements and for debt consolidation or other purposes, and which are marketed by the Transferor as "BusterPlus(TM) Loans." Co-Owner Trustee: First Bank National Association, a national banking association, in its capacity as the Co-Owner Trustee under the Trust Agreement acting on behalf of the Certificateholders, or any successor co-owner trustee under the Trust Agreement.
Combination Loan. A loan, the proceeds of which were used by the related ---------------- Obligor in combination to finance property improvements, debt consolidation, cash-out, or other consumer purposes. Component: Any of the components of the Residual Interest Certificate --------- having the designations, initial Component Principal Balances and Component Interest Rates as follows: Original Component Designation Interest Rate Principal Balance ----------- ------------- ----------------- A IO Component 6.10%(1) (2) B-2 Component 8.53%(3) $15,150,000.00 Excess Component (4) (5)
Combination Loan means a single loan that is (a) used for both acquisition and construction purposes and (b) satisfies the requirements contained in the definition of “Assumed Purchase Money Loan” or “Seller Purchase Money Loan”, as the case may be, and the definition of “Construction Loan”. A Combination Loan (x) shall be considered an Assumed Purchase Money Loan or a Seller Purchase Money Loan, as the case may be, with respect to the portion of such Combination Loan used for acquisition purposes, and a Construction Loan with respect to the portion of such Combination Loan used for construction purposes, (y) shall be treated as a single loan for purposes of the definition required to be established pursuant to the terms and conditions of such amendment, modification, extension or refinancing (less any reserves returned to such Loan Party in connection with such amendment, modification, extension or refinancing) and (ii) such loan (as amended, modified, extended or refinanced) shall not be secured by the assets of any Loan Party other than such Real Property Inventory and improvements constructed thereon and/or an Equity Pledge. Notwithstanding anything to the contrary herein, (A) a loan that satisfies the foregoing requirements set forth in this definition shall be a “Construction Loan” regardless of whether such loan otherwise constitutes Non-Recourse Indebtedness and (B) the obligations under such loan may be guaranteed by a Non-Recourse Indemnity Guaranty or Non-Recourse Payment Guaranty.
Combination Loan means any obligation the proceeds of which are ex pended for more than one purpose which are severally definable as “real estate loans” and “non-real estate loans.”
Combination Loan means a single loan that is (a) used for both acquisition, land development and construction purposes and (b) satisfies the requirements contained in the definition of “Assumed Purchase Money Loan” or “Seller Purchase Money Loan”, as the case may be, and the definition of “Construction Loan”. A Combination Loan (x) shall be considered an Assumed Purchase Money Loan or a Seller Purchase Money Loan, as the case may be, with respect to the portion of such Combination Loan used for acquisition purposes, and a Construction Loan with respect to the portion of such Combination Loan used for land development or construction purposes, (y) shall be treated as a single loan for purposes of the definition of “Assumed Purchase Money Loan” or “Seller Purchase Money Loan”, as the case may be, and the definition of “Construction Loan”, in each case in connection with any amendment, modification, extension or refinancing of such Combination Loan and (z) may, for the avoidance of doubt, be secured by the Real Property Inventory relating to such Combination Loan and/or an Equity Pledge (and customary deposits in connection therewith and proceeds and products therefrom).
Combination Loan means any Warehouse Loan that is secured by a mortgage, deed of trust or similar evidence of lien, on real estate on which the related Manufactured Home is situated (as well as by such related Manufactured Home).
Combination Loan. A loan, the proceeds of which were used by the ---------------- related Obligor in combination to finance property improvements, debt consolidation, cash-out, or other consumer purposes. Co-Owner Trustee: U.S. Bank National Association, a national banking ---------------- association, in its capacity as the Co-Owner Trustee under the Trust Agreement acting on behalf of the Certificateholders, or any successor co- owner trustee under the Trust Agreement.