Benami loan definition
Benami loan means a loan the real beneficiary or recipient whereof a person other than the person is in whose name the loan is advanced or granted;
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Related to Benami loan
LPMI Loan A Mortgage Loan with a LPMI Policy.
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”.
Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.
Daily SOFR Loan means a Loan that bears interest at a rate based on Daily SOFR.
PPP Loan means, with respect to any Target Company, the loan made to the Target Company by a bank pursuant to that certain promissory note under the U.S. Treasury’s Paycheck Protection Program (pursuant to the CARES Act).