Business Purpose Loan definition

Business Purpose Loan means a mortgage loan for a purpose other than personal, family, or household purposes.
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Business Purpose Loan means a Mortgage Loan where the proceeds of such loan are primarily used for a non-consumer, business purpose as provided for in Section 1026.3 of Regulation Z of the Truth in Lending Act.
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Business Purpose Loan means a loan where the borrower intends to use the proceeds for any of the purposes listed in s. DFI− CU 72.02 (1).
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Examples of Business Purpose Loan in a sentence

  • All applicable loans shall either be Qualified Mortgages or shall be in accordance with Purchaser-approved Non-Qualified Mortgage Programs and/or Business Purpose Loan programs, as may be applicable.

  • Each Investment Property Mortgage Loan (i) satisfies all applicable criteria and documentation and disclosure requirements for an Investment Property Mortgage Loan as set forth in the applicable Underwriting Guidelines and all such documentation is complete, true and correct; (ii) is a Business Purpose Loan or a Personal Use Loan; and (iii) is not a Cooperative Loan.

  • Except with respect to any Business Purpose Loan, with respect to any Mortgage Loan for which the related loan application was taken by the originator on or after October 3, 2015, such Mortgage Loan was originated in compliance with the CFPB’s TILA-RESPA Integrated Disclosure Rule.

  • Required DocumentationThe following documentation is required• Complete schedule of all real estate owned, indicating financed and free and clear properties• Mortgage/lien rating for each financed property• Business Purpose Loan Certification, signed by borrower(s)• Occupancy Certification, signed by the borrower(s)7.

  • Business Purpose Loan submitted pursuant to this Exhibit and designed by Client as a Business Purpose Loan will be automatically deemed and reported as “Exempt” and Recovco will not perform any ATR/QM Testing or TRID Testing.

  • An example of an impermissible use would include using the cash out of transaction to pay for college tuition (i.e., a non-business purpose).• As the definition of a Business Purpose Loan under RESPA is narrow, there are instances where a loan may be for an “investment purpose,” but, may not meet the definition of a Business Purpose Loan.

  • Each Business Purpose Loan and ReadyCap Origination Loan, as applicable, complies with the representations and warranties listed in Schedule 1-B hereto.

  • Pressure reducing valve installations (PRV's) are required to control distribution system pressures between different pressure zones.

  • Cash-out refinance mortgage loans originated between November 27, 2003 and July 5, 2004 that meet the definition of a “covered home loan” pursuant to the New Jersey Homeownership Security Act.Business Purpose Loan submitted pursuant to this Exhibit and designed by Client as a Business Purpose Loan will be automatically deemed and reported as “Exempt” and Recovco will not perform any ATR/QM Testing or TRID Testing.

  • In case if Clients have booked per Cabin, SailingEurope shall inform them 5 weeks before planned start of the Program, on whether the number of other participants who would be in the same vessel is sufficient for the Program to take place in that given week.


More Definitions of Business Purpose Loan

Business Purpose Loan. An Investment Property Mortgage Loan (that is not a Personal Use Loan) made to a Mortgagor secured by a Mortgaged Property that qualifies for the exemption set forth in 12 CFR 1026.3(a), and does not constitute “consumer credit” within the meaning of 12 CFR 1026.2(a)(12).
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Business Purpose Loan means a loan that is (a) extended to a business, (b) evidenced by a valid promissory note, and (c) secured by a mortgage, deed of trust, or trust deed that grants a perfected first-priority Lien (or a second-priority Lien with respect to Second-Lien Borrowings) on residential or commercial real property.
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Business Purpose Loan. A Mortgage Loan that is an extension of credit primarily for a “business purpose”, as defined by 12 CFR 1026.3(a)(1)
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Business Purpose Loan means a Loan originated by a Seller or the related originator for investment or commercial purposes and designated by such Seller as a “Business Purpose Loan”, which Loan complies with the representations and warranties listed on Schedule 1-B attached hereto.
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Business Purpose Loan means any Loan, the proceeds of which were obtained by the related Borrower in order to acquire an interest in or carry on a business or commercial enterprise. "Buyer's MV Margin Amount" means, with respect to any Transaction as of any date of determination, the amount obtained by application of Buyer's MV Margin Percentage to the Repurchase Price for such Transaction as of such date. "Buyer's MV Margin Percentage" shall have the meaning assigned thereto in the Side Letter. "Buyer's Par Margin Amount" means, with respect to any Transaction as of any date of determination, the amount obtained by application of the weighted average of the applicable Buyer's Par Margin Percentage (measure by outstanding principal balance) to the Repurchase Price for such Transaction as of such date. "Buyer's Par Margin Percentage" shall have the meaning assigned thereto in the Side Letter. "Change in Control" shall mean after the initial Purchase Date hereunder the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of outstanding shares of voting stock of the related Guarantor at any time if after giving effect to such acquisition such Person or Persons owns fifty percent (50%) or more of such outstanding voting stock. "Change in Law" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by Buyer (or any Affiliate of Buyer) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. "Code" shall mean the Internal Revenue Code of 1986, as amended. "Collateral" shall have the meaning assigned thereto in Section 8 hereof. "Breakage Costs" shall have the meaning assigned thereto in Section 3(c) herein. "Collection Account" shall have the meaning assigned thereto in the Custody Agreement. "Collection Period" means the collection period reflected in the monthly loan data delivered to the Buyer, which period shall generally be the previous calendar month from the date on which such monthly loan data is delivered to the Buyer. "Committed Transactions" shall have the meaning assigned thereto in Section 4 hereof. "Computer ...
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Related to Business Purpose Loan

  • Business Purpose means the use of personal information for the business’s or a service provider’s operational purposes, or other notified purposes, provided that the use of personal information shall be reasonably necessary and proportionate to achieve the operational purpose for which the personal information was collected or processed or for another operational purpose that is compatible with the context in which the personal information was collected. Business purposes are:

  • General purpose equipment means equipment, which is not limited to research, medical, scientific or other technical activities. Examples include office equipment and furnishings, modular offices, telephone networks, information technology equipment and systems, air conditioning equipment, reproduction and printing equipment, and motor vehicles.

  • Special purpose equipment means equipment which is used only for research, medical, scientific, or other technical activities. Examples of special purpose equipment include microscopes, x-ray machines, surgical instruments, and spectrometers.

  • Special purpose spray adhesive means an aerosol adhesive that meets any of the following definitions:

  • Special Purpose Entity means (x) any Special Purpose Subsidiary, (y) any other Person that is engaged in the business of (i) acquiring, selling, collecting, financing or refinancing Receivables, accounts (as defined in the Uniform Commercial Code as in effect in any jurisdiction from time to time), other accounts and/or other receivables, and/or related assets, and/or (ii) acquiring, selling, leasing, financing or refinancing Vehicles, and/or related rights (including under leases, manufacturer warranties and buy-back programs, and insurance policies) and/or assets (including managing, exercising and disposing of any such rights and/or assets) or (z) any successor of any of the foregoing.

  • Single-Purpose Entity means an entity, other than an individual, whose organizational documents and the related Mortgage Loan documents (or if the Mortgage Loan has a Cut-off Date Balance equal to $10 million or less, its organizational documents or the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties and prohibit it from engaging in any business unrelated to such Mortgaged Property or Mortgaged Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Mortgaged Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.

  • General purpose cleaner means a product designed for general all-purpose cleaning, in contrast to cleaning products designed to clean specific substrates in certain situations. The term includes products designed for general floor cleaning, kitchen or countertop cleaning, and cleaners designed to be used on a variety of hard surfaces. The term does not include general purpose degreasers and electronic cleaners.

  • business acquisition report means a completed Form 51-102F4 Business Acquisition Report;

  • General-Purpose Software means Software that supports general-purpose office and software development activities and is identified as such in Appendix 4 of the Contract Agreement and such other Software as the parties may agree in writing to be General-Purpose Software. Such General- Purpose Software may include, but is not restricted to, word processing, spreadsheet, generic database management, and application development software.

  • Permitted Purposes means evaluating the Project, preparing a Proposal, and any other use permitted by the RFP or this Participation Agreement;

  • Permitted Acquisition Indebtedness means Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of any other Person existing at the time (a) such Person became a Restricted Subsidiary of the Company or (b) such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, provided that on the date such Person became a Restricted Subsidiary or the date such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, as applicable, either

  • Permitted Lock-Up Agreement means an agreement (the “Lock-Up Agreement”) between a Person and one or more holders of Voting Shares and/or Convertible Securities (each a “Locked-Up Person”) (the terms of which are publicly disclosed and a copy of which is made available to the public (including the Corporation) not later than the date the Lock-Up Bid (as defined below) is publicly announced or, if the Lock-Up Bid has been made prior to the date on which such Lock-Up Agreement is entered into, not later than the date of such Lock-Up Agreement (or, if such date is not a Business Day, on the Business Day next following such date)), pursuant to which such Locked-Up Person agrees to deposit or tender Voting Shares and/or Convertible Securities held by such holder to a Take-Over Bid (the “Lock-Up Bid”) made or to be made by such Person, any of such Person’s Affiliates or Associates or any other Person with which, and in respect of which security, such Person is acting jointly or in concert; provided that:

  • Special Purpose Subsidiary any Subsidiary of the Borrower that (a) is engaged solely in (x) the business of (i) acquiring, selling, collecting, financing or refinancing Receivables, accounts (as defined in the Uniform Commercial Code as in effect in any jurisdiction from time to time) and other accounts and receivables (including any thereof constituting or evidenced by chattel paper, instruments or general intangibles), all proceeds thereof and all rights (contractual and other), collateral and other assets relating thereto and/or (ii) owning or holding Capital Stock of any Special Purpose Subsidiary and/or engaging in any financing or refinancing in respect thereof, and (y) any business or activities incidental or related to such business, and (b) is designated as a “Special Purpose Subsidiary” by the Borrower.

  • Permitted Purpose means any activity or process to be undertaken or supervised by a Staff member of one Party during the term of this Agreement, for which purpose authorised disclosure of the other Party’s Confidential Information or Intellectual Property is a prerequisite in order to enable such activity or process to be accomplished;