Purchase Money Loan means any loan the proceeds of which, in whole or in part, are used to acquire any collateral securing the loan and all extensions, renewals, consolidations and refinancing of such loan. PAYMENTS BY LENDER - You are authorized to pay, on my behalf, charges I am or may become obligated to pay to preserve or protect the secured property (such as property insurance premiums). You may treat those payments as advances and add them to the unpaid principal under the note secured by this agreement or you may demand immediate payment of the amount advanced. INSURANCE - I agree to buy insurance on the property against all the risks and for the amounts you require and to furnish you continuing proof of the coverage. I will have the insurance company name you as a loss payee on any such policy. You may require added security if you agree that insurance proceeds may be used to repair or replace the property. I will buy insurance from a firm licensed to do business in the state where you are located. The firm will be responsibly acceptable to you. The insurance will last until the property is released from this agreement. If I fail to buy or maintain the insurance (or fail to name you as a loss payee) you may purchase it yourself. WARRANTIES AND REPRESENTATIONS - If this agreement includes accounts, I will not settle any account for less than its full value without your written permission. I will collect all accounts until you tell me otherwise. I will keep the proceeds from all the accounts and, any goods which are returned to me or which I take back in trust for you. I will not mix them with any other property of mine. I will deliver them to you at your request. If you ask me to pay the full price on any returned items or items retaken by myself, I will do so. If this agreement covers inventory, I will not dispose of it except in my ordinary course of business at the fair market value for the Property, or at a minimum price established between you and me. If this agreement covers farm products I will provide you, at your request, a written list of the buyers, commission merchants or selling agents to or through whom I may sell my farm products. In addition to those parties named on this written list, I authorize you to notify at your sole discretion any additional parties regarding your security interest in my farm products. I remain subject to all applicable penalties for selling my farm products in violation of my agreement with you and the Food Security Act. In thi...
Purchase Money Loan means any loan the proceeds of which, in whole or in part, are used to acquire any collateral securing the loan and all extensions, renewals, consolidations and refinancings of such loan.
Purchase Money Loan means any loan the proceeds of which, in whole or in part, are used to acquire any collateral securing the loan and all extensions, renewals, consolidations and refinancing of such loan. PAYMENTS BY LENDER – You are authorized to pay, on my behalf, charges I am or may become obligated to pay to preserve or protect the secured property (such as property insurance premiums). You may treat those payments as advances and add them to the unpaid principal under the note secured by this agreement or you may demand immediate payment of the amount advanced.
Examples of Purchase Money Loan in a sentence
A person who, in the or- dinary course of business, lends pur- chase money or finances the sale of goods or services to consumers on a de- ferred payment basis; Provided, such person is not acting, for the purposes of a particular transaction, in the capac- ity of a credit card issuer.(d) Purchase money loan.
Purchase money loan financing must be disclosed on the settlement statement, and the deed of trust must be recorded within 14 days to qualify for the concurrent loan rate.
A pe r so n w h o, i n t h e o r - di nary co ur se of b u si n ess, le n ds p ur-c ha se m o n e y o r fi nan ces t h e s a le of goods o r se r vices t o co n s u m e r s o n a de- fe rr ed p ay m e n t b a sis; Provided, s u c h pe r so n is n o t a c t i n g, fo r t h e p ur poses of a p ar t ic u l ar t ran s a c t io n , i n t h e c a p a c- i t y of a c r edi t c ar d iss u e r .( d) Purchase money loan.
For purposes of the rule, a "Consumer credit contract" is defined as "[a]ny instrument which evidences or embodies a debt arising from a 'Purchase money loan' transaction or a 'financed sale.' " (16 C.F.R. § 433.1, subd.
Purchase money loan financing must be disclosed on the settlement statement, and the deed of trust must be recorded within 14 days to qualify for the concurrent loan rate.b. Extended 1.
More Definitions of Purchase Money Loan
Purchase Money Loan means any loan the proceeds of which, in whole or in part, are used to acquire any collateral securing the loan and all extensions, renewals, consolidations and refinancing of such loan. PAYMENTS BY LENDER - You are authorized to pay, on my behalf, charges I am or may become obligated to pay to preserve or protect the secured property (such as property insurance premiums). You may treat those payments as advances and add them to the unpaid principal under the note secured by this agreement or you may demand immediate payment of the amount advanced. INSURANCE - I agree to buy insurance on the Property against the risks and for the amounts you require and to furnish you continuing proof of coverage. I will have the insurance company name you as loss payee on any such policy. You may require added security if you agree that insurance proceeds may be used to repair or replace the Property. I will buy insurance from a firm licensed to do business in the state where you are located. The firm will be reasonably acceptable to you. The insurance will last until the Property is released from this agreement. If I fail to buy or maintain the insurance (or fail to name you as loss payee) you may purchase it yourself.
Purchase Money Loan means a cash advance that is received by a consumer from a creditor in return for a finance charge within the meaning of the "Truth in Lending Act," 82 Stat. 146 (1968), 15 U.S.C.A. 1601 and regulation Z thereunder, which is applied in whole or substantial part to a consumer transaction with a seller, that either:
Purchase Money Loan means a cash advance that is received by a consumer from a creditor in return for a finance charge within the meaning of the "Truth in Lending Act," 82 Stat.
Purchase Money Loan shall have the meaning set forth in SECTION 2.1(c).
Purchase Money Loan means any loan obtained by the Borrower from any supplier of Equipment, the proceeds of which are used exclusively to pay the purchase price of that Equipment.
Purchase Money Loan means any loan secured in whole or in part by a first or subordinate lien on real estate and whose sole
Purchase Money Loan means any loan under which the proceeds, in whole or in part, are used to acquire any collateral securing the loan together with all extensions, renewals, consolidations, and refinancing of such loans.