Purchase Money Interest Clause Samples
A Purchase Money Interest clause establishes a security interest in goods or assets that are acquired with funds provided by the secured party. In practice, this means that if a lender or seller finances the buyer’s acquisition of specific property, they retain a legal claim to that property until the debt is repaid. This clause ensures that the party providing the purchase money has priority over other creditors in the event of default, thereby reducing their risk and encouraging financing for asset purchases.
Purchase Money Interest. NCR Voyix retains and may perfect a purchase money security interest in Hardware (including Hardware provided on a subscription basis if the transaction is determined to be a purchase). The security interest will be fully satisfied and dissolved when NCR Voyix receives payment of the purchase price for the Products, and if NCR Voyix has recorded a financing statement, then upon your written request it will record a corresponding release after receipt of full payment or authorize you to file such a release. Without limiting any rights under bankruptcy or other applicable law, if you or your affiliate default on undisputed payment obligations to NCR Voyix and fail to make full payment within 15 days after you receive notice of default, then NCR Voyix may, in addition to its other rights, repossess Products, terminate Software and Deliverables licenses, suspend Services, and suspend Product delivery.