Common use of Purchase Money Security Interest Clause in Contracts

Purchase Money Security Interest. The security interest granted to Lender by Borrower in the Collateral is a purchase-money security interest. The acquisition of the Project and the financing under this Agreement are related transactions. The purpose of the Loan is to enable the acquisition of the Project. Borrower obtained the commitment of Lender to make the Loan prior to arranging for the purchase and installation of the Project. The amount of the Loan does not exceed Borrower’s cost of acquiring the Project.

Purchase Money Security Interest. The security interest granted to Lender by Borrower Xxxxxxxx in the Collateral is a purchase-money security interest. The acquisition of the Project and the financing under this Agreement are related transactions. The purpose of the Loan is to enable the acquisition of the Project. Borrower Xxxxxxxx obtained the commitment of Lender to make the Loan prior to arranging for the purchase and installation of the Project. The amount of the Loan does not exceed BorrowerXxxxxxxx’s cost of acquiring the Project.