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. 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 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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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.

  • 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.

  • 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.

  • 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.


More Definitions of Business Purpose Loan

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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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

  • 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 Entity means a corporation, limited partnership or limited liability company which at all times on and after the date hereof:

  • Permitted Intercompany Activities means any transactions between or among the Borrower and its Restricted Subsidiaries that are entered into in the ordinary course of business of the Borrower and its Restricted Subsidiaries and, in the good faith judgment of the Borrower are necessary or advisable in connection with the ownership or operation of the business of the Borrower and its Restricted Subsidiaries, including, but not limited to, (i) payroll, cash management, purchasing, insurance and hedging arrangements and (ii) management, technology and licensing arrangements.

  • 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 Loan shall have the meaning set forth in Section 4.02(a).

  • 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;

  • Special Purpose Investment Personnel means each SEI Access Person who, in connection with his or her regular functions (including, where appropriate, attendance at Board meetings and other meetings at which the official business of a Trust or any Fund thereof is discussed or carried on), obtains contemporaneous information regarding the purchase or sale of a Security by a Fund. Special Purpose Investment Personnel shall occupy this status only with respect to those Securities as to which he or she obtains such contemporaneous information.