Purchase Money Mortgages definition

Purchase Money Mortgages means mortgages or liens received as consideration, either in whole or part, on the disposal of real estate which secures such mortgage or liens.

Purchase Money Mortgages means non-recourse mortgages granted to secure Indebtedness incurred for the acquisition of Inventory Property.

Purchase Money Mortgages means secured Indebtedness of the Company or any Subsidiary (a) issued to finance or refinance the purchase or construction of any assets of the Company or any Subsidiary or (b) secured by a Lien on any assets of the Company or any Subsidiary where the lender's sole recourse is to the assets so encumbered, in either case (i) to the extent the purchase or construction prices for such assets are or should be included in "addition to property, plant or equipment" in accordance with GAAP, (ii) if the purchase or construction of such assets is not part of any acquisition of a Person or business unit, and (iii) if the Lien securing such Indebtedness is created within 90 days of such purchase or construction.

Examples of Purchase Money Mortgages in a sentence

• With the exception of First Purchase Money Mortgages, neither an owner nor a lender shall at any time cause or permit the total indebtedness secured by a restricted ownership unit to exceed 95 percent of the maximum allowable resale price of the unit, as such price is determined by the Administrative Agent in accordance with N.J.A.C.5:80-26.6(b).

• With the exception of First Purchase Money Mortgages, neither an owner nor a lender shall at any time cause or permit the total indebtedness secured by a restricted ownership unit to exceed 95 percent of the maximum allowable resale price of the unit, as such price is determined by the Administrative Agent in accordance with N.J.A.C. 5:80-26.6(b).

• With the exception of First Purchase Money Mortgages, neither an owner nor a lender shall at any time cause or permit the total indebtedness secured by a restricted ownership unit to exceed 95% of the maximum allowable resale price of the unit, as such price is determined by the Administrative Agent in accordance with N.J.A.C.5:80-26.6(b).

• With the exception of First Purchase Money Mortgages, neither an owner nor a lender shall at any time cause or permit the total indebtedness secured by a restricted ownership unit to exceed ninety-five percent (95%) of the maximum allowable resale price of the unit, as such price is determined by the Borough’s Administrative Agent, or an Administrative Agent appointed by a particular developer, in accordance with N.J.A.C. 5:80-26.6(b).

• With the exception of First Purchase Money Mortgages, neither an owner nor a lender shall at any time cause or permit the total indebtedness secured by a restricted ownership unit to exceed ninety-five percent (95%) of the maximum allowable resale price of the unit, as such price is determined by the Township’s Administrative Agent, or an Administrative Agent appointed by a particular developer, in accordance with N.J.A.C. 5:80-26.6(b).

More Definitions of Purchase Money Mortgages

Purchase Money Mortgages means any Lien given, whether or not to the transferor, assumed or arising by operation of Law after the date hereof to provide or secure or to provide the obligor with funds to pay the whole or any part of the consideration for the acquisition of property where the principal amount of such Lien is not in excess of the cost to the obligor of the property encumbered thereby and is secured only by the property being acquired by the obligor and includes the renewal, extension or refinancing of any such Lien and of the indebtedness represented thereby upon the same property provided that the indebtedness secured thereby and the security therefor are not increased thereby.

Purchase Money Mortgages means the purchase money mortgages (and promissory notes related thereto) owned by any Real Estate Company with respect to real property previously sold by such Real Estate Company, which purchase money mortgages (and promissory notes related thereto) are being transferred, indirectly, to Purchaser pursuant to this Agreement.

Purchase Money Mortgages means Indebtedness consisting of the deferred purchase price of an asset or assets including any conditional sale obligation, any obligation under any title retention agreement or other purchase money obligation; provided that (i) such Indebtedness is Incurred within 180 days of the acquisition of such asset or assets by the Company or its Restricted Subsidiaries, (ii) the Average Life of such Indebtedness is less than the anticipated useful life of such asset or assets and (iii) such Indebtedness is secured by a first priority Lien on such asset or assets.

Purchase Money Mortgages means debt instruments from time to time issued under a trust indenture dated December 3, 1990 entered into by the Borrower (then called BC Gas Inc.), National Trust Company as trustee and Inland Energy Corp., as heretofore or hereafter supplemented and amended. (118)

Purchase Money Mortgages means the Purchase Money Mortgages described in Schedule 2 attached hereto.

Purchase Money Mortgages means a Lien held by any Person (whether or not the seller of such assets) on tangible assets (other than assets acquired to replace, repair, upgrade or alter assets owned by the Company or any Subsidiary on December 22, 1992) acquired, improved or constructed by the Company or any Subsidiary after December 22, 1992, which Lien secures all or a portion of the related purchase price or improvement or construction costs of such assets (or Debt incurred to pay such purchase price or costs), or any Lien existing on any tangible assets of any corporation at the time it becomes a Subsidiary, and extensions (as to time), renewals and replacements of any such Lien or the Debt secured thereby, provided that, in each such case such Lien does not extend to any other asset of the Company or any Subsidiary; provided, further, that any Lien on acquired Property, or on Property of a corporation at the time it becomes a Subsidiary, was not created in contemplation of such acquisition or such corporation becoming a Subsidiary, as the case may be.

Purchase Money Mortgages means the mortgages, deeds to secure debts, deeds of trust, assignments of leases and rents, stock pledge agreements, collateral note assignments, collateral mortgage assignments, assignments of partnership interests, guaranty agreements, UCC-1 financing statements and other security documents and instruments to be executed by the Purchaser and Purchaser Subsidiaries and delivered to the Seller or PGGM on the Closing Date in form acceptable to the Seller (in its sole discretion), but consistent with the terms and provisions contained in EXHIBIT 1.01(D), to secure the indebtedness evidenced by the Purchase Money Notes.