Term Loan - Law Dictionary Search Results
loan or credit agreement
loan or credit agreement If your company's loan is fairly large, the lender may require a loan or credit agreement. A loan agreement contains terms and conditions for your loan in addition to those contained in the promissory note, security agreement, or mortgage. Common provisions in a loan agreement include provisions regarding the lender's commitment to lend, repayment and note terms, things that must happen before the lender is obligated to advance funds, representations and warranties, agreements by the borrower to take or not take certain actions, and events of default. ...
bank
bank : an organization for the custody, loan, or exchange of money, for the extension of credit, and for facilitating the transmission of funds branch bank : a banking facility that is a separate but dependent part of a chartered bank ;esp : a facility that performs some banking functions and is separate from a main office bridge bank : a national bank that is chartered for a limited time to operate an insolvent bank until it is sold central bank : a national bank that establishes monetary and fiscal policy and controls the money supply and interest rate collecting bank : a bank other than the payor bank that is handling for collection a negotiable instrument or a promise or order to pay money commercial bank : a bank organized chiefly to handle the everyday financial transactions of businesses (as through deposit accounts and commercial loans) cooperative bank : an association (as a credit union) owned by and offering banking services for its members ;specif : savings and ...
truth-in-lending
truth-in-lending a federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan. Source: U.S. Department of Housing and Urban Development ...
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
construction loan
construction loan a short-term, to finance the cost of building a new home. The lender pays the builder based on milestones accomplished during the building process. For example, once a sub-contractor pours the foundation and it is approved by inspectors the lender will pay for their service. Source: U.S. Department of Housing and Urban Development ...
refinancing
refinancing paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate). Source: U.S. Department of Housing and Urban Development ...
borrower
borrower a person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms. Source: U.S. Department of Housing and Urban Development ...
Tontine
Tontine, a life-annuity, or a loan raised on life-annuities, with benefit of survivorship. The term originated from the circumstance that Lorenzo Tonti, an Italian, invented this kind of security in the seventeenth century, when the Governments of Europe had some difficulty in raising money in consequence of the wars of Louis XIV, who first adopted the plan in France. a loan was obtained from several individuals on the grant of an annuity to each of them, on the understanding that, as deaths occurred, the annuity should continue payable to the survivors, and that the last survivor should take the whole. This mode of raising money has more than once been adopted by the English Government (see, e.g., 29 Geo. 3, c. 41, amended by 30 Geo. 3, c. 45), and also for the purpose of private speculations, but it has almost entirely fallen into disuse....
lender
lender A term referring to an person or company that makes loans for real estate purchases. Sometimes referred to as a loan officer or lender. Source: U.S. Department of Housing and Urban Development ...
terms
terms The period of time and the interest rate agreed upon by the lender and the borrower to repay a loan. Source: U.S. Department of Housing and Urban Development ...
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