Restricted-Use Credit Agreement Meaning

a credit agreement to refinance an existing debt of the borrower, whether to the lender or any other person, or (c) the lender is the lender under a credit agreement secured by a legal hypothec on that property, (c) such payments must be made within 12 months or less (from the date of the agreement); (b)the interest rate of the total credit commission does not exceed the interest rate so indicated, or (b)”related person” in relation to a person (“B”) who is the borrower or (in the case of loans granted to trustees) a beneficiary of the trust means – (c)an agreement has a connection with a country outside the United Kingdom. 60C.—1. A credit agreement is an exempt agreement within the meaning of this Chapter in the following cases. a person who makes a loan under a credit agreement, or (1) in this Act, “credit” includes a cash loan and any other form of financial accommodation. (c)a debtor-creditor-supplier agreement to finance a transaction that is a related transaction with respect to – (3)Without prejudice to the generality of subsection (1), a person who leases property under a hire purchase agreement to a natural person for a deposit or (in Scotland) is deemed to grant him a lump sum loan to finance the transaction equal to the total price of the Goods were granted less the sum of the deposit ( if applicable) and the total costs for the credit. (1) A consumer lease is a contract entered into by a natural person with a natural person (the “Lessee”) for the deposit or (in Scotland) the rental of property to the Lessee, which is an agreement which: – (a) the total amount to be repaid by the borrower to settle the borrower`s debts may vary depending on a formula, which is set out in the agreement and which relates to changes in the level of an index or other factor or “total cost of credit” has the meaning specified in the rules adopted by the FCA under Article 60M; 60B.—(1) The conclusion of a credit agreement regulated as a creditor is a specific type of activity. (3) Without prejudice to the generality of Article 9(1), the person who grants an undertaking pursuant to point (b) of paragraph 1 shall be deemed to grant it credit which is used when a third party supplies it with money, goods or services. the contract shall be deemed to have been concluded in whole or in part by the borrower for the purposes referred to in point (b), unless paragraph 6 applies. (b)a person represented in the negotiation of the transaction by a credit intermediary who is also the negotiator in previous negotiations on the main agreement; (a)the agreement is offered pursuant to a decree having a public interest purpose and the performance of any other act specified in the agreement by a party to the agreement; 2. The regulations referred to in paragraph 1 may provide that the amount to be paid by the debtor or his relative in connection with a related transaction shall be included in the total credit fee in whole or in part, whether the creditor participates in or benefits from the transaction. (c)a non-fully utilised credit agreement concluded by the creditor under existing contracts between the creditor and a person other than the debtor (the `supplier`) knowing that the credit is to be used to finance a transaction between the debtor and the supplier. “borrower” means a person who obtains a loan under a credit agreement or a person to whom the rights and obligations of a borrower under a credit agreement have been transferred by assignment or by force of law; 4.

If, outside of this subsection, subsection (3) does not apply to agreements but would apply if one or more parties to one of the agreements had been replaced by a partner of that party or partners of each of those parties, subsection (3) applies to agreements. 4) represents a loan that exceeds the specified amount or 60J. A person who is not an authorised person shall not carry out any activity of the type referred to in Article 60b(2) in relation to a regulated credit agreement where he exercises or has the right to exercise the rights and obligations of the creditor under the contract in accordance with an agreement concluded with a person authorised to carry out an activity of the type referred to in Article 60b, paragraph 2. (f)a copy of the declaration has been provided to the creditor before the conclusion of the agreement. (1) A personal credit agreement is an agreement between a person (“the debtor”) and any other person (“the creditor”) by which the creditor grants the debtor a loan of any amount. (f)in the case of a contract that is not secured on land, the loan is granted without interest or other costs, and (6) The Secretary of State may provide by order that this Act does not govern consumer leases of a given description if – [F16 (6A)This Act does not regulate a consumer credit agreement where the lender is a housing authority and the contract is secured. by a mortgage of an apartment. (b)the conditions under which the loan is granted are more favourable to the borrower than those prevailing on the market, either because the interest rate is lower than that prevailing on the market or because the interest rate is not higher than that prevailing on the market, but the other conditions under which the loan is granted are more favourable to the borrower. (a)the creditor grants the borrower a loan of more than GBP 25 000 and the term `payment` (except in Article 60f) means a payment comprising or including an amount of credit; (b)it seems likely that they would have been concluded instead as a single contract if the application of provisions of that act which would have applied to that single agreement but which, with the exception of this Subsection, were not applicable to minor agreements, (b) agreements which are conditional purchase agreements or hire-purchase agreements; is an agreement that is not guaranteed or is only guaranteed by a guarantee or compensation (whether or not the guarantee or compensation itself is guaranteed). (c)be up-to-date with regard to an agreement if it was concluded during the one-year period ending on the date on which the agreement is concluded.

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