Exempt Loan. The Borrower will take all reasonable steps ----------- necessary to insure that the ESOP Loan qualifies as an "exempt loan" under section 4975(d) of the Code, Section 54.4975-7 of the United States Treasury Regulations and Section 408(e)
Appears in 1 contract
Exempt Loan. The Borrower Lender will take all reasonable steps ----------- necessary to insure that the ESOP Loan qualifies as an "exempt loan" loan under section 4975(d) of the CodeCode (or any successor section thereto), Section 54.4975-7 of the United States Treasury Regulations (or any successor section thereto) and Section 408(e) of ERISA (or any successor section thereto).
Appears in 1 contract
Samples: Credit Agreement (Hooker Funiture Corp Employee Stock Ownership Plan Trust)
Exempt Loan. The Borrower Lender will take all reasonable steps ----------- necessary to insure that the ESOP Loan qualifies as an "exempt loan" loan under section 4975(d) of the CodeCode (or any successor section thereto), Section 54.4975-7 of the United States Treasury Regulations (or any successor section thereto) and Section 408(e) of ERISA (or any successor section thereto).
Appears in 1 contract
Exempt Loan. The Borrower will take all reasonable steps ----------- necessary to insure that the ESOP Loan qualifies as an "exempt loan" under section 4975(d) of the Code, Section 54.4975-7 of the United States Treasury Regulations and Section 408(e)
Appears in 1 contract
Samples: Credit Agreement (Hooker Funiture Corp Employee Stock Ownership Plan Trust)
