Common use of Loan Payment Clause in Contracts

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 years, except that the repayment period may be for any period not to exceed 15 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 2 contracts

Sources: 401(k) Savings Plan and Trust Agreement (Advo Inc), 401(k) Plan and Trust Agreement (Longview Fibre Co)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 five years, except that the repayment period may be for any period not to exceed 15 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 2 contracts

Sources: Savings Plan and Trust Agreement (Hanna M a Co/De), Salaried Savings Plan and Trust Agreement (Longview Fibre Co)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 five years, except that the repayment period may be for any period not to exceed 15 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 2 contracts

Sources: Employee Savings Plan Agreement (Nipsco Industries Inc), Savings Plan and Trust Agreement (Nipsco Industries Inc)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 years, except that the repayment period may be for any period not to exceed 15 10 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 2 contracts

Sources: Employee Stock Savings Plan (La Gear Inc), Employee Stock Savings Plan (La Gear Inc)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 five years, except that the repayment period may be for any period not to exceed 15 20 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 1 contract

Sources: 401(k) Maximum Advantage Program and Trust Agreement (Gerber Scientific Inc)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 years, except that the repayment period may be for any period not to exceed 15 years if the purpose of the loan is to acquire the Participant's principal residence.. --------------------------------------------------------------------------------

Appears in 1 contract

Sources: Retirement Savings Plan and Trust Agreement (Spieker Properties Inc)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction. Loans may be prepaid in full or on in part at any time. The Participant may choose the loan repayment period, not to exceed 5 years, except that the repayment period may be for any period not to exceed 15 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 1 contract

Sources: Savings Plan Amendment (New Nisource Inc)

Loan Payment. Substantially level amortization shall be required of each loan with payments made at least monthly, generally through payroll deduction, provided that payment may be made by check for advance payments or when a Participant is not otherwise eligible to make payment by payroll deduction. Loans may be prepaid in full or in part at any time. The Participant may choose the loan repayment period, not to exceed 5 five years, except that the repayment period may be for any period not to exceed 15 10 years if the purpose of the loan is to acquire the Participant's principal residence.

Appears in 1 contract

Sources: Savings Plan and Trust Agreement (Riviana Foods Inc /De/)