Loan Program. The parties agree that the Loan Program shall consist of the origination, funding, and collection of Loans to Borrowers in accordance with the Rules and Program Guidelines. The parties agree that Lender shall have sole responsibility for establishing credit and underwriting criteria for the Loans, making the decisions as to whether or not to make Loans to an Applicant, funding the Loans, and, subject to the timely performance of CSO’s obligations hereunder, managing the Loan Program in accordance with the express obligations under this Agreement and the Program Guidelines. Except as expressly provided herein, (i) nothing herein shall be deemed to commit Lender to originate or fund any particular level or number of Loans, and (ii) Lender makes no representation, warranty or covenant as to the amount of funding it will be able to provide for the Loans. Except as expressly provided with respect to the rights and interest of CSO in this Agreement, Lender or its assigns shall be the sole owner of all Loans made pursuant to this Agreement and CSO shall have no right, title or interest in such Loans.
Loan Program. All loans to the Executive under the Bank's loan program that are outstanding as of the time the Executive's employment ceases hereunder shall be treated in the same manner as loans are treated upon Retirement under the Bank's personnel policies in effect on the date hereof.
Loan Program. The parties agree that the Loan Program shall consist of the origination, funding, and collection of Loans, from time to time in accordance with the Program Guidelines, to Borrowers who are residents of the State of Ohio. The parties agree that Lender shall have sole responsibility for establishing credit and underwriting criteria for the Loans, making the decisions as to whether or not to make Loans to prospective Borrowers, funding the Loans, and managing the Loan Program in accordance with Lender’s express obligations under this Agreement and the Program Guidelines. Nothing herein shall be deemed to commit Lender to originate or fund any particular level or number of Loans, and Lender makes no representation as to the amount of funding it will be able to raise for the Loans.
Loan Program. The parties agree that the Loan Program shall consist of the origination, funding, and collection of Loans, from time to time in accordance with the Program Guidelines, to Borrowers who are residents of the State of Texas. The parties agree that Lender shall have sole responsibility for establishing credit and underwriting criteria for the Loans, making the decisions as to whether or not to make Loans to prospective Borrowers, funding the Loans, and managing the Loan Program in accordance with Lender’s express obligations under this Agreement and the Program Guidelines. Nothing herein shall be deemed to commit Lender to originate or fund any particular level or number of Loans, and Lender makes no representation as to the amount of funding it will be able to raise for the Loans.
Loan Program. As part of its independent obligations hereunder, CSO will cause the Loans to be arranged in accordance with the terms and conditions of the Loans, this Agreement, the Lender’s Policies, and all Applicable Laws. Lender will cause the Loan Documents to be compliant with all Applicable Laws, including any usury laws, consumer protection laws, the federal Truth in Lending Act and Regulation Z, and limits on fraudulent or unconscionable conduct.
Loan Program. As part of its independent obligations hereunder as a special, limited purpose agent of Lender, CSO will cause the Loans to be originated, administered and serviced in accordance with the terms and conditions of the Loans, this Agreement, the Lender’s Policies, and all Applicable Laws, including any usury laws, consumer protection laws, racketeering laws (including the federal Racketeering Influenced and Corrupt Organizations Act), the federal Truth in Lending Act or Regulation Z, and limits on fraudulent or unconscionable conduct.
Loan Program. (A) The Issuer shall from time to time with all practical dispatch and in a sound and economical manner consistent in all respects with the provisions of this Trust Agreement, including Section 5.4 (B), and sound banking practices and principles (i) use and apply proceeds of the Notes and moneys in the Loan Account to the extent not reasonably or otherwise required for other purposes of the loan program to finance Eligible Loans pursuant to this Trust Agreement or to pay other obligations of the Issuer required to be paid under this Trust Agreement (ii) do all such acts and things as shall be necessary to receive and collect Revenues (including special allowance payments) and Recoveries of Principal sufficient to pay the Notes and the expenses of the Loan program and (iii) diligently enforce and take all steps actions and proceedings reasonably necessary in the judgment of the Issuer to protect its rights with respect to Loans, use its best efforts to maintain any insurance on and to enforce all terms, covenants and conditions of Loans.
(B) No amount in the Loan Account shall be expended or applied for the purpose of financing an Eligible Loan, and no Eligible Loan shall be financed, unless (except to the extent that a variance from such requirements is required by an agency or instrumentality of the United States of America insuring or guaranteeing the payment of an Eligible Loan) the Issuer has determined that:
(1) the payment of the principal of and interest on the Eligible Loan (which is a loan under the Federal Family Education Loan Program) is guaranteed by the Guarantor and reinsured by the United States Secretary of Education as required at the time of the financing, by the Higher Education Act to reimburse the Guarantor to the extent permitted by law for any amount expended by the Guarantor in discharge of its insurance obligation on such Eligible Loan;
(2) the interest borne by the Eligible Loan and payable on such Eligible Loan at the time of acquisition is not less than the maximum rate permitted under the Higher Education Act at the time the particular loan was made (the foregoing notwithstanding, the Issuer may institute borrower incentive programs with respect to Loans pursuant to which the Issuer may agree to collect less than the interest rate borne by such Loan provided that prior thereto the Issuer has given adequate written notice to the Rating Agencies and has delivered to the Trustee a Rating Confirmation);
(3) the Eligible Loan, if o...
Loan Program. The Administrator shall be authorized to establish a Participant loan program to provide for loans under the Plan. The loan program shall be established in accordance with Department of Labor Regulation §2550.408(b)-1(d)(2) providing for loans by the Plan to parties-in-interest under said Plan, such as Participants or Beneficiaries. In order for the Administrator to implement such loan program, a separate written document forming a part of this Plan must be adopted, which document shall specifically include, but need not be limited to, the following:
(1) the identity of the person or positions authorized to administer the Participant loan program;
(2) a procedure for applying for loans;
(3) the basis on which loans will be approved or denied;
(4) limitations, if any, on the types and amounts of loans offered;
(5) the procedure under the program for determining a reasonable rate of interest;
(6) the types of collateral which may secure a Participant loan; and
(7) the events constituting default and the steps that will be taken to preserve Plan assets in the event such default.
Loan Program. Lender will publish a list of program guidelines from time to time, which may include provisions for eligible property types, loan limits, loan-to-value (LTV) ratios, interest rates and points, and other requirements, and may also discontinue loan programs at any time, subject to this Agreement.
Loan Program. A. An employee who wishes to borrow funds on deposit in their defined contribution portion of Retirement Plan 5 or Retirement Plan 6 shall make application to the Xxxxx County Employees Retirement System on a form provided by the Retirement Office.
B. The Director of the Xxxxx County Employees‟ Retirement System or the Deputy Director in the director‟s absence shall have the right to approve the employee‟s loan request, if the terms stated below are met.
C. The employee will be allowed to borrow up to $50,000.00, but not to exceed fifty percent of the funds on deposit with the Xxxxx County Employees‟ Retirement System and which are held in the employee‟s defined contribution account within Retirement Plan 5 or Retirement Plan 6.
D. The employee‟s right to obtain such a loan shall be regulated by the applicable Internal Revenue Service‟s (IRS) rules and regulations and if the amount of the loan requested by the employee exceeds the amount set forth by the appropriate IRS regulations, that employee will only be allowed to borrow up to the amount allowed by IRS (or by law) and no more.
E. The employee shall repay the loan in full at an interest rate set by the Xxxxx County Retirement System. It is understood that this rate is a fluctuating rate and may be different for each employee depending on the date the loan is requested and paid out. The loan shall be repaid in accordance with the rules established by the Xxxxx County Employee Retirement System. The loan repayment period is (5) years. The employee may repay the loan sooner without penalty.
F. The employee who requests a loan under this Agreement shall protect and hold harmless the Xxxxx County Probate Court, the Xxxxx County Employees‟ Retirement System, and GAA, in the event there is dispute between the employee and the Internal Revenue Service regarding the loan.
