Loan Provisions Clause Samples

Loan Provisions. No Mortgage Loan contains a provision that by its terms would automatically or at the unilateral option of the Mortgagor cause such Mortgage Loan to not be a "qualified mortgage" as such term is defined in Section 860G(a)(3) of the Code.

Loan Provisions o A. Participant loans are not available from the Plan.

Loan Provisions x A. Participant loans are permitted in accordance with the Employer’s established loan procedures.

Loan Provisions. (a) Each Partner shall, in its reasonable discretion, cooperate to amend this Agreement and the Certificate of Limited Partnership if required to comply with the requirements of any lender providing mortgage financing to the Company in accordance with this Agreement. (b) The Partners acknowledge that the Liberty Loan was provided to the Company, and that (with the consent of NYSCRF, as set forth in Section 6.04(l)) future financing may be provided to the Company or any Entity, and/or serviced by an Affiliate of the General Partner (the “Affiliate Lender”). As a result, the interests of the Affiliate Lender, in its capacity as a lender, may be different from, or in conflict with, the interests of the Partners or the interests of the Company or any of their respective Affiliates. In recognition of the foregoing and in consideration of the Affiliate Lender providing or facilitating any such loan, the Partners acknowledge and agree that the Affiliate Lender is and will be entitled to enforce its rights under any existing or future loan (and ancillary security) documents with the Company and/or any Entity and will be entitled to pursue any and all remedies to which it is entitled (including calling a default under, accelerating or foreclosing on any collateral securing, such loan) even if doing so would be detrimental to or create a conflict with the Company and/or such Entity or any of its Partners, and each of the Partners waives, to the fullest extent permitted by law, (i) any right to object to such enforcement, (ii) any right to assert a claim against the General Partner or its Affiliates as a result of such conflict of interest, and (iii) any claim for a breach of fiduciary duty, duty of loyalty, lender liability, equitable subordination or other claims relating to or arising from the fact that the Affiliate Lender and its Affiliates would have an interest, directly or indirectly, as both a creditor and a Partner of the Company. In addition, the classification and treatment for income tax purposes of the Liberty Loan and any other financing provided by an Affiliate of the General Partner as non-recourse debt or non-recourse liability shall be made and governed by the Code.

Loan Provisions. Additional provi- sions governing default under the sec- tion 202 loan are included in the regu- latory agreement and other loan docu- ments.

Loan Provisions. Each Member shall cooperate to amend this Agreement and the Certificate of Formation (and or to cause the Company to amend the organizational documents of any Subsidiary of the Company) if required to comply with the requirements of any lender providing mortgage financing to the Company or any Subsidiary of the Company in accordance with this Agreement, provided that no such amendment shall reduce the rights or increase the obligations of the Members under this Agreement. No Member will be required to guaranty debt, except that (a) to the extent a mutually approved construction loan requires guarantees of the repayment of the loan, Liberty and Comcast shall (subject to Section 7.02(f)) each provide joint and several guarantees and (b) Liberty shall provide a completion guaranty if required by the construction lender, provided that the obligations thereunder shall be no more onerous on Liberty than the Development Agreement. At any time while any Member has potential liability under so called non-recourse carve-outs, the Company and its Subsidiaries shall not be authorized to take any action that would result in the triggering of liability under the non-recourse carve-outs, without the prior approval of all of the Members, which may be withheld for any reason or no reason. Without limiting the generality of the foregoing, at any time while any Member has potential liability under so called non-recourse carve-outs: (i) without the consent of the Members, the Company shall not be authorized to commence, on behalf of the Company or any Subsidiary, any voluntary proceeding for bankruptcy, reorganization or similar relief, or to consent to any involuntary petition for such relief; (ii) the Members expressly waive any rights that they may have at any time, whether under a theory of fiduciary duty or under any other legal or equitable principle, to compel the Company or any Subsidiary to take any action that would trigger liability under non-recourse carve-outs, including, without limitation, commencing a voluntary bankruptcy proceeding or consenting to any involuntary petition or relief in connection therewith; and (iii) the Members agree that they themselves shall not initiate an involuntary bankruptcy proceeding with respect to the Company or any of its Subsidiaries.

Loan Provisions. The following provisions shall apply to any loan made to the Trust fund: (a) The loan must be at a reasonable rate of interest, for a specific period of time, and shall not be payable on demand; (b) Any collateral pledged to the creditor by the Trust shall consist only of the assets purchased with the borrowed funds (although in addition to such collateral, the Company may guarantee repayment of the loan); (c) Under the terms of the loan, the creditor shall have no recourse against the Trust except with respect to such collateral; (d) The loan shall be repaid only from those amounts con-tributed by the Company to the Trust and from amounts earned on Trust investments; (e) The Company must contribute to the Trust amounts suf-ficient to enable the Trust to pay each installment of principal and interest on the loan on or before the date such installment is due, even if no tax benefit results from such contribution; and (f) Upon the repayment of any portion of the balance due on the loan, the assets originally pledged as collateral for such portion shall be released from encumbrance. Released shares shall be allocated to the accounts of participants during the fiscal year such portion is paid off. Such allocation shall be made in the same manner provided under the Plan for allocating shares when no loan is involved. (g) Any such loans shall be effected primarily in the interest of participants and their beneficiaries. (h) Notwithstanding the foregoing, in the event an exempt loan is effected it shall be subject to the following additional provisions and the proceeds thereof must be used within a reasonable time after their receipt only for any or all of the following purposes: (i) To acquire qualifying Company securities. (ii) To repay such loan. (iii) To repay a prior exempt loan. A new loan, the proceeds of which are so used, must satisfy the provisions of this Subparagraph (h). (i) Except as provided hereinafter or as otherwise required by applicable law, no security acquired with the proceeds of an exempt loan may be subject to a put, call or other option, or buy-sell or similar arrangement while held by and distributed from the Plan, whether or not the Plan is then an ESOP. (j) A qualifying Company security acquired with the proceeds of an exempt loan by the Plan, must be subject to a put option if it is not publicly traded when distributed or if it is subject to a trading limitation when distrib-uted. For purposes of this Subparagraph, a "trading limitat...

Loan Provisions. 1. Participant loans are permitted in accordance with the Employer’s established loan procedures. 2. Participant loans are not permitted.

Loan Provisions. Loans If this Policy has Surrender Value available, we will grant a loan against the Policy provided: