LOANS MAY BE MADE TO EMPLOYEES ON THE FOLLOWING BASIS Sample Clauses

LOANS MAY BE MADE TO EMPLOYEES ON THE FOLLOWING BASIS. (a) Upon written application to the Custodian by an Employee, the Custodian may make a loan to an Employee from his or her vested Account balance. All loans shall be secured by 50% of the Employee's vested Account balance. The minimum amount of a loan shall be $1,000. (b) In no event shall the total of any outstanding loan to any Employee exceed the lesser of $50,000 or 50% of the nonforfeitable Account balance, or such other amount as determined by the Custodian pursuant to paragraph (g) of this Article X provided, however, that if this Agreement is part of a plan subject to Title I of ERISA, in no event shall the loan exceed the 50% limitation. An Employee may not request more than one loan from an account. (c) The loan shall bear a reasonable rate of interest as provided in the Promissory Note incorporated herein by reference. The loan applicant shall receive a clear statement of the charges involved in the loan transaction. The statement shall include the dollar amount financed, the total amount of payments, the annual percentage rate and the finance charge. Interest payments on the loan shall be credited to the Employee's Account. (d) Loans shall be made available to all Employees on a reasonably equivalent basis. (e) Any such loan shall be repaid by the Employee over a specified period of time, in the form and manner selected by the Employee in the Loan Application to the Custodian. The loan repayment period shall not extend beyond the first to occur of (i) the above specified period or (ii) the Employee's Required Beginning Date for taking distributions from the Account as defined in Article XI of this Agreement. Such loan must be amortized in level monthly payments, over the term of the loan. Any such loan shall be for a term of not more than five years, except that such loan may be paid back over a period of up to ten years if the loan is used to acquire any dwelling unit which, within a reasonable time, is to be used as the principal residence of the Employee. Full or partial payment of a loan shall be permitted at any time without penalty. Principal payments made by the Employee shall be reinvested at net asset value; interest payments are reinvested at the lowest possible offering price. (f) If a scheduled payment of both principal and interest is not received by the Custodian within ninety days of the due date, the Custodian shall declare the loan in default. Late payment notices may be issued by the Custodian within thirty days of the loan re...
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Related to LOANS MAY BE MADE TO EMPLOYEES ON THE FOLLOWING BASIS

  • Actions Which May be Taken Without Instructions Unless an Instruction to the contrary is received, the Custodian shall:

  • When Adjustment May Be Deferred No adjustment in the Conversion Rate need be made unless the adjustment would require an increase or decrease of at least 1% in the Conversion Rate. Any adjustments that are not made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article 11 shall be made to the nearest cent or to the nearest 1/1,000th of a share, as the case may be.

  • Who May be Deemed Owners Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

  • Limitations on the Employment of the Adviser The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.

  • Payments May Be Paid Prior to Dissolution Nothing contained in this Article X or elsewhere in this Indenture shall prevent (i) the Guarantors, except under the conditions described in Sections 10.2 and 10.3, from making payments at any time for the purpose of making payments of principal of and interest on the Notes, or from depositing with the Trustee any moneys for such payments, or (ii) in the absence of actual knowledge by a Responsible Officer of the Trustee that a given payment would be prohibited by Section 10.2 or 10.3, the application by the Trustee of any moneys deposited with it for the purpose of making such payments of principal of, and interest on, the Notes to the Holders entitled thereto unless at least two Business Days prior to the date upon which such payment would otherwise become due and payable a Responsible Officer shall have actually received the written notice provided for in the first sentence of Section 10.2(b) or in Section 10.7 or in the last sentence of this Section 10.4 (provided that, notwithstanding the foregoing, the subordination of the Guarantees to Guarantor Senior Debt shall not be affected and the Holders receiving any payments made in contravention of Section 10.2 and/or 10.3 (and the respective such payments) shall otherwise be subject to the provisions of this Article X). The Company shall give prompt written notice to the Trustee of any dissolution, winding-up, liquidation or reorganization of any Guarantor, although any delay or failure to give any such notice shall have no effect on the subordination provisions contained herein.

  • Termination Following a Change of Control If the Employee's employment terminates at any time within eighteen (18) months following a Change of Control, then, subject to Section 5, the Employee shall be entitled to receive the following severance benefits:

  • When Notes May Be Converted A Holder may convert its Notes at any time until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date.

  • When De Minimis Adjustment May Be Deferred No adjustment in the Exercise Price need be made unless the adjustment would require an increase or decrease of at least 1% in the Exercise Price. Any adjustments that are not made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 5 shall be made to the nearest 1/100th of a share.

  • Termination of Consulting Period Notwithstanding any other provision hereof, the Consulting Period and Consultant’s services as a consultant hereunder shall terminate, and, except as otherwise specifically provided herein, this Agreement shall terminate:

  • Termination Upon or Following a Change of Control (a) A Change of Control of the Company ("Change of Control") shall be deemed to have occurred upon the happening of any of the following events:

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