Loans Prohibited Sample Clauses
The "Loans Prohibited" clause explicitly forbids one party from extending loans or advances to another party within the context of the agreement. In practice, this means that neither direct cash loans nor indirect forms of credit, such as advances or guarantees, are permitted between the parties covered by the contract. This clause is commonly used to prevent conflicts of interest, reduce financial risk, and ensure that the relationship remains strictly within the agreed commercial terms, thereby avoiding complications that could arise from informal or unauthorized lending.
Loans Prohibited. No loans shall be permitted to any Participant of any amounts reserved by the Company for his account under this Plan. No amount reserved by the Company for a Participant under this Plan shall be considered as part of the Participant's Savings Plan account balance for purposes of determining the maximum loan that can be borrowed from the Savings Plan. 18
Loans Prohibited. 17 B.7 Vesting...........................................................17 B.8 Savings and Profit Sharing Plan Percentage of Pay Changes.........18 B.9 Distribution at Retirement or Termination.........................18 B.10 Distribution of Amounts Attributable to Excess Profit Sharing Contributions......................................18
Loans Prohibited. 17 B.7 Vesting..................................................... 17 B.8 Savings and Profit Sharing Plan Percentage of Pay Changes... 18 B.9 Distribution at Retirement or Termination................... 18 B.10 Distribution of Amounts Attributable to Excess Profit Sharing Contributions................................ 18 PART C-Nonqualified ESOP.................................................. 21 C.1 Definitions................................................. 21 C.2 Participation............................................... 21 C.3 Treatment of Excess ESOP Contributions...................... 22 C.4 Earnings Credit............................................. 22 C.5 Vesting..................................................... 22 C.6 Distribution at Retirement or Termination................... 22 C.7
Loans Prohibited. So long, as any amount remains outstanding under this Note, the Corporation shall not make, and shall not permit Deflecto to make, any loans, advances or other extensions of credit to the Corporation or any of its Affiliates, or except as expressly permitted by the terms of this Note, engage in any transaction that would give rise to any liability or other obligations owing to the Corporation or any of its Affiliates, other than liabilities or obligations created in the ordinary course of Deflecto's business.
Loans Prohibited. The Owner may not borrow any money under the Contract or pledge the Annuity Account Value or any portion thereof as security for a loan.