Pre-existing Loans Sample Clauses

Pre-existing Loans. The provision in paragraph (a) of this Section 7.09 limiting a Participant to one outstanding loan shall not apply to loans made before the Employer adopted this prototype Plan document. A Participant may not apply for a new loan until all outstanding loans made before the Employer adopted this prototype Plan have been paid in full. The Trustee may accept any loans made before the Employer adopted this prototype Plan document except such loans which require the Trustee to hold as security for the loan property other than the Participant's vested Account. As of the effective date of amendment of this Plan in Section 1.01(g)(2), the Trustee shall have the right to reamortize the outstanding principal balance of any Participant loan that is delinquent. Such reamortization shall be based upon the remaining life of the loan and the original maturity date may not be extended. Notwithstanding any other provision of this Plan, the portion of the Participant's vested Account used as a security interest held by the Plan by reason of a loan outstanding to the Participant shall be taken into account for purposes of determining the amount of the Account payable at the time of death or distribution, but only if the reduction is used as repayment of the loan. If less than 100% of the Participant's vested Account (determined without regard to the preceding sentence) is payable to the surviving spouse, then the Account shall be adjusted by first reducing the vested Account by the amount of the security used as repayment of the loan, and then determining the benefit payable to the surviving spouse. No loan to any Participant or Beneficiary can be made to the extent that such loan when added to the outstanding balance of all other loans to the Participant or Beneficiary would exceed the lesser of (a) $50,000 reduced by the excess (if any) of the highest outstanding balance of loans during the one year period ending on the day before the loan is made over the outstanding balance of loans from the Plan on the date the loan is made, or (b) one-half the present value of the non-forfeitable Account of the Participant. For the purpose of the above limitation, all loans from all Plans of the Employer and Related Employers are aggregated.

Pre-existing Loans. Loans outstanding as of the date hereof pursuant to Promissory Note dated as of October 23, 2001executed and delivered by the Borrower to the Lender shall be deemed to be a Revolving Loan outstanding hereunder and shall be subject to the terms and conditions of this Credit Agreement and such Revolving Loan will now be evidenced by the Note.

Pre-existing Loans. As of the date of this Agreement, there are no pre-existing inter-company loans to/from PAEM, PAEM's Subsidiaries or Orca that have not been settled in full and for which PAEM or its Subsidiaries would be responsible for after the Effective Date.

Pre-existing Loans. The Lender and the Borrower intend that: (i) the terms and conditions of the Revolving Credit Agreement , dated as of January 22, 2018 (the “Existing Credit Agreement”), between the Lender and the Borrower, are amended as set forth in, and restated in their entirety and superseded by, this Credit Agreement and (ii) the “Revolving Loans” under the Existing Credit Agreement shall, on the date hereof, be continued, renewed, restated and converted into Revolving Loans under this Credit Agreement (but shall not be deemed repaid).

Pre-existing Loans. Loans outstanding as of the date hereof under the General Financing Agreement, dated August 24, 2007, between Mizuho Corporate Bank, Ltd. and the Borrower shall be deemed to be a Revolving Loan outstanding hereunder and shall be subject to the terms and conditions of this Credit Agreement and such Revolving Loan will now be evidenced by the Note.