Common use of Repayment Period Clause in Contracts

Repayment Period. Each loan, by its terms, shall be required to be repaid within 5 years except in the case of a loan used to acquire any dwelling unit which within a reasonable time is to be used (determined at the time the loan is made) as the principal residence of the Participant which shall be required to be repaid within 15 years. Loan repayments may be suspended under this Plan during a Participant’s Employer-Approved Leave of Absence for military service as permitted under section 414(u)(4) of the Code.