Common use of Terms of Loan Clause in Contracts

Terms of Loan. Upon and after the Effective Date, each Lender shall extend to the Borrower a credit line for a maximum amount equal to an amount not exceeding in the aggregate amount loaned by the Lenders, jointly or severally, the Credit Line Amount. From time to time during the term of this Agreement, the Borrower may request an advance on the Credit Line in accordance with the instructions set forth Exhibit A hereto (each being an “Advance Request”) from one or both Lenders, each Advance being limited to an amount not exceeding the total outstanding amount already advanced to the Borrower by the Lender or Lenders, as the case may be, under any previously approved and advanced Advance. Each Lender will advise the Borrower within three (3) business days after receipt of an Advance Request if the Lender will make an Advance to the Borrower and the amount of the Advance. Each Lender may refuse any Advance Request made by the Borrower without cause and without explanation. Neither this Agreement nor any provision herein will obligate either Lender to approve any Advance Request. If a Lender approves any Advance Request, the advance of money under that Advance Request will be made within ten (10) days after approval of the Advance Request by the Lender or Lenders, as the case may be, by wire transfer to the Borrower’s bank account listed in Exhibit A hereto. Each Advance shall bear a simple interest rate of eight percent (8%) per annum (based upon a 365-day year. Each Advance and all accrued but unpaid interest thereon shall, at the discretion of each Lender, either (i) be repaid in cash and/or (ii) convert into shares of common stock of Borrower (the “Common Stock”) as provided in Section 2 below on and shall be due and payable on the third (3rd) annual anniversary of the date that the Advance is received by the Borrower in good funds on deposit (the “Advance Maturity Date”). An Advance Maturity Date may be extended by the Lender who made the Advance for a one-time extension not to exceed the thirty (30) consecutive days immediately following the Advance Maturity Date. Each Advance shall not be secured by a lien or other encumbrance on any Borrower assets (including, without limitation, ownership interests in Borrower’s subsidiaries or assets of any of Borrower’s subsidiaries), but shall be solely a general unsecured debt obligation of the Borrower.

Terms of Loan. Upon and after the Effective Date, each the Lender shall extend to the Borrower a credit line for a maximum amount equal to an amount not exceeding in the aggregate amount loaned by the Lenders, jointly or severally, the Credit Line Amount. From time to time during the term of this Agreement, the Borrower may request an advance on the Credit Line in accordance with the instructions set forth Exhibit A hereto (each being an “Advance Request”) from one or both Lenders, each Advance being limited to an amount not exceeding the total outstanding amount already advanced to the Borrower by the Lender or Lenders, as the case may be, under any previously approved and advanced AdvanceLender. Each The Lender will advise the Borrower within three (3) business days Business Days after receipt of an Advance Request if the Lender will make an Advance to the Borrower and the amount of the Advance. Each The Lender may refuse any Advance Request made by the Borrower without cause and without explanationexplanation or offer to fund an amount less than requested by the Borrower. Neither this Agreement nor any provision herein will obligate either the Lender to approve any Advance Request. If a the Lender approves any Advance Request, the advance of money under that Advance Request will be made within ten (10) days after approval of the Advance Request by the Lender or LendersLender, as the case may be, by wire transfer to the Borrower’s bank account listed in Exhibit A hereto. Each Advance shall bear a simple interest rate of eight percent (8%) per annum (based upon a 365-365- day year. Each Advance and all accrued but unpaid interest thereon shall, at the discretion of each the Lender, either (i) be repaid in cash and/or (ii) convert into shares of common stock of the Borrower (the “Common Stock”) as provided in Section 2 below on and shall be due and payable on the third (3rd) annual anniversary of the date that the Advance is received by the Borrower in good funds on deposit (the “Advance Maturity Date”). An Advance Maturity Date may be extended by the Lender who made the Advance for a one-time extension not to exceed the thirty (30) consecutive days immediately following the Advance Maturity Date. Each Advance shall not be secured by a lien or other encumbrance on any Borrower assets (including, without limitation, ownership interests in the Borrower’s subsidiaries or assets of any of Borrower’s subsidiaries), ) but shall be solely a general unsecured debt obligation of the Borrower.

Terms of Loan. Upon and after (a) A loan shall be secured by a lien on the Effective DateEligible Borrower’s interest in the Plan, each Lender shall extend to the Borrower maximum extent permitted by the relevant provisions of the Code, ERISA, and any regulations or other guidance issued thereunder. (b) The interest rate on a credit line loan shall be a reasonable rate of interest established by the Committee or its duly authorized delegate on the date that the loan is approved by the Committee (or its delegate). (c) Subject to Section 6.06, the principal amount and interest on a loan shall be repaid no less frequently than quarterly by level payroll deductions during each payroll period in which the loan is outstanding; provided, however, that a Participant who is not on the active payroll may continue to repay the principal and interest of his or her loan by check or money order. The loan’s repayment period shall not extend beyond five years (60 months) from the date the loan is made (except in the case of a loan used to acquire any dwelling unit which within a reasonable time is to be used as the principal residence of the Participant, in which case the loan’s repayment period shall not extend beyond ten years (120 months)). This level amortization requirement will not apply for a maximum period, not longer than one year (or such longer period as may apply under Section 6.08), that a Participant is on a bona fide leave of absence, either without pay from the Employer or at a rate of pay (after income and employment tax withholding) that is less than the amount equal to an amount not exceeding in of the aggregate amount loaned installment payments required under the terms of the loan. However, the loan (including interest that accrues during the leave of absence) must be repaid by the Lendersfive-year loan maturity deadline specified above (or ten-year loan maturity date applicable to principal residence loans), jointly or severally, the Credit Line Amount. From time to time during the term of this Agreement, the Borrower may request an advance on the Credit Line in accordance with the instructions set forth Exhibit A hereto (each being an “Advance Request”) from one or both Lenders, each Advance being limited to an amount not exceeding the total outstanding amount already advanced to the Borrower by the Lender or Lenders, as the case may be, under any previously approved and advanced Advance. Each Lender will advise the Borrower within three (3) business days after receipt of an Advance Request if the Lender will make an Advance to the Borrower and the amount of the Advance. Each Lender may refuse any Advance Request made by installments due after the Borrower without cause and without explanation. Neither this Agreement nor any provision herein will obligate either Lender to approve any Advance Request. If a Lender approves any Advance Requestleave ends (or, if earlier, after the advance of money under that Advance Request will be made within ten (10) days after approval first anniversary of the Advance Request leave or such longer period as may apply under Section 6.08) must not be less than the amount requested under the terms of the original loan. (d) Each loan shall be evidenced by a promissory note, evidencing the Lender Eligible Borrower’s obligation to repay the borrowed amount to the Plan, in such form and with such provisions consistent with this Article VI as are acceptable to the Trustee. All promissory notes shall be deposited with the Trustee. (e) Under the terms of the loan agreement, a Committee representative may determine a loan to be in default, and may take such actions upon default, in accordance with Paragraph 6.07. (f) If an Eligible Borrower is transferred from employment with the Employer to employment with an Affiliated Company or Lenders, another entity affiliated with the Employer as the case Committee in its discretion may bedetermine, by wire transfer he shall not be treated as having terminated employment and the Committee shall make arrangements for the loan to the Borrower’s bank account listed in Exhibit A hereto. Each Advance shall bear a simple interest rate of eight percent (8%) per annum (based upon a 365-day year. Each Advance and all accrued but unpaid interest thereon shall, at the discretion of each Lender, either (i) be repaid in cash and/or (ii) convert into shares accordance with the loan agreement. For this purpose, the Committee may, but is not required to, authorize the transfer of common stock the loan to a qualified plan maintained by such Affiliated Company or other affiliated entity. In the absence of Borrower (such arrangements, the “Common Stock”) as provided loan shall be deemed to be in Section 2 below on default, and shall be due and payable on subject to the third (3rd) annual anniversary provisions of the date that the Advance is received by the Borrower in good funds on deposit (the “Advance Maturity Date”). An Advance Maturity Date may be extended by the Lender who made the Advance for a one-time extension not to exceed the thirty (30) consecutive days immediately following the Advance Maturity Date. Each Advance shall not be secured by a lien or other encumbrance on any Borrower assets (including, without limitation, ownership interests in Borrower’s subsidiaries or assets of any of Borrower’s subsidiaries), but shall be solely a general unsecured debt obligation of the BorrowerParagraph 6.07.