Loan Provisions. [ ] A. Participant loans are not available from the Plan. [x] B. Participant loans are permitted in accordance with the Employer’s established loan procedures. [ ] C. Loan payments will be suspended under the Plan as permitted under Code Section 414(u) in compliance with the Uniformed Services Employment and Reemployment Rights Act of 1994.
Loan Provisions. No Mortgage Loan contains a provision that by its terms would automatically or at the unilateral option of the Mortgagor cause such Mortgage Loan to not be a "qualified mortgage" as such term is defined in Section 860G(a)(3) of the Code.
Loan Provisions x A. Participant loans are permitted in accordance with the Employer’s established loan procedures.
Loan Provisions. The following provisions shall apply to any loan made to the Trust fund:
(a) The loan must be at a reasonable rate of interest, for a specific period of time, and shall not be payable on demand;
(b) Any collateral pledged to the creditor by the Trust shall consist only of the assets purchased with the borrowed funds (although in addition to such collateral, the Company may guarantee repayment of the loan);
(c) Under the terms of the loan, the creditor shall have no recourse against the Trust except with respect to such collateral;
(d) The loan shall be repaid only from those amounts con-tributed by the Company to the Trust and from amounts earned on Trust investments;
(e) The Company must contribute to the Trust amounts suf-ficient to enable the Trust to pay each installment of principal and interest on the loan on or before the date such installment is due, even if no tax benefit results from such contribution; and
(f) Upon the repayment of any portion of the balance due on the loan, the assets originally pledged as collateral for such portion shall be released from encumbrance. Released shares shall be allocated to the accounts of participants during the fiscal year such portion is paid off. Such allocation shall be made in the same manner provided under the Plan for allocating shares when no loan is involved.
(g) Any such loans shall be effected primarily in the interest of participants and their beneficiaries.
(h) Notwithstanding the foregoing, in the event an exempt loan is effected it shall be subject to the following additional provisions and the proceeds thereof must be used within a reasonable time after their receipt only for any or all of the following purposes:
(i) To acquire qualifying Company securities.
(ii) To repay such loan.
(iii) To repay a prior exempt loan. A new loan, the proceeds of which are so used, must satisfy the provisions of this Subparagraph (h).
(i) Except as provided hereinafter or as otherwise required by applicable law, no security acquired with the proceeds of an exempt loan may be subject to a put, call or other option, or buy-sell or similar arrangement while held by and distributed from the Plan, whether or not the Plan is then an ESOP.
(j) A qualifying Company security acquired with the proceeds of an exempt loan by the Plan, must be subject to a put option if it is not publicly traded when distributed or if it is subject to a trading limitation when distrib-uted. For purposes of this Subparagraph, a “trading limitat...
Loan Provisions. (a) Each Partner shall, in its reasonable discretion, cooperate to amend this Agreement and the Certificate of Limited Partnership if required to comply with the requirements of any lender providing mortgage financing to the Company in accordance with this Agreement.
(b) The Partners acknowledge that the Liberty Loan was provided to the Company, and that (with the consent of NYSCRF, as set forth in Section 6.04(l)) future financing may be provided to the Company or any Entity, and/or serviced by an Affiliate of the General Partner (the “Affiliate Lender”). As a result, the interests of the Affiliate Lender, in its capacity as a lender, may be different from, or in conflict with, the interests of the Partners or the interests of the Company or any of their respective Affiliates. In recognition of the foregoing and in consideration of the Affiliate Lender providing or facilitating any such loan, the Partners acknowledge and agree that the Affiliate Lender is and will be entitled to enforce its rights under any existing or future loan (and ancillary security) documents with the Company and/or any Entity and will be entitled to pursue any and all remedies to which it is entitled (including calling a default under, accelerating or foreclosing on any collateral securing, such loan) even if doing so would be detrimental to or create a conflict with the Company and/or such Entity or any of its Partners, and each of the Partners waives, to the fullest extent permitted by law, (i) any right to object to such enforcement, (ii) any right to assert a claim against the General Partner or its Affiliates as a result of such conflict of interest, and (iii) any claim for a breach of fiduciary duty, duty of loyalty, lender liability, equitable subordination or other claims relating to or arising from the fact that the Affiliate Lender and its Affiliates would have an interest, directly or indirectly, as both a creditor and a Partner of the Company. In addition, the classification and treatment for income tax purposes of the Liberty Loan and any other financing provided by an Affiliate of the General Partner as non-recourse debt or non-recourse liability shall be made and governed by the Code.
Loan Provisions. Additional provi- sions governing default under the sec- tion 202 loan are included in the regu- latory agreement and other loan docu- ments.
Loan Provisions x A. Participant loans are permitted in accordance with the Employer’s established loan procedures.
x B. Loan payments will be suspended under the Plan as permitted under Code Section 414(u) in compliance with the Uniformed Services Employment and Reemployment Rights Act of 1994.
Loan Provisions. LOANS - You may request a loan any time before the annuity date. You must assign this contract to us as security for a loan. The maximum loan available is the General Account Contract Value minus: 1. any withdrawal charge that applies to the total General Account Contract Value in the year in which you make the loan; and 2. interest on the loan paid to the end of the contract year in which you make the loan. We may defer granting a loan for six months from the date we receive the written loan request.
Loan Provisions. 1. Participant loans are permitted in accordance with the Employer’s established loan procedures.
2. Participant loans are not permitted.
