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Borrower Investment Policy
Borrower Investment Policy contract clause examples
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LTV, PMI Policy. No Conforming Mortgage Loan (other than a HECM Loan) has an LTV greater than 100%. The LTV of the Conforming Mortgage Loan (other than a HECM Loan) either is not more than 80% or the excess over 75% of the Appraised Value is and will be insured as to payment defaults by a PMI Policy until the LTV of such Conforming Mortgage Loan is reduced to 80%. All provisions of such PMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. No action, inaction, or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Conforming Mortgage Loan subject to a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the

Stock Ownership Policy. If you are an Executive Officer of the Company or a member of its Operating Committee, as a condition to receiving this Award, you agree that you are subject to the Company’s stock ownership policy, as may be amended from time to time, and that as a result, you may be required to hold, including after your retirement, all or a portion of any shares of Common Stock issued to you pursuant to this Award in order to achieve compliance with such stock ownership policy.

Title Insurance Policy. The Building Loan Mortgage shall constitute a valid first Lien on the Property for the full amount of the Building Loan advanced to and

Compensation Recovery Policy. To the extent that any compensation paid or payable pursuant to this Agreement is considered “incentive-based compensation” within the meaning and

Compensation Recovery Policy. The Grant is subject to the terms of any compensation recovery policy or policies established by ALLETE as may be amended from time to time (“Compensation Recovery Policy”). ALLETE hereby incorporates into the Grant the terms of the Compensation Recovery Policy.

Insider Trading Policy. The Employee acknowledges that the Parent is publicly-held and, as a result, has implemented inside information policies designed to preclude its employees and those of its subsidiaries and affiliates from violating the federal securities laws by trading on material, non-public information or passing such information on to others in breach of any duty owed to the Company, or any third party. The Employee shall promptly execute any agreements generally distributed by the Parent or Company to its employees requiring such employees, including the Employee, to abide by its inside information policies.

Trading Policy Restrictions. Stock Option exercises and other actions taken with respect to Awards under the Plan shall be subject to the Company’s insider trading policies and procedures, as in effect from time to time.

Claw-back Policy. Each Award Opportunity granted, and each Long-Term Incentive Bonus paid, pursuant to the Plan shall be subject to the terms and conditions of the Claw-back Policy.

Dispute Resolution Policy. The terms of the Dispute Resolution Policy (a copy of which has previously been provided Employee), as well as the terms of the Dispute Resolution Policy as amended in the Outstanding Awards, are incorporated into this Agreement. The parties agree that any dispute in any way involving this Agreement may only be commenced before the American Arbitration Association and that Michigan law will govern the resolution of any such disputes.

SECTION #Investment Policies. Since the ClosingSixth Amendment Effective Date, there have been no material changes in the Investment Policies other than in accordance with this AgreementPermitted Policy Amendments, and the Borrower has at all times complied in all material respects with the Investment Policies with respect to each Portfolio Investment. The Investment Policies, to the extent described in the Borrower’s annual report on Form 10-K most recently filed with the Securities and Exchange Commission or in any subsequent filings as filed with the Securities and Exchange Commission, are or will be fully and accurately described in all material respects.

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