Example ContractsClausesThe Loan
The Loan
The Loan contract clause examples

Loan Proceeds. The Borrowers shall use the proceeds of the Loan only for the purposes set forth in Section 2.1.4 hereof.

Loan Document. This Amendment shall constitute a Loan Document under the terms of the Loan Agreement.

Loan Documents. The validity or enforceability of any Loan Document shall at any time for any reason (other than solely as the result of an action or failure to act on the part of Agent or any Lender) be declared to be null and void, or a proceeding shall be commenced by a Loan Party or its Subsidiaries, or by any Governmental Authority having jurisdiction over a Loan Party, seeking to establish the invalidity or unenforceability thereof, or a Loan Party shall deny that such Loan Party has any liability or obligation purported to be created under any Loan Document; or

Loan Terms. The minimum Participant Loan shall be $1,000. The maximum Participant Loan shall be the lesser of # 50% of the Vested balance in the Eligible Borrower’s Accounts; and # $50,000, reduced by the highest outstanding balance of any Participant Loan (or any loan from other tax-qualified plans of the Affiliated Companies) to such Eligible Borrower during the 12-month period ending on the day before the Participant Loan is made. Each Participant Loan shall bear a reasonable rate of interest. Each Participant Loan shall be required to be repaid in full within 5 years; provided, however, that if the Participant Loan is used to acquire a dwelling which is to be used within a reasonable time after the Participant Loan is made

Loan Proceeds. Upon the approval of an Eligible Borrower’s application for a Participant Loan, the Participant Loan proceeds shall be derived from the proceeds of the sale or redemption of Investment Funds in the Eligible Borrower’s Before-Tax, After-Tax and Rollover Accounts, and, effective as of January 1, 2013, Roth Account, in the manner specified in the Loan Procedures. The proceeds of such sales or redemptions shall be transferred # from the Eligible Borrower’s other Accounts to his Loan Account, and # from his Loan Account to the Eligible Borrower.

Loan Repayments. All Participant Loan repayments shall be made to the Eligible Borrower’s Loan Account. Such repayments shall immediately be transferred from the Loan Account to the Eligible Borrower’s Before-Tax, After-Tax and Rollover Accounts, and, effective as of January 1, 2013, Roth Account, and invested in the manner specified in the Loan Procedures.

Loan Defaults. Upon the occurrence of any event of default as specified in the Participant Note evidencing any Participant Loan (an “Event of Default”), the Committee shall take such action as it determines to be necessary or appropriate in order to preclude the loss of principal and interest by the Plan. Such action may include a foreclosure of the Participant Loan by distribution of the Participant Note to the Eligible Borrower, or by other reduction of the Eligible Borrower’s Plan balance by the value of the Participant Loan; provided that no such foreclosure or reduction shall be made until the earliest time that Before-Tax Contributions may be distributed to the Eligible Borrower, as provided in Code Section 401(k).

Loan Prepayments. (i) Prior to the Interim Loan Conversion Date, on each occasion that a Prepayment Event occurs, the Borrower shall, within three Business Days after its receipt of the Net Cash Proceeds of a Prepayment Event, prepay, in accordance with clause (c) below Loans with principal amount equal to 100% of the Net Cash Proceeds from such Prepayment Event; provided that the Borrower may, to the extent required by the ABL Facilities, apply such Net Cash Proceeds to prepay, repay or repurchase Indebtedness outstanding under such ABL Facilities within three Business Days after receipt thereof, prior to the application of such Net Cash Proceeds to prepay Loans; provided, further, that the Borrower shall not be required to make any prepayment pursuant to this Section 5.2(a), if and to the extent such prepayment is prohibited by, or would result in the violation by any Loan Party of, the terms of any First Lien Document (as defined in the Intercreditor Agreement).

Loan Documents. The Administrative Agent shall have received:

Mortgage Loan Schedule. The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement is true and correct in all material respects as of the Cut-off Date and contains all information required by the Pooling and Servicing Agreement to be contained in the Mortgage Loan Schedule.

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