Loan Offset Sample Clauses

Loan Offset. The Plan Administrator will reduce the Participant's Vested Account Balance by any security interest (pursuant to any offset rights authorized by Section 10.03(E)) held by the Plan by reason of a Participant loan, to determine the value of the Participant's Vested Account Balance distributable in the form of a QJSA or QPSA, provided the loan satisfied the spousal consent requirement described in Section 10.03(E).
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Loan Offset. Subject to the terms and conditions of this Agreement and in reliance on the representations, warranties and covenants herein set forth, effective immediately prior to the closing of the SPAC Transaction, the Company hereby agrees to offset an applicable portion of the after-tax value of the Transaction Bonus against the Outstanding Amount, including any unpaid interest owed thereon, as of one day immediately prior to the closing of the SPAC Transaction (the “Loan Offset”).
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Loan Offset. 3.1 If Loan Offset applies to your loan, to calculate your interest charges, each day we divide the balance owing on your loan account into the following two parts:
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Loan Offset. Upon my death, my entire loan balance will be immediately payable and I authorize MetLife to withdraw this amount and any accrued and unpaid interest from my certificate without further notice. If I request a full withdrawal from my certificate after I have reached age 591/2 or notified MetLife of my separation from service or disability, I authorize MetLife to offset against my certificate my remaining loan balance, any accrued and unpaid interest, and any surrender charges. If MetLife makes distribution to me and any amounts are eligible for rollover (including the offset amount), I understand MetLife is required to withhold from my certificate 20% of the eligible rollover amount to cover Federal Income Taxes.
Sample 1
Loan Offset. You have previously received loans from the Company which are evidenced by promissory note dated May 11, 2001 (the "Promissory Note"). Under the terms of the Promissory Note, the aggregate principal amount of the note plus interest becomes immediately due and payable on your Termination Date. This Agreement modifies the Promissory Note to the extent necessary so that all outstanding principal and interest due under the Promissory Note will become fully due and payable on the Initial Payment Date (provided that no interest shall be due under the Promissory Note for periods after December 31, 2002). The outstanding principal and interest due on the Promissory Note as of the Initial Payment Date shall be offset against, and shall reduce the amounts you are entitled to receive under Section 2 of this Agreement as of the Initial Payment Date.
Sample 1
Loan Offset. The amounts payable to Executive upon termination of Executive's employment may be reduced, at the Company's sole discretion, by an amount not to exceed the then existing principal balance, if any, of the loan contemplated by Section 4d hereof, and the amount owing on such loan shall be reduced accordingly.
Sample 1
Loan Offset. Any loan outstanding at the time the Participant receives a distribution, other than a hardship distribution, shall be repaid by offsetting the balance due, plus accrued interest and any cost, against the amount to be distributed. In addition, if such distribution is an “eligible rollover distribution” as defined in Section 11.05, the loan may be rolled over to an “eligible retirement plan” in a “direct rollover” as provided in Section 11.05 hereof.
Sample 1
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Related to Loan Offset

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments, Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and all outstanding Swingline Loans and replace all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i).

  • Prepayments of Revolving Credit Advances The Borrower ---------------------------------------- may, upon notice at least two Business Days' prior to the date of such prepayment, in the case of Eurodollar Rate Advances, and not later than 12:00 noon (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Revolving Credit Advances comprising part of the same Revolving Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in -------- ------- an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Revolving Loan Commitment Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability.

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $11,900,000 in the aggregate (the "Loan") consisting of $5,950,000 of 7-year Tranche advances and $5,950,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • Term Loan The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay the Term Loan in whole or in part together with the applicable Prepayment Premium; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of LIBOR Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of LIBOR Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (D) any prepayment of the Term Loan shall be applied in the inverse order of maturity with respect to the remaining amortization payments. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. On the date of any voluntary prepayment of any Term Loan pursuant to this Section 2.05(a)(ii), the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, whether before or after an Event of Default, the applicable Prepayment Premium. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

  • Loan Commitment Disbursement to Borrower Except as expressly and specifically set forth herein, Lender has no obligation or other commitment to loan any funds to Borrower or otherwise make disbursements to Borrower. Borrower hereby waives any right Borrower may have to make any claim to the contrary.

  • Revolving Credit Loan The Borrower hereby requests a [Revolving Credit Loan under §2.1] [Swing Loan under §2.5] of the Credit Agreement: Principal Amount: $ Type (LIBOR Rate, Base Rate): Drawdown Date: Interest Period for LIBOR Rate Loans: by credit to the general account of the Borrower with the Agent at the Agent’s Head Office. [If the requested Loan is a Swing Loan and the Borrower desires for such Loan to be a LIBOR Rate Loan following its conversion as provided in §2.5(d), specify the Interest Period following conversion: ]

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

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