Common use of Repayment Term Clause in Contracts

Repayment Term. Such loan must provide for substantially level amortization (within the meaning of section 72(p)(2)(C) of the Code) with payments made at least quarterly for a period to end no later than the earlier of: (a) The expiration of a fixed term not to exceed four and one-half (4-1/2) years, or ten (10) years in the case of a loan used to acquire any dwelling unit which within a reasonable time (determined at the time the loan is made) is to be used as the principal residence of the Member (a “principal residence loan”); or (b) The date on which distribution of the Member’s Accounts is made or otherwise commences following the Member’s Termination of Employment.

Repayment Term. Such loan must provide for substantially level amortization (within the meaning of section 72(p)(2)(C) of the Code) with payments made at least quarterly for a period to end no later than the earlier of: (a) The expiration of a fixed term not to exceed four and one-half (4-1/2) years, or ten (10) years in the case of a loan used to acquire any dwelling unit which within a reasonable time (determined at the time the loan is made) is to be used as the principal residence of the Member (a “principal residence loan”); or (b) The date on which distribution of the Member’s 's Accounts is made or otherwise commences following the Member’s 's Termination of Employment.