UNPAID LOANS Sample Clauses

UNPAID LOANS. ‌ If the outstanding balance of a loan is offset against a Participant’s Accumulations following a Participant’s Severance from Employment (or, with respect to a Beneficiary, the Participant’s death), the outstanding amount may be rolled over to an Eligible Retirement Plan to the extent the Participant or surviving Spouse, as applicable, can provide funding from other sources subject to the timing restrictions on indirect rollovers.
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UNPAID LOANS. No distribution shall be made to any Participant or Former Participant or to a Beneficiary of any such Participant unless and until all unpaid loans to him, including accrued interest thereon, have been liquidated.

Related to UNPAID LOANS

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

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