Conditions of Loan. Each loan to a Member under the Plan shall be repaid in level monthly amounts through regular payroll deductions after the effective date of the loan, and continuing thereafter with each payroll. Except as otherwise required by the Code and the IRS Regulations, each loan shall have a repayment period of not less than 12 months and not in excess of 60 months, unless the purpose of the loan is for the purchase of a primary residence, in which case the loan may be for not more than 180 months. After the first 3 monthly payments of the loan have been satisfied, the Member may pay the outstanding loan balance (including accrued interest from the due date). The rate of interest for the term of the loan will be established as of the loan date, and will be the Xxxxxx’x Prime Rate (base rate) plus 1% as published on the last Saturday of the preceding month, or such other rate as may be required by applicable law and determined by reference to the prevailing interest rate charged by commercial lenders under similar circumstances. The applicable rate would then be in effect through the last business day of the month. Repayment of all loans under the Plan shall be secured by 50% of the Member’s vested interest in his Account, determined as of the origination of such loan.
Conditions of Loan. The obligation of each Lender to make the Loan is subject to the following conditions precedent:
Conditions of Loan. Each loan to a Member under the Plan shall be repaid in level monthly amounts through regular payroll deductions after the effective date of the loan, and continuing thereafter with each payroll. Except as otherwise required by the Code and the IRS Regulations, each loan shall have a repayment period of not less than 12 months and not in excess of 60 months, unless the purpose of the loan is for the purchase of a primary residence, in which case the loan may be for not more than 180 months. The rate of interest for the term of the loan will be established as of the loan date, and will be the Xxxxxx'x Prime Rate (base rate) plus 1% as published on the last Saturday of the preceding month, or such other rate as may be required by applicable law and determined by reference to the prevailing interest rate charged by commercial lenders under similar circumstances. The applicable rate would then be in effect through the last business day of the month. Repayment of all loans under the Plan shall be secured by 50% of the Member's vested interest in his Account, determined as of the origination of such loan.
Conditions of Loan. The obligation of the Lender to make the Loan hereunder is subject to satisfaction of the following conditions precedent:
Conditions of Loan. 4.1 Initial conditions precedent
Conditions of Loan. The obligation of Creditor to make the Loan is subject to the condition precedent that Creditor shall have received, in form and substance satisfactory to Creditor, the following:
Conditions of Loan. (A) Loans shall be made available to all Members and Beneficiaries on a reasonably equivalent basis.
Conditions of Loan. The obligation of each Lender to make its Loan on the Closing Date is subject to satisfaction of the following conditions precedent:
Conditions of Loan. 4.1 Initial conditions precedent The obligations of each Lender to participate in any Loan or make available the Overdraft Facility are subject to clause 3 (Conditions Precedent) of the Common Terms Agreement. The Initial ACF Agent will notify the Initial ACF Lenders upon the satisfaction of the conditions precedent (other than the Final Conditions Precedent) in the Borrower CP Agreement.
Conditions of Loan. 5.1 The Exhibit shall not be repaired, retouched, or altered in any way except with the prior written consent of University. Cleaning of the Exhibit shall require University consent and shall be conducted according to written instructions provided by University. Borrower shall submit a condition report on the Exhibit to University upon arrival and departure from location in the form attached to this Agreement as Attachment C.
