Distribution on Account of Financial Hardship Sample Clauses

Distribution on Account of Financial Hardship. (a) If elected by the Employer in the Adoption Agreement, distributions may be made from a Participant's Elective Deferral, Qualified Nonelective Contribution Account, vested portion of the Participant's Employer Discretionary Contribution Account, or the vested portion of the Employer Matching Contribution Account on account of financial hardship if the distribution is necessary in light of the immediate and heavy financial needs of the Participant. Effective for Plan Years beginning on or after January 1, 1989, distributions on account of financial hardship with respect to Elective Deferrals shall be limited to the amount of the Participant's Elective Deferrals and income allocable to such contributions credited to the Participant's Elective Deferral Account as of the end of the last Plan Year ending before July 1, 1989; neither the income allocable to Elective Deferrals credited to a Participant's Elective Deferral Account after the end of the last Plan Year ending before July 1, 1989 nor a Participant's Qualified Non-elective Contribution Account shall be available for such distributions.
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Distribution on Account of Financial Hardship. If elected (and to the extent elected) by the Employer in Section A-4.14 of the Adoption Agreement, a distribution may be made to a Participant in the event of hardship. For the purposes of this Section, hardship is defined as an immediate and heavy financial need of the Employee where such Employee lacks other available resources. Hardship distributions are subject to the spousal consent requirements contained in Sections 401(a)(11) and 417 of the Code. Any Participant who is eligible to receive a distribution pursuant to Section 11.09 (e) shall not be eligible to receive a hardship distribution under this Section 4.14.
Sample 1

Related to Distribution on Account of Financial Hardship

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Certificate Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the applicable subaccount of the Certificate Account for the following purposes:

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Distributions from Collection Account Subject to Section 8.2(e), on each Payment Date the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals From Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

  • Permitted Withdrawals From the Protected Account (a) The Master Servicer may from time to time make withdrawals from the Protected Account for the following purposes:

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

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