ELIGIBILITY FOR LOANS Sample Clauses

ELIGIBILITY FOR LOANS. Only one loan may be outstanding at any time for any Participant. Once a loan has been made, it may not be refinanced. Once a loan has been repaid, a Participant may not obtain a subsequent loan until after the period of six months from the date the previous loan has been repaid in full.
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ELIGIBILITY FOR LOANS. Upon written approval of the Employer, a Participant who is an Employee may obtain a cash loan from the Plan as provided in this Article 10. Notwithstanding the foregoing, to the extent required under applicable Department of Labor regulations, a Participant who is not an Employee but otherwise is a "party in interest" (within the meaning of Section 3(14) of ERISA) also shall be eligible to receive a loan under the terms of this Article 10.
Sample 1
ELIGIBILITY FOR LOANS. Loans will be made to all eligible Participants and beneficiaries on a reasonably equivalent basis. Each person who is a party­in­interest with respect to the Plan and Trust as defined in §3(14) of ERISA is eligible to receive a loan if the employer’s Plan permits loans and any of the following conditions are met: ● You are a former or active participant in the Plan. ● You are a beneficiary of a participant in the Plan. ● You have not met eligibility requirements to contribute to the Plan but have eligible transfer and/or rollover accounts. Loans will be made without regard to race, color, religion, gender, age, or national origin. Participants are permitted to have one general purpose loan and one mortgage loan for a primary residence at any given time. If the Participant previously defaulted on a loan within this employer’s Plan at Invesco, interest will continue to accrue on the outstanding balance of the defaulted loan. The Participant will be ineligible to take a new loan until the defaulted loan amount plus accrued interest is repaid.
Sample 1
ELIGIBILITY FOR LOANS. If the Employer so elects in the Adoption Agreement, loans shall be made available to any Participant or Beneficiary who is a party-in-interest (as defined in section 3(14) of ERISA) on a reasonably equivalent basis. Loans will not be made to any shareholder-employee, Owner-Employee or Participant or Beneficiary who is not a party-in-interest (as defined in section 3(14) of ERISA). For purposes of this requirement, a shareholder-employee means an Employee or officer of an electing small business (subchapter S) corporation who owns (or is considered as owning within the meaning of section 318(a)(1) of the Code) on any day during the taxable year of such corporation more than 5% of the outstanding stock of the corporation.
Sample 1
ELIGIBILITY FOR LOANS. A Participant who is an Employee may make application to the Administrator to borrow from the vested portion of his or her accounts. The Administrator, in its sole discretion, may permit any such loan, subject to the following terms and conditions: (a) The amount of the loan when added to the outstanding balance of all other outstanding loans from all plans of the Employer shall not exceed the lesser of (i) $50,000, reduced by the excess, if any, of the highest outstanding balance of loans during the one-year period ending on the day before the date on which such loan is made, or (ii) 50% of the Participant’s vested Accounts. In no event shall a loan of less than $1,000 be made hereunder. (b) Each loan shall be for a fixed term not in excess of five years and shall be evidenced by a note or other obligation signed or acknowledged by the Participant. (c) Each loan shall be payable in periodic installments and shall bear interest at a reasonable rate, which shall be determined by the Administrator on a uniform and consistent basis. (d) Payments shall be made by payroll deduction. If a Participant is not receiving Compensation from the Employer, loan repayment shall be made in accordance with the terms and procedures established by the Administrator, which may include a suspension of loan payments during a period of Qualified Military Service or FMLA leave or the acceleration of the remaining indebtedness. A Participant may repay an outstanding loan in full at any time. (e) Each loan shall be adequately secured. Such security shall include, but need not be limited to, a pledge of a portion of the Participant’s right, title and interest in his or her Account. Such pledge shall be evidenced by the execution of a promissory note or other obligation by the Participant which shall grant the security interest and provide that, in the event of any default by the Participant on a loan repayment, the Administrator shall be authorized to take any and all appropriate lawful actions necessary to enforce collection of the unpaid loan. (f) The Administrator shall adopt written loan procedures, which procedures shall include such additional terms, conditions and limitations as the Administrator deems necessary or appropriate.
Sample 1

Related to ELIGIBILITY FOR LOANS

  • Eligibility for Leave All regular full-time employees shall be eligible for paid leave. Further, all regular part-time employees shall receive paid leave on a ration of paid leave time accrued to the number of hours worked in the work week. All non-regular part-time, temporary, and seasonal employees will not be eligible to receive paid leave.

  • Eligibility for Benefits 1. Sick Leave Bank benefits are available only when the member personally has a severe medical hardship (catastrophic illness or serious accident). 2. Benefits can be received only after all accumulated sick leave and vacation days have been exhausted. 3. Any member receiving Worker's Compensation or disability benefits shall not be eligible to receive benefits from the Sick Leave Bank. 4. A member who is on leave of absence, suspended, or terminated from the Xxxxxxx County Board of Education shall not be eligible for Sick Leave Bank benefits. 5. The form, entitled "Request For Sick Leave Benefits" and physician's statement are required before the SLB Review Committee will consider a request for benefits. The physician's statement shall include a history of the illness, date the illness began, a diagnosis and prognosis, and any other related information. 6. Approval by the Sick Leave Bank Review Committee is required prior to the receiving of benefits. 7. Normal pregnancies, childbirth, childcare, or child adoption shall not be considered as eligible reasons for Sick Leave Bank benefits. 8. A four (4)-member Sick Leave Bank Review Committee, consisting of two (2) members appointed by the President of the Association and two (2) appointed by the Superintendent, shall have the responsibility of receiving requests, verifying the validity of requests and approval or denial of requests. Any approval of a request must have the support of at least three (3) members of the committee Sick Leave Bank Review Committee. The Sick Leave Bank Review Committee shall develop its rules of procedure and shall give wide distribution to said rules upon approval of the President of the Association and the Superintendent.

  • Eligibility for Group Participation This section describes eligibility to participate in the Group Insurance Program.

  • Eligibility for Holiday Pay A. An employee must be paid for all or a portion of both the regularly scheduled working assignment immediately prior to a holiday and the regularly scheduled working assignment immediately after that holiday in order to receive holiday pay. With County approval, compensatory time earned for working on a holiday or for a holiday falling on a regularly scheduled day off may be taken on the first scheduled working day after the holiday. B. A new employee whose first working day is the day after a holiday shall not be paid for that holiday. C. An employee who elects paid County retirement on a holiday shall be paid for the holiday. D. An employee who is terminating employment for reasons other than paid County retirement and whose last day as a paid employee is the day before a holiday shall not be paid for that holiday. E. Only regular, limited-term and probationary employees shall be eligible for holiday pay.

  • Eligibility of Loans Each Loan classified as an “Eligible Loan” (or included in any aggregation of balances of “Eligible Loans”) by CAC in any document or report delivered hereunder satisfied the requirements contained in the definition of Eligible Loan on the date such Loan was conveyed or pledged to Funding.

  • Eligibility for Form S-3 The Company represents and warrants that it meets the requirements for the use of Form S-3 for registration of the sale by the Initial Investors and any other Investor of the Registrable Securities and the Company shall file all reports required to be filed by the Company with the SEC in a timely manner so as to maintain such eligibility for the use of Form S-3.

  • Ineligibility for Form S-3 In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the Required Holders and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Eligibility and Participation An individual is deemed an “Eligible Employee” and, therefore, eligible to participate in the Plan if he or she is a member of the Company’s Management Team at the time of such individual’s termination of employment with the Company, and such employment terminates due to an event which constitutes a Qualifying Termination.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

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