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. 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. 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. 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:
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

Related to ELIGIBILITY FOR LOANS

  • Eligibility for Benefits A member will not be eligible to receive Long Term Disability benefits until their Income Protection benefits have expired.

  • 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.

  • 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 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.

  • Eligibility It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

  • Eligibility for Severance Benefits The Corporation or its successor shall pay or provide to the Executive the Severance Benefits if the Executive’s employment is terminated voluntarily or involuntarily during the term of this Agreement, either:

  • Eligibility; Disqualification There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

  • Eligibility of Accounts As of the Addition Cut Off Date, each Additional Account designated hereby is an Eligible Account;

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