Emergency Withdrawals. In the event a Participant suffers an unforeseeable emergency within the contemplation of this Section and Section 409A of the Code, the Participant may apply to the Company for an immediate distribution of all or a portion of the Participant’s Deferred Share Units. The unforeseeable emergency must result from a sudden and unexpected illness or accident of the Participant, the Participant’s spouse, or a dependent (within the meaning of Section 152(a) of the Code) of the Participant, casualty loss of the Participant’s property, or other similar extraordinary and unforeseeable conditions beyond the control of the Participant. Examples of purposes which are not considered unforeseeable emergencies include post-secondary school expenses or the desire to purchase a residence. In no event will a distribution be made to the extent the unforeseeable emergency could be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s nonessential assets to the extent such liquidation would not itself cause a severe financial hardship. The amount of any distribution hereunder shall be limited to the amount necessary to relieve the Participant’s unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution. The Committee shall determine whether a Participant has a qualifying unforeseeable emergency and the amount which qualifies for distribution, if any. The Committee may require evidence of the purpose and amount of the need, and may establish such application or other procedures as it deems appropriate.
Emergency Withdrawals. A member may make a withdrawal from their capital account if additional funds outside of the required member contribution were provided for additional shares of interest. Instances of emergency withdrawal include: death of a member or spouse in dire financial need.
Emergency Withdrawals. Prior to Termination of Employment, Participants may request full or partial payment of benefits which have accrued on their behalf to meet unforeseeable Emergency situations as defined under the plan and Section 457 of the Internal Revenue Code. Generally, an unforeseeable emergency is considered to exist when a participant encounters severe financial hardship due to an unexpected illness or accident or the loss of property due to a casualty or other event beyond the participant’s control. A withdrawal will be permitted only if the participant has exhausted all other financial resources available to meet the emergency. Requests for an Emergency Withdrawal must be approved by the State of Mississippi Deferred Compensation Board before the request will be processed. The request must be accompanied by sufficient proof that a valid emergency exists. For additional information on Emergency Withdrawals, contact SBA.
Emergency Withdrawals. Property Manager shall only be entitled to make withdrawals from the Property Account in accordance with the Budget or the Business Plan or in connection with a bona fide emergency due to casualty or act of God under circumstances in which it would be unreasonable to seek to obtain Owner's approval, in which case Property Manager shall be entitled to exceed, by a reasonable amount, the amounts set forth in the Budget in order to address such bona fide emergency situation; provided that as soon as practicable after such emergency, Property Manager shall fully inform Owner of the circumstances surrounding such situation and obtain, on a "going-forward" basis only, Owner's approval with respect to Property Manager's handling of similar emergency events at the Property in the future. It is understood that any action taken by Property Manager under this Section 2.7(b) in connection with any particular emergency event shall be considered as being within Property Manager's scope of authority under this Agreement but shall not create any precedent or duty on the part of Property Manager or Owner to take any action in connection with any future event. Nothing contained in this Section 2.7(b) or elsewhere in this Agreement is intended to provide any benefit to any third parties who are not parties hereto or successors or permitted assigns of parties hereto or impose upon Property Manager or Owner any duty or obligation to any third parties who are not parties hereto or successors or permitted assigns of parties hereto, nor shall it have the effect of giving, any enforceable rights to any third parties who are not parties hereto or successors or permitted assigns of parties hereto, whether such claims are asserted as third party beneficiary rights or otherwise. The Owner and Property Manager hereby acknowledge and agree that, if the Owner fails to deposit funds in the Property Account in an amount sufficient to fund the expenses authorized in the Budget, Property Manager shall not be required to incur any out of pocket costs in order to perform Property Manager's obligations under this Agreement.
Emergency Withdrawals. If I am allowed to make an emergency withdrawal, the match funds may remain in my match account if the following criteria are met:
Emergency Withdrawals. In the event that a Participant suffers an unforeseeable emergency within the contemplation of this Section 8(d), the Participant may apply to the Committee for an immediate distribution of all or a portion of the Participant’s DSUs. The unforeseeable emergency must result from a sudden and unexpected illness or accident of the Participant, the Participant’s spouse, or a dependent (within the meaning of Code Section 152) of the Participant, casualty loss of the Participant’s property, or other similar extraordinary and unforeseeable conditions beyond the control of the Participant. The Committee shall, in its sole and absolute discretion, determine whether a Participant has a qualifying unforeseeable emergency, may require independent verification of the emergency, and may determine whether or not to provide the Participant with cash or Shares. Examples of purposes which are not considered unforeseeable emergencies include post-secondary school expenses or the desire to purchase a residence. In no event will a distribution be made to the extent the unforeseeable emergency could be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s nonessential assets to the extent such liquidation would not itself cause a severe financial hardship. The amount of any distribution hereunder shall be limited to the amount necessary to relieve the Participant’s unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution. The number of Shares subject to the Participant’s DSU Award shall be reduced by any Shares distributed to the Participant and by a number of Shares having a Fair Market Value on the date of the distribution equal to any cash paid to the Participant pursuant to this Section 8(d). For all DSUs granted to Participants who are U.S. Taxpayers, the term “unforeseeable emergency” shall be interpreted in accordance with Code Section 409A.
Emergency Withdrawals. If a Participant is faced with an unforseeable emergency (as defined in the Plan), the Company, upon receipt of the Contractholder's written request, will pay to the Participant all or a portion of the value of Participant's Individual Account, determined as of the end of the Valuation Period in which the request is received. This withdrawal will be paid in lieu of the benefits otherwise provided under this contract for the Participant, his beneficiary or his contingent annuitant.
Emergency Withdrawals. 5.1 The Plan Administrator may pay all or a portion of a Member's Account prior to the time such amounts otherwise become payable in accordance with the provisions of the Plan; provided, however, that the Member demonstrates that he or she has a Withdrawal Circumstance.
Emergency Withdrawals. The Selected FIP will not authorize withdrawals without a Matched Savings Account Withdrawal Form signed by an ETL staff member and the Saver. The Saver can only make an emergency withdrawal in the event of three emergency types (threat to housing, medical reason, or loss of job). The Saver will have 30 days to make the emergency withdrawal and will need to commit to a new Savings Plan to meet the savings requirement deadline.
