Loan Offset. The Plan Administrator will reduce the Participant's Vested Account Balance by any security interest (pursuant to any offset rights authorized by Section 10.03(E)) held by the Plan by reason of a Participant loan, to determine the value of the Participant's Vested Account Balance distributable in the form of a QJSA or QPSA, provided the loan satisfied the spousal consent requirement described in Section 10.03(E).
Loan Offset. Subject to the terms and conditions of this Agreement and in reliance on the representations, warranties and covenants herein set forth, effective immediately prior to the closing of the SPAC Transaction, the Company hereby agrees to offset an applicable portion of the after-tax value of the Transaction Bonus against the Outstanding Amount, including any unpaid interest owed thereon, as of one day immediately prior to the closing of the SPAC Transaction (the “Loan Offset”).
Loan Offset. 3.1 If Loan Offset applies to your loan, to calculate your interest charges, each day we divide the balance owing on your loan account into the following two parts:
(a) a part equal to the credit balance(s) in the Bank of Melbourne account(s) nominated by you and linked to this loan (“linked account”). Any interest rate applying to a linked account ceases to apply from the date the account is linked to the loan. We charge interest on that part at: • the annual percentage rate; less • the interest offset rate we set in relation to the credit balances in your linked account(s). That interest offset rate is always less than the annual percentage rate; and
(b) the remaining part of the balance owing on your loan account. We charge interest on this part at the annual percentage rate. Any reduction in interest charges through Loan Offset is not reflected in a lower repayment amount. Instead, the term of your loan may shorten.
3.2 If the credit balance(s) in your linked account(s) exceeds the balance in your loan account, you do not receive any benefit for that excess.
3.3 You do not earn interest on any credit balance in the linked account(s) (even if the credit balance is more than the balance owing on your loan account).
Loan Offset. Upon my death, my entire loan balance will be immediately payable and I authorize MetLife to withdraw this amount and any accrued and unpaid interest from my certificate without further notice. If I request a full withdrawal from my certificate after I have reached age 591/2 or notified MetLife of my separation from service or disability, I authorize MetLife to offset against my certificate my remaining loan balance, any accrued and unpaid interest, and any surrender charges. If MetLife makes distribution to me and any amounts are eligible for rollover (including the offset amount), I understand MetLife is required to withhold from my certificate 20% of the eligible rollover amount to cover Federal Income Taxes.
Loan Offset. Any loan outstanding at the time the Participant receives a distribution, other than a hardship distribution, shall be repaid by offsetting the balance due, plus accrued interest and any cost, against the amount to be distributed. In addition, if such distribution is an “eligible rollover distribution” as defined in Section 11.05, the loan may be rolled over to an “eligible retirement plan” in a “direct rollover” as provided in Section 11.05 hereof.
Loan Offset. If Loan Offset applies to your loan, to calculate the interest charges on your loan account, each day we divide the balance owing on your loan account into the following 2 parts:
Loan Offset. The amounts payable to Executive upon termination of Executive's employment may be reduced, at the Company's sole discretion, by an amount not to exceed the then existing principal balance, if any, of the loan contemplated by Section 4d hereof, and the amount owing on such loan shall be reduced accordingly.
Loan Offset. You have previously received loans from the Company which are evidenced by promissory note dated May 11, 2001 (the "Promissory Note"). Under the terms of the Promissory Note, the aggregate principal amount of the note plus interest becomes immediately due and payable on your Termination Date. This Agreement modifies the Promissory Note to the extent necessary so that all outstanding principal and interest due under the Promissory Note will become fully due and payable on the Initial Payment Date (provided that no interest shall be due under the Promissory Note for periods after December 31, 2002). The outstanding principal and interest due on the Promissory Note as of the Initial Payment Date shall be offset against, and shall reduce the amounts you are entitled to receive under Section 2 of this Agreement as of the Initial Payment Date.
