LOAN RENEGOTIATION. The default loan policy provides that a Participant may renegotiate a loan, provided the renegotiated loan separately satisfies the reasonable interest rate requirement, the adequate security requirement, the periodic repayment requirement and the loan limitations under the Plan. The Employer may restrict the availability of renegotiations to prescribed purposes, provided the ability to renegotiate a Participant loan is available on a non-discriminatory basis, if applicable. To override the default loan policy and restrict the ability of a Participant to renegotiate a loan, complete this AA §B-14.
LOAN RENEGOTIATION. If the exceptional prevailing circumstances foreseen in subsection 12.5.1 above prevent the Lending entities from making the debit transactions indicated, the Agent shall determine loan renegotiation and the Borrower and Lending Entities shall negotiate the measures to adopt to adapt the loan related to this Agreement to the new circumstances, in good faith. Assuming that the parties do not reach an agreement in a maximum of thirty (30) calendar days as from the Agent’s decision and notwithstanding the fact that such period shall not suspend any of the Borrower’s obligations on account of this, this Agreement shall be terminated early at the end of the period indicated. Any amortisation resulting from the application of this subsection shall be exempt from any commission or penalties.
LOAN RENEGOTIATION. A Participant may renegotiate a loan without violating the one outstanding loan requirement to the extent such renegotiated loan is a new loan (i.e., the renegotiated loan separately satisfies the reasonable interest rate requirement under Section 13.05, the adequate security requirement under Section 13.06, and the periodic repayment requirement under Section 13.07) and the renegotiated loan does not exceed the limitations under Section 13.03 above, treating both the replaced loan and the renegotiated loan as outstanding at the same time. However, if the term of the renegotiated loan does not end later than the original term of the replaced loan, the replaced loan may be ignored in applying the limitations under Section 13.03 above.
LOAN RENEGOTIATION. The default loan policy provides that a Participant may renegotiate a loan, provided the renegotiated loan separately satisfies the reasonable interest rate requirement, the adequate security requirement, the periodic repayment requirement and the loan limitations under the Plan. The Employer may restrict the availability of renegotiations to prescribed purposes provided the ability to renegotiate a Participant loan is available on a non-discriminatory basis. To override the default loan policy and restrict the ability of a Participant to renegotiate a loan, complete this AA §B-14. ¨ (a) A Participant may not renegotiate the terms of a loan. ¨ (b) The following special provisions apply with respect to renegotiated loans:
LOAN RENEGOTIATION. Unless designated otherwise under AA §B-14, a Participant may be permitted to renegotiate a loan without violating the one outstanding loan requirement to the extent such renegotiated loan is a new loan (i.e., the renegotiated loan separately satisfies the reasonable interest rate requirement under Section 13.05, the adequate security requirement under Section 13.06, and the periodic repayment requirement under Section 13.07) and the renegotiated loan does not exceed the limitations under Section 13.03 above, treating both the replaced loan and the renegotiated loan as outstanding at the same time. However, if the term of the renegotiated loan does not end later than the original term of the replaced loan, the replaced loan may be ignored in applying the limitations under Section 13.03 above.
