Common use of LOAN RENEGOTIATION Clause in Contracts

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. 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, 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.