Loans to Members. Borrower will not directly or indirectly loan amounts to or guarantee the debts of any Person, including, but not limited to an affiliate, subsidiary, parent of the Borrower, or any member, officer or employee thereof or to any entity controlled by such entity, officer, shareholder, member or employee.
Loans to Members. The Manager shall have the right to make loans to Members in such amounts and upon such terms as may be determined by the Manager (so long as the loan bears interest at least at the applicable “Federal Rate” determined under the Federal Internal Revenue Code and Regulations). Such loans may be secured or unsecured, but at all times shall be deemed secured by the Member’s interest in Company.
Loans to Members. (1) A Member and a former Member who is a "party in interest" within the meaning of section 3(14) of ERISA may apply on the form provided by the Committee for a loan from his Account. As used in this Section, the term "Member" shall refer to each Member or former Member who may apply for a loan pursuant to this Section. If the Committee determines that the Member is not in bankruptcy or similar proceedings and is entitled to a loan in accordance with the following provisions of this Section, the Committee shall direct the Trustee to make a loan to the Member from his Account. Each loan shall be charged against the Member's Account in the order established by the Committee.
(2) A Member shall not be entitled to a loan under this Section unless the Member, consents to (a) the use of the Member's Account as security as provided in Subsection (5)(c) of this Section and (b) the possible reduction of the Member's Account as provided in Subsection
Loans to Members. (1) A Member who is an Employee or a “party in interest” within the meaning of section 3(14) of ERISA, but who is not a Disabled Member, may apply on the form provided by the Administrative Committee for a loan from his Vested Interest in his Account. If the Committee determines that the Member is not in bankruptcy or similar proceedings and is entitled to a loan in accordance with the following provisions of this Section, the Committee shall direct the Trustee to make a loan to the Member from his Account. Each loan shall be charged against the Member’s Vested Interest in his Sub-Accounts as follows: first, against the Member’s Rollover Contributions Sub-Account, if any; second, to the extent necessary, against the Member’s Before-Tax Contributions Sub-Account, if any; third, to the extent necessary, against the Member’s Qualified Nonelective Contributions Sub-Account, if any; fourth, to the extent necessary, against the Member’s Matching Employer Contributions Sub-Account, if any; fifth, to the extent necessary, against the Member’s Nonelective Employer Contributions Sub-Account, if any; sixth, to the extent necessary, against the Member’s Transitional Employer Contributions Sub-Account, if any; seventh, to the extent necessary, against the Member’s Prior ESOP Contributions Sub-Account, if any; eighth, to the extent necessary, against the Member’s Weartech Prior Matching Contributions Sub-Account, if any; ninth, to the extent necessary, against the Member’s FSP Contributions Sub-Account; and tenth, to the extent necessary, against the Member’s FSP Plus Contributions Sub-Account.
(2) A Member shall not be entitled to a loan under this Section unless the Member consents to (a) the use of the Member’s Account as security as provided in Subsection (5)(c) of this Section and (b) the possible reduction of the Member’s Account as provided in Subsection (6) of this Section.
(3) Each loan shall be in an amount that is not less than $1,000. A Member may have up to three loans outstanding at any one time. The maximum loan to any Member (when added to the outstanding balance of all other loans to the Member from all qualified employer plans (as defined in section 72(p)(4) of the Code) of the Controlled Group) shall be an amount that does not exceed the lesser of:
(a) $50,000, reduced by the excess (if any) of (i) the highest outstanding balance of such other loans during the one-year period ending on the day before the date on which such loan is made, over (ii) the ...
Loans to Members. 60 7.11 Discharge of Trustees' Obligation to Make Payments....... 64 7.12
Loans to Members. Loans to individual members may be made with the permission of all members. Such loans shall bear interest at the appropriate Federal Funds Rate applicable at the time of the loan. Any repayment to the Company of such borrowed funds shall be first applied to interest and then to principal.
Loans to Members. 11 Section 4.02. Compensation of the Members............................. 11 Section 4.03. Withdrawals............................................. 11 Section 4.04. Distributions........................................... 11 Section 4.05. Limitation on Distributions and Withdrawals............. 12
Loans to Members. If permitted under Item U(3)(a), loans shall be made available to all Members on a reasonably equivalent basis. For purposes of this section, and unless otherwise specified, Member means any Member or Beneficiary who is a party-in-interest as defined in ERISA. Loans shall not be made to Highly Compensated Employees in an amount greater than the amount made available to other Members. No loans shall be made to any shareholder-employee or Owner-employee. 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 Code Section 318(a)(1)), on any day during the taxable year of such corporation, more than 5 percent of the outstanding stock of the corporation. A loan to a Member shall be a Member-directed investment of his Account. The portion of the Member’s Account held in the Qualifying Employer Securities Fund may be redeemed for purposes of a loan only after the amount held in other investment options has been depleted. The loan is a Trust Fund investment but no Account other than the borrowing Member’s Account shall share in the interest paid on the loan or bear any expense or loss incurred because of the loan. The number of outstanding loans shall be limited to one, unless otherwise specified in Item U(3)(a)(iv). No more than one loan shall be approved for any Member in any 12-month period, unless otherwise specified in Item U(3)(a)(v). If Item U(3)(a)(ii) is selected, the minimum amount of any loan shall be the amount specified in that item. Loans must be adequately secured and bear a reasonable rate of interest. The amount of the loan shall not exceed the maximum amount that may be treated as a loan under Code Section 72(p) (rather than a distribution) to the Member and shall be equal to the lesser of (a) or (b) below:
a) $50,000, reduced by the highest outstanding loan balance of loans during the one-year period ending on the day before the new loan is made.
b) The greater of (1) or (2), reduced by (3) below:
Loans to Members. Upon written application of a Participant submitted to the Committee at least thirty (30) days (or such shorter period as the Committee allows) prior to a Valuation Date, the Committee may direct the Trustees to lend to such Participant such amount or amounts from his accounts, as the Committee may determine proper, up to fifty percent (50%) of the total aggregate vested value of all such Participant's accounts but only for one of the purposes enumerated in Section 7.09 or such other type of financial emergency as the Committee may deem appropriate in accordance with Section 9.05, provided that the aggregate amount of all outstanding loans, including accrued interest, from the Plan to a Participant shall not exceed $50,000, reduced by the amount of any loan repayment of principal made during the one (1) year period ending on the day before the date on which such loan is to be made. A Participant may not have more than three loans outstanding under this Section 7.10 at any given time.
Loans to Members. Loans shall be made available to all Members on a reasonably equivalent basis. For purposes of this section, Member means any Member or Beneficiary who is an Employee. Loans shall not be made to highly compensated employees, as defined in Code Section 414(q), in an amount greater than the amount made available to other Members. No loans will be made to any shareholder-employee or owner-employee. 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 Code Section 318(a)(1)), on any day during the taxable year of such corporation, more than 5% of the outstanding stock of the corporation.
