Loans to Participants. If the Adoption Agreement so indicates, a Participant may receive a loan from the Fund, subject to the following rules:
Loans to Participants. If permitted under the Adoption Agreement, the Committee, in its discretion, may authorize and direct the Trustee to grant loans to Participants and Beneficiaries in accordance with written rules established by the Committee. Such loans:
Loans to Participants. 79 12.2 Provisions to be Applied in a Uniform and Nondiscriminatory Manner . . . . . . . . . . . . . . . . . . . . . . . . . 81 12.3
Loans to Participants. Subject to Section 7.1 of the Basic Plan and a written procedure established by the Employer, loans can be made to Participants from the Plan < ¨ beginning (must be after the later of the Plan’s original effective date or the restatement date) >.
Loans to Participants. (a) The Trustee may, in the Trustee's discretion, make loans to Participants and Beneficiaries under the following circumstances: (1) loans shall be made available to all Participants and Beneficiaries on a reasonably equivalent basis; (2) loans shall not be made available to Highly Compensated Employees in an amount greater than the amount made available to other Participants and Beneficiaries; (3) loans shall bear a reasonable rate of interest; (4) loans shall be adequately secured; and (5) shall provide for repayment over a reasonable period of time.
Loans to Participants. [ ] 1. Shall not be permitted.
Loans to Participants. Upon written application of a Participant submitted to the Company at least (30) days (or such shorter period as the Company allows) prior to a Valuation Date, the Company may direct the Trustees to lend to such Participant such amount or amounts from his accounts under the Plan up to fifty percent (50%) of the total aggregate value of the vested portion of such Participant's accounts (determined as of such Valuation Date, 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 made during the one (1) year period ending on the day before the date on which such loan is to be made. The minimum amount which may be loaned to a Participant under this Section 7.10 shall be $1,000. A Participant may not have more than three loans outstanding under this Section 7.10 at any given time. Loans shall be made available to all Participants on a reasonably equivalent basis, except that the Company may make reasonable distinctions based upon credit-worthiness, other obligations of the Participant and other factors that may adversely affect the ability to assure repayment. Loans approved under this Section 7.10 shall be made as soon as reasonably practicable after the Valuation Date next following timely receipt by the Company of the Participant's written application. Each such loan shall be made at such reasonable rate of interest as the Company may determine, and shall be subject to such other terms and conditions as the Company may deem proper, and shall be evidenced by the promissory note of the Participant and secured by at least fifty percent (50%) of the Participant's interest in the Plan. Each such loan shall be repaid by such means as may be authorized by the Company, shall be amortized over the term of the loan in level payments made not less frequently than quarterly, and shall be repaid within five (5) years unless such loan is used to acquire a dwelling unit which within a reasonable period of time is to be used (determined at the time the loan is made) as the principal residence of the Participant in which case the repayment period shall not exceed twenty (20) years. Each such loan shall be deemed to be an investment made at the direction of such Participant and shall be credited to a separate investment account for the borrowing Participant. An 89 amount equal to the principal amount of such loan when made shall be charged to ...
Loans to Participants. (a) If specified in the Adoption Agreement, the Trustee (or the Administrator if the Trustee is a nondiscretionary Trustee or if loans are treated as Participant directed investments pursuant to the Adoption Agreement) may, in the Trustee's (or, if applicable, the Administrator's) sole discretion, make loans to Participants or Beneficiaries under the following circumstances: (1) loans shall be made available to all Participants and Beneficiaries on a reasonably equivalent basis; (2) loans shall not be made available to Highly Compensated Employees in an amount greater than the amount made available to other Participants; (3) loans shall bear a reasonable rate of interest; (4) loans shall be adequately secured; and (5) loans shall provide for periodic repayment over a reasonable period of time. Furthermore, no Participant loan shall exceed the Participant's Vested interest in the Plan.
Loans to Participants. The Administration Committee, upon request by a Participant who is an employee of an Employer or Related Company or who is a “party in interest” with respect to the Plan (as such term is defined in Section 3(14) of ERISA) in such form as the Administration Committee may require, may authorize a loan to be made to the Participant from the Participant’s vested interest in the Trust Fund, excluding any amount in the Participant’s QVEC Account, subject to the following:
Loans to Participants. (i) To originate a participant loan, the Plans participant shall direct the Master Trustee as to the term and amount of the loan to be made from the participant's individual account. Such directions shall be made by Plans participants by use of the telephone exchange system maintained for such purpose by the Master Trustee or its agent. The Master Trustee shall determine, based on the current value of the participant's account on the date of the request and any guidelines provided by the Company, the amount available for the loan. Based on the interest rate supplied by the Company in accordance with the terms of the Plans, the Master Trustee shall advise the participant of such interest rate, as well as the installment payment amounts. In the case of participant residential loans, the Master Trustee shall forward the loan document to the participant for execution and submission for approval to the Master Trustee. The Master Trustee shall distribute the loan note with the proceeds check to the participant. The Master Trustee also shall distribute truth-in-lending disclosure to the participant. To facilitate recordkeeping, the Master Trustee may destroy the original of any promissory note made in connection with a loan to a participant under the Plans, provided that the Master Trustee first creates a duplicate by a photographic or optical scanning or other process yielding a reasonable facsimile of the promissory note and the Plans participant's signature thereon, which duplicate may be reduced or enlarged in size from the actual size of the original promissory note.
