Rollovers. (a) If elected in the Adoption Agreement and with the consent of the Administrator, the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and shall not be subject to forfeiture for any reason. For purposes of this Section, the term Participant shall include any Eligible Employee who is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer. (b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan. (c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent. (d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant. (e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code.
Appears in 2 contracts
Samples: Adoption Agreement (MSC Software Corp), Non Standardized 401(k) Profit Sharing Plan (Aceto Corp)
Rollovers. (a) If elected The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the Adoption Agreement form of Schedule E, and in accordance with the consent period of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a notice in the Administratorform of Schedule B), unless immediately prior to the Plan may accept issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a "rollover," provided Default or an Event of Default shall have occurred and be continuing, in which event the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over Borrower shall be set up deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in a separate account herein referred each case pursuant to as a "Participant's Rollover Account." Such account shall be fully Vested at all times Section 3.12 and the Borrower shall not be subject entitled to forfeiture for any reasonissue such Bankers' Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. For purposes In the event notice of this Section, the term Participant shall include any Eligible Employee who a Rollover of an existing Bankers' Acceptance or Libor Loan is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations given pursuant to this Plan have been madeSection 3.13 or notice of a Conversion of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.12, at which time they may remain segregated, invested as part such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible Libor Interest Period applicable to be rolled over into this Plan pursuant to the Codesuch existing Libor Loan. The term "rollover" means: (i) amounts transferred Rollover of a Libor Loan to this Plan in another Libor Loan shall not constitute a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Coderepayment or prepayment hereunder.
Appears in 2 contracts
Samples: Credit Agreement (PENGROWTH ENERGY Corp), Credit Agreement (PENGROWTH ENERGY Corp)
Rollovers. (a) If elected The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers’ Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent’s Branch of Account prior written notice thereof, substantially in the Adoption Agreement form of Schedule D, and in accordance with the consent period of notice and other requirements set out in Section 3.4 applicable to Bankers’ Acceptances or Libor Loans (other than delivery of a notice in the Administratorform of Schedule A), unless immediately prior to the Plan may accept issue of any such Bankers’ Acceptances or the commencement of any subsequent Libor Interest Period, a "rollover," provided Default or an Event of Default shall have occurred and be continuing, in which event the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over Borrower shall be set up deemed to have converted such Bankers’ Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in a separate account herein referred each case pursuant to as a "Participant's Rollover Account." Such account shall be fully Vested at all times Section 3.12 and the Borrower shall not be subject entitled to forfeiture for any reasonissue such Bankers’ Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. For purposes In the event notice of this Section, the term Participant shall include any Eligible Employee who a Rollover of an existing Bankers’ Acceptance or Libor Loan is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations given pursuant to this Plan have been madeSection 3.13 or notice of a Conversion of such existing Bankers’ Acceptance or Libor Loan is not given pursuant to Section 3.12, at which time they may remain segregated, invested as part such Bankers’ Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers’ Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible Libor Interest Period applicable to be rolled over into this Plan pursuant to the Codesuch existing Libor Loan. The term "rollover" means: (i) amounts transferred Rollover of a Libor Loan to this Plan in another Libor Loan shall not constitute a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Coderepayment or prepayment hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Pengrowth Energy Trust), Credit Agreement (Pengrowth Energy Trust)
Rollovers. (a) If elected in The Borrower may roll over any Libor Drawdown (on the Adoption Agreement and with the consent last day of the Administrator, applicable Libor Interest Period) into another Libor Drawdown or Bankers' Acceptance Drawdown (on the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status maturity of the Plan or create adverse tax consequences for applicable Bankers' Acceptance) into another Bankers' Acceptance Drawdown, by giving the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and shall not be subject to forfeiture for any reason. For purposes of this Section, Agent the term Participant shall include any Eligible Employee who is not yet a Participant, if, appropriate Drawdown Notice pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer2.4.
(b) Amounts in a Participant's Rollover Account The Bankers' Acceptance Proceeds of the new Bankers' Acceptance shall be held retained by the Trustee pursuant Agent to be applied by it to the provisions principal amount of this Plan the maturing Bankers' Acceptance and may not be withdrawn by, or distributed the Borrower shall pay to the ParticipantAgent, in whole or in part, except as elected in on the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as maturity date of the maturing Bankers' Acceptance an amount equal to the propriety difference between the principal amount at maturity of the amount, value or type maturing Bankers' Acceptance and the Bankers' Acceptance Proceeds of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Planreplacement Bankers' Acceptance.
(c) At Normal Retirement DateNotwithstanding any other provision of this Agreement, or if the Borrower fails to deliver such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits a Drawdown Notice to the Participant Agent in respect of a Libor Drawdown (or pay to the Participant's Beneficiary. Any distribution Agent an amount equal to such Libor Drawdown on or before the expiration of amounts held such Libor Interest Period as applicable) or in a Participant's Rollover Account shall any case, during the continuance of an Event of Default, then the relevant amount of the Libor Drawdown shall, at the expiration of such Libor Interest Period, be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered deemed to be part converted into a Base Rate Drawdown, in an amount equal to the principal amount of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consentsuch Libor Drawdown.
(d) The Administrator may direct that rollovers made after Notwithstanding any other provision of this Agreement, if the Borrower fails to deliver such a Valuation Date Drawdown Notice to the Agent in respect of a Bankers' Acceptance Drawdown (or pay to the Agent an amount equal to the principal amount of the maturing Bankers' Acceptance on or before the maturity date thereof), then the maturing Bankers' Acceptance paid by the Agent shall be segregated deemed, upon such payment, to be converted into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected Prime Rate Drawdown in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant an amount equal to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in face amount of such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Codematuring Bankers' Acceptance.
Appears in 2 contracts
Samples: Loan Agreement (Gulf Canada Resources LTD), Loan Agreement (Gulf Canada Resources LTD)
Rollovers. (a) If elected Notwithstanding anything to the contrary contained herein or in the Adoption Agreement and any other Loan Document, in connection with any extension, replacement, renewal or refinancing of any Class of Loans hereunder, any Lender may, with the consent of the AdministratorBorrower, elect to accept any other Indebtedness permitted by the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status terms of the Plan this Agreement in lieu of all or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred any part of such Lender’s applicable share of any payment hereunder with respect to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and such Loans, it being agreed that (i) such acceptance shall not be subject to forfeiture for any reason. For purposes requirement hereunder or under any other Loan Document that such payment be made “in dollars”, “in immediately available funds”, “in cash” or any other similar requirement and (ii) notice of this Sectionsuch acceptance shall be provided to the Administrative Agent and, if such other Indebtedness is in the form of Loans, the term Participant mechanics of the cashless settlement thereof shall include any Eligible Employee who is not yet a Participant, if, pursuant be reasonably acceptable to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the EmployerAdministrative Agent.
(b) Amounts Notwithstanding anything to the contrary in a Participant's Rollover Account shall be held by Section 2.06 or any other provision of this Agreement, pursuant to and in accordance with the Trustee terms of the Cashless Exchange Letter, each lender party to the Existing Credit Agreement and holding term loans outstanding thereunder as of the Effective Date that has selected the “cashless exchange election” pursuant to the provisions Cashless Exchange Letter and has delivered an executed signature page to the Cashless Exchange Letter (each such lender, an “Exchanging Lender”) shall, upon the Administrative Agent marking the Register as contemplated by the Cashless Exchange Letter, become a party to this Agreement as a Lender in respect of, and shall hold, Initial Term Loans in an aggregate principal amount equal to its Exchanged Amount (as defined in the Cashless Exchange Letter) (such Initial Term Loans acquired by each such Exchanging Lender pursuant to this Section 1.05(b) and the Cashless Exchange Letter, the “Received Loans”). For the avoidance of doubt, it is acknowledged and agreed that (i) each Received Loan shall be initially made by Xxxxxxx Xxxxx Bank USA on the Effective Date, (ii) notwithstanding anything to the contrary in Section 2.06 or any other provision of this Plan and may not Agreement, neither Xxxxxxx Xxxxx Bank USA nor the Administrative Agent shall be withdrawn byrequired to wire transfer, pay or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct remit any due diligence amount with respect to such assets; providedthe Received Loans made by Xxxxxxx Xxxxx Bank USA, however, that such assets are otherwise eligible to be held by but the Trustee under the terms of this Plan.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary Received Loans shall be entitled deemed to receive benefits, have been funded by Xxxxxxx Xxxxx Bank USA in satisfaction of the Participant's Rollover Account corresponding amount of its Initial Term Commitment and shall be used to provide additional benefits to outstanding (for the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11full principal amount thereof) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For Effective Date for all purposes of this Section, Agreement and the term "qualified plan" other Loan Documents and shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received each Exchanging Lender by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred marking the Register as contemplated by the Employee to this Plan within sixty (60) days following receipt thereof; Cashless Exchange Letter and (iii) amounts transferred to each Exchanging Lender shall only become a Lender hereunder after, and not upon, the effectiveness of this Plan from a conduit individual retirement account provided that Agreement. Upon the conduit individual retirement account has no assets other than assets which occurrence of the Effective Date, the funding (Aincluding deemed funding of the Exchanged Amounts (as defined in the Cashless Exchange Letter) were previously distributed by cashless exchange as contemplated by this Section 1.05(b) and the Cashless Exchange Letter) of the Initial Term Loans and the payment of the Additional Amounts (as defined in the Cashless Exchange Letter), and notwithstanding anything to the Employee contrary contained in the Existing Credit Agreement or this Agreement, the Borrower’s obligation to pay in cash the Exchanged Amounts (as defined in the Cashless Exchange Letter) to or for the account of each Exchanging Lender in respect of the term loans held by another "qualified plan" (B) were eligible for tax-free rollover such Exchanging Lender outstanding under the Existing Credit Agreement shall be deemed to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) abovehave been, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; shall be, satisfied and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Codedischarged in full.
Appears in 1 contract
Rollovers. The Borrower may, during the term of this Agreement, rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period or extend the expiry date of a Letter of Credit, upon giving the Agent at the Agent's Branch of Account a Rollover Notice in accordance with the period of notice and other requirements set out in Section 3.5 applicable to Bankers' Acceptances or Libor Loans or Letters of Credit (a) If elected other than delivery of a notice in the Adoption Agreement form of Schedule A), unless immediately prior to the issuance of any Bankers' Acceptances or Letter of Credit or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and with be continuing, in which event the consent of the Administrator, the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and Borrower shall not be subject entitled to forfeiture Rollover such Letter of Credit and, in the case of a Default, shall only be entitled to request a Bankers' Acceptance with a term to maturity of one (1) month or less as provided for herein or a Libor Interest Period of one (1) month unless the Agent, in its discretion acting reasonably, otherwise permits and, in the case of an Event of Default, shall be deemed to have converted any reasonBankers' Acceptance to a Cdn. For purposes Prime Loan and any such Libor Loan which is denominated in Canadian Dollars, Euros or Pounds Sterling to a Cdn. Prime Loan and any such Libor Loan which is denominated in U.S. Dollars to U.S. Base Rate Loan, in each case pursuant to Section 3.18 on the maturity date of this Sectionthe Bankers' Acceptance or the last day of the Libor Interest Period applicable thereto, in each case unless the term Participant shall include any Eligible Employee who Agent in its discretion acting reasonably, otherwise permits. In the event a Rollover Notice in respect of an existing Bankers' Acceptance or Libor Loan is not yet a Participant, if, given pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section 3.19 or a Conversion Notice in respect of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.18, any such Bankers' Acceptance shall be converted to a Cdn. Prime Loan on the term Participant maturity date of such Bankers' Acceptance and any such Libor Loan which is denominated in Canadian Dollars, Euros or Pounds Sterling shall also include former Employees if be converted to a Cdn. Prime Loan and any such Libor Loan which is denominated in U.S. Dollars shall be converted to a U.S. Base Rate Loan, in each case on the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan last day of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant Libor Interest Period applicable to such existing Libor Loan and the provisions of this Plan and may not be withdrawn by, or distributed the last sentence of Section 3.10 shall apply to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Planconversion.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code.
Appears in 1 contract
Samples: Credit Agreement (Prima Energy Corp)
Rollovers. No later than 11:00 a.m. (aNew York time) If elected (i) at least three (3) Business Days prior to the termination of each Interest Period (other than the Interest Period ending on the Stated Maturity Date) related to a LIBOR Rate Loan or (ii) at least four (4) Business Days prior to the termination of each Interest Period related to an Alternative Currency Term Rate Loan, the Borrower(s) shall give the Administrative Agent written notice at the Agency Services Address (which notice may be via fax or electronic mail) substantially in the Adoption Agreement and with form of Exhibit F attached hereto (the consent “Rollover Notice”) whether it desires to renew such LIBOR Rate Loan or Alternative Currency Term Rate Loan. The Rollover Notice shall also specify the length of the Administrator, the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and shall not be subject to forfeiture for any reason. For purposes of this Section, the term Participant shall include any Eligible Employee who is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held Interest Period selected by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (cBorrower(s) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; providedRollover. Each Rollover Notice shall be effective upon notification thereof to the Administrative Agent. Each Rollover Notice shall be irrevocable. If the applicable Borrower(s) fails to timely give the Administrative Agent the Rollover Notice with respect to any LIBOR Rate Loan, however, that such assets are otherwise eligible Borrower(s) shall be deemed to be held by have elected to renew such Loan as a LIBOR Rate Loan with an Interest Period of one (1) month commencing on the Trustee under expiration of the terms of this Plan.
(c) At Normal Retirement Datepreceding Interest Period. If the Borrowers fail to timely give the Administrative Agent the Rollover Notice with respect to any Alternative Currency Term Rate Loan, or fail to specify the length of the Interest Period in such other date when Rollover Notice, the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary Borrowers shall be entitled deemed to receive benefits, the Participant's Rollover Account shall be used have elected to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution continue such Alternative Currency Term Rate Loan in its original currency with an Interest Period of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11one (1) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consentmonth.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code.
Appears in 1 contract
Samples: Revolving Credit Agreement (Goldman Sachs Middle Market Lending Corp. II)
Rollovers. (a) If elected An Employee may make a rollover contribution, including a direct rollover contribution from another Xxxx Account, as permitted under section 402(c) of the Code, into an option or options selected by such Employee in an amount not exceeding the total amount of taxable and/or nontaxable proceeds distributed by another Eligible Retirement Plan. A rollover from another designated Xxxx Account must be accomplished through a direct rollover. An Eligible Retirement Plan shall be determined under section 402(c)(8)(B) of the Code. Additionally, cash proceeds received by an Employee under a Qualified Domestic Relations Order from an Eligible Retirement Plan as described above may be rolled over to the Plan. The rollover contribution, including an eligible lump sum payment from the General Motors Hourly- Rate Employees Pension Plan or the General Motors Personal Retirement Plan for Hourly-Rate Employees in the Adoption Agreement and with United States, must be made by the consent of the AdministratorEmployee, the Plan may accept or a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and shall not be subject to forfeiture for any reason. For purposes of this Section, the term Participant shall include any Eligible former Employee who is not yet eligible to receive a Participantdistribution, if(a) within 60 days following the receipt of such distribution, pursuant to or (b) as a direct trustee-to-trustee transfer from the Adoption Agreement, "rollovers" are former employer’s plan as permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan under section 401(a)(31) of the EmployerCode.
(b) Amounts An Employee who receives an Eligible Rollover Distribution may elect to have the Trustee transfer directly to an IRA of the Employee, or to another employer’s plan in which the Employee is a Participant's Rollover Account participant, all or part of the assets included in the distribution. The Employee shall designate the IRA or other employer’s plan to which assets are to be transferred, and the transfer shall be held made subject to acceptance by the Trustee pursuant transferee plan or IRA. Any such direct transfer shall be subject to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (csection 401(a)(31) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this PlanCode.
(c) At Normal Retirement DateNotwithstanding anything else in this section 4.03, or such other date when an Employee may make and the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary Trustee shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits accept a rollover contribution to the Participant or the Participant's Beneficiary. Any distribution Employee’s Xxxx Savings portion of amounts held in a Participant's Rollover their Account shall be made in a manner which only if it is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (iiXxxx elective deferral account under an applicable retirement plan as described in section 402A(e)(1) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" of the Code, and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed only to the Employee by another "qualified plan" (Bextent the rollover is permitted under the rules of section 402(c) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code.
Appears in 1 contract
Samples: Supplemental Agreement
Rollovers. A qualified Rollover (a“Rollover”) If elected in the Adoption Agreement and with the consent is a transfer of funds by any of the Administrator, following methods: • Rollovers into the Plan. A Rollover into the Plan may accept is: a "rollover," withdrawal of funds from your STABLE account in another qualified ABLE program, followed within 60 days of that withdrawal by a contribution of those funds to your STABLE account (provided that you have not made a similar transfer to your STABLE account or your account in another qualified ABLE program within the "rollover" will not jeopardize previous 12 months) or to the tax-exempt status account of a person who is an Eligible Individual and a Sibling of the Beneficiary. To initiate a Rollover from another qualified ABLE program to the Plan you must first open a STABLE account. • Rollovers out of the Plan. A Rollover out of the Plan is a withdrawal of funds from your STABLE account, followed within 60 days of that withdrawal by a contribution of those funds to an account in another qualified ABLE program for you as Using Your Account Beneficiary (provided that you have not made a similar transfer to any qualified ABLE program within the previous 12 months) or create adverse tax consequences for a person who is an Eligible Individual and a Sibling of the Beneficiary. Rollovers may only be made during the lifetime of the Beneficiary. In the case of a Rollover, the ABLE account from which amounts were rolled, or taken from, must be closed as of the 60th day after the amount was distributed from the ABLE account in order for the Employeraccount that received the Rollover to be treated as an ABLE account. The amounts rolled over shall be set up in a separate If the account herein referred to that receives the transfer is not treated as a "Participant's Rollover Account." Such an ABLE account, the account shall be fully Vested at all times and shall will not be eligible for the benefits of ABLE accounts. For example, the account will not be disregarded for determining eligibility under federal means- tested programs, such as SSI, and could result in the imposition of federal taxes and penalties. A transfer of funds that does not meet the conditions stated above for Rollovers will constitute a Non-Qualified Withdrawal subject to forfeiture for any reason. For purposes of this Section, federal tax on earnings and the term Participant shall include any Eligible Employee who is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible EmployeesAdditional 10% Tax. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent a transfer to accept "rollovers" of distributions made to former Employees from any plan a person who is not a Sibling of the Employer.
Beneficiary may subject the Beneficiary to federal gift and generation-skipping transfer (b“GST”) Amounts tax. The Plan Manager will assume that the entire amount of any contribution that is a Rollover contribution from another qualified ABLE program is earnings in a Participant's the STABLE account receiving the contribution unless the Plan Manager receives appropriate documentation showing the actual earnings portion of the Rollover Account shall be held by the Trustee pursuant contribution. If you are attempting to contribute to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefitsvia a Rollover, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans ABLE program from which distributions you are eligible to be rolled over into transferring funds may restrict or prohibit such transfer Using Your Account or impose charges, so you should investigate this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in change thoroughly before requesting such a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Codetransfer.
Appears in 1 contract
Samples: Plan Disclosure Statement and Participation Agreement
Rollovers. No later than 11:00 a.m. (aNew York time) If elected (i) at least three (3) Business Days prior to the termination of each Interest Period (other than the Interest Period ending on the Stated Maturity Date) related to a LIBOR RateTerm SOFR Loan or (ii) at least four (4) Business Days prior to the termination of each Interest Period related to an Alternative Currency Term Rate Loan, the Borrower(s) shall give the Administrative Agent written notice at the Agency Services Address (which notice may be via fax or electronic mail) substantially in the Adoption Agreement and with form of Exhibit F attached hereto (the consent “Rollover Notice”) whether it desires to renew such LIBOR RateTerm SOFR Loan or Alternative Currency Term Rate Loan. The Rollover Notice shall also specify the length of the Administrator, the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and shall not be subject to forfeiture for any reason. For purposes of this Section, the term Participant shall include any Eligible Employee who is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held Interest Period selected by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (cBorrower(s) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; providedRollover. Each Rollover Notice shall be effective upon notification thereof to the Administrative Agent. Each Rollover Notice shall be irrevocable. If the applicable Borrower(s) fails to timely give the Administrative Agent the Rollover Notice with respect to any LIBOR RateTerm SOFR Loan, however, that such assets are otherwise eligible Borrower(s) shall be deemed to be held by have elected to renew such Loan as a LIBOR RateTerm SOFR Loan with an Interest Period of one (1) month commencing on the Trustee under expiration of the terms of this Plan.
(c) At Normal Retirement Datepreceding Interest Period. If the Borrowers fail to timely give the Administrative Agent the Rollover Notice with respect to any Alternative Currency Term Rate Loan, or fail to specify the length of the Interest Period in such other date when Rollover Notice, the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary Borrowers shall be entitled deemed to receive benefits, the Participant's Rollover Account shall be used have elected to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution continue such Alternative Currency Term Rate Loan in its original currency with an Interest Period of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11one (1) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consentmonth.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code.
Appears in 1 contract
Samples: Revolving Credit Agreement (Goldman Sachs Middle Market Lending Corp. II)
Rollovers. (a) If elected The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period or extend the expiry date of a Letter of Credit, upon giving the Lender a Rollover Notice in the Adoption Agreement and accordance with the consent period of notice and other requirements set out in Section 3.1 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a Notice of Borrowing), unless immediately prior to the Administratorissuance of any Bankers' Acceptances or Letter of Credit or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over shall be set up in a separate account herein referred to as a "Participant's Rollover Account." Such account shall be fully Vested at all times and Borrower shall not be subject entitled to forfeiture Rollover such Letter of Credit and, in the case of a Default, shall only be entitled to request a Bankers' Acceptance with a term to maturity of one month or less as provided for herein or a Libor Interest Period of one (1) month and, in the case of an Event of Default, (i) shall be deemed to have converted any reasonBankers' Acceptance to a Prime Rate Loan and any such Libor Loan to U.S. Base Rate Loan, in each case pursuant to Section 3.2 on the maturity date of the Bankers' Acceptance or the last day of the Libor Interest Period applicable thereto, and (ii) shall be deemed to have notified the Lender to cancel any automatic renewal of a Letter of Credit. For purposes In the event a Rollover Notice in respect of this Section, the term Participant shall include any Eligible Employee who an existing Bankers' Acceptance or Libor Loan is not yet a Participant, if, given pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section 3.3 or a Conversion Notice in respect of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.2, any such Bankers' Acceptance shall be converted to a Prime Rate Loan on the term Participant maturity date of such Bankers' Acceptance and any such Libor Loan shall also include former Employees if be converted to a U.S. Base Rate Loan on the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan last day of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant Libor Interest Period applicable to such existing Libor Loan and the provisions of this Plan and may not be withdrawn by, or distributed the last sentence of Section 3.2 shall apply to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Planconversion.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code.
Appears in 1 contract
Samples: Credit Agreement (High Tide Inc.)
Rollovers. (a) If elected The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the Adoption Agreement form of Schedule E, and in accordance with the consent period of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a notice in the Administratorform of Schedule B), unless immediately prior to the Plan may accept issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a "rollover," provided Default or an Event of Default shall have occurred and be continuing, in which event the "rollover" will not jeopardize the tax-exempt status of the Plan or create adverse tax consequences for the Employer. The amounts rolled over Borrower shall be set up deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in a separate account herein referred each case pursuant to as a "Participant's Rollover Account." Such account shall be fully Vested at all times Section 3.11 and the Borrower shall not be subject entitled to forfeiture for any reasonissue such Bankers' Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. For purposes In the event notice of this Section, the term Participant shall include any Eligible Employee who a Rollover of an existing Bankers' Acceptance or Libor Loan is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the Participant or the Participant's Beneficiary. Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Participant's benefit in determining whether an involuntary cash-out of benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations given pursuant to this Plan have been madeSection 3.12 or notice of a Conversion of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.11, at which time they may remain segregated, invested as part such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 401(a), or any other plans from which distributions are eligible Libor Interest Period applicable to be rolled over into this Plan pursuant to the Codesuch existing Libor Loan. The term "rollover" means: (i) amounts transferred Rollover of a Libor Loan to this Plan in another Libor Loan shall not constitute a direct rollover made pursuant to Code Section 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a "qualified plan" and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Coderepayment or prepayment hereunder.
Appears in 1 contract