WITHDRAWAL FOR SERIOUS FINANCIAL HARDSHIP Sample Clauses

WITHDRAWAL FOR SERIOUS FINANCIAL HARDSHIP. A Participant, upon written application to the Plan Administrator, may request an emergency distribution from his or her Participant's Combined Account due to the occurrence of events which will inflict serious financial hardship on a Participant. Such serious financial hardship must be shown by positive evidence submitted to the Plan Administrator and must be of sufficient magnitude to impair the Participant's financial security. The distribution shall not be less than One Thousand and No/100 Dollars ($1,000.00) and shall not exceed the Participant's interest in his or her Participant's Combined Account. The distribution shall not exceed the amount of the immediate and heavy financial need of the Participant (including amounts necessary to pay any federal, state or local income taxes or any withholding or penalties reasonably anticipated to result
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WITHDRAWAL FOR SERIOUS FINANCIAL HARDSHIP. A Participant, upon written application to the Plan Administrator, may request an emergency distribution from his or her Participant's Combined Account due to the occurrence of events which will inflict serious financial hardship on a Participant. Such serious financial hardship must be shown by positive evidence submitted to the Plan Administrator and must be of sufficient magnitude to impair the Participant's financial security. The distribution shall not be less than One Thousand and No/100 Dollars ($1,000.00) and shall not exceed the Participant's interest in his or her Participant's Combined Account. The distribution shall not exceed the amount of the immediate and heavy financial need of the Participant (including amounts necessary to pay any federal state or local income taxes or any withholding or penalties reasonably anticipated to result from the distribution). Prior to becoming eligible for a hardship distribution, the Participant must have obtained all distributions for which he or she is eligible other than hardship distributions, and all non-taxable loans currently available under this or any other plan maintained by the Employer. Withdrawals shall be determined in a consistent and nondiscriminatory manner, and shall not affect the Participant's right under the Plan to make additional withdrawals or continue to be an active Participant. Notwithstanding the foregoing, any Participant who is granted a hardship distribution shall have
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WITHDRAWAL FOR SERIOUS FINANCIAL HARDSHIP. If a Participant makes a withdrawal of Elective Deferral Contributions due to a Serious Financial Hardship, the Participant must be suspended from making any additional Elective Deferral Contributions for a period of 12 months.
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WITHDRAWAL FOR SERIOUS FINANCIAL HARDSHIP. If a Participant makes a withdrawal of Safe Harbor 401(k) Elective Deferral Contributions due to a Serious Financial Hardship, the Participant must be suspended from making any additional Elective Deferral Contributions for a period of 12 months. January 1, 2003 -61- Plan XVII. WITHDRAWALS PRECEDING TERMINATION Document Section 2C.1(l); L. Withdrawal of ADP Test Safe Harbor (Employer Matching or Employer Nonelective) 3E.5 Contributions Upon the Participant's Attainment of Age 59-1/2. [ ] Not available under the Plan. [ ] Available under the Plan. If available select the conditions for withdrawal. [ ] 1. Available from 401(k) Safe Harbor (Employer Matching) Contributions. Frequency (check all that apply): [ ] At any time. [ ] On _________(specify date or dates). [ ] At any time,_______times per year. [ ] Once every________(i.e., four months, six months, calendar quarter, etc.). [ ] Other (specify)________. [ ] 2. Available from 401(k) Safe Harbor (Employer Nonelective) Contributions. Frequency (check all that apply): [ ] At any time. [ ] On _______(specify date or dates). [ ] At any time, _________times per year. [ ] Once every _________(i.e., four months, six months, calendar quarter, etc.). [ ] Other (specify) ________. January 1, 2003 Plan XVII. WITHDRAWALS PRECEDING TERMINATION Document Section
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Related to WITHDRAWAL FOR SERIOUS FINANCIAL HARDSHIP

  • Unforeseeable Emergency In the event of a Participant’s Unforeseeable Emergency, such Participant may request an emergency withdrawal from his or her Account. Any such request shall be subject to the approval of the Administrator, which approval shall not be granted to the extent that such need may be relieved (i) through reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). A Participant may withdraw all or a portion of his or her Account due to an Unforeseeable Emergency; provided, however, that the withdrawal shall not exceed the amount reasonably needed to satisfy the need created by the Unforeseeable Emergency.

  • Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.

  • Hardship In the event the Investor sells the Company's Common Stock pursuant to subsection (c) above and the Company fails to perform its obligations as mandated in Section 2.5 and 2.2 (c), and specifically fails to provide the Investor with the shares of Common Stock for the applicable Advance, the Company acknowledges that the Investor shall suffer financial hardship and therefore shall be liable for any and all losses, commissions, fees, or financial hardship caused to the Investor.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following:

  • Plan Withdrawals The Borrower or any member of the Controlled Group as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in an annual amount exceeding $1,000,000;

  • Distribution Upon Withdrawal No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

  • Withdrawal from Agreement A. Any Fund may elect to withdraw from this Agreement effective at the end of any monthly period by giving at least 90 days’ prior written notice to each of the parties to this Agreement. Upon the written demand of all other Funds which are parties to this Agreement a Fund shall withdraw, and in the event of its failure to do so shall be deemed to have withdrawn, from this Agreement; such demand shall specify the date of withdrawal which shall be at the end of any monthly period at least 90 days from the time of service of such demand.

  • No Withdrawal No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement.

  • Permitted Withdrawals From the Protected Account (a) The Master Servicer may from time to time make withdrawals from the Protected Account for the following purposes:

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