Hardship Distribution means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of his or her dependent (as defined in Section 152(a) of the Code), loss of a Participant’s property due to casualty, or other similar or extraordinary and unforseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances that would constitute an unforseeable emergency will depend upon the facts of each case, but, in any case, a Hardship Distribution may not be made to the extent that such hardship is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under this Plan.

Hardship Distribution means an accelerated distribution of benefits or a reduction or cessation of current deferrals pursuant to Section 6.5 to a Participant who has suffered a Financial Hardship.

Examples of Hardship Distribution in a sentence

I have not received a Hardship Distribution from a plan of this Employer within the last six months.
A Hardship Distribution shall reduce the Deferral Account balance.
At the time of any Hardship Distribution, the amount the Company has accrued with respect to the Company’s obligations hereunder shall be reduced by the amount of the Hardship Distribution and the benefits to be paid under Sections 2.1, 2.2, 2.3 or 2.4 or Article 3 hereof shall reflect such reduced amount.
In any event, the maximum amount which may be paid out as a Hardship Distribution is the Deferral Account balance as of the day the Executive petitioned the Board to receive a Hardship Distribution.
In any event, the maximum amount which may be paid out pursuant to this Section 8.11 is the amount the Company has accrued with respect to the Company’s obligations hereunder, as of the day that the Director petitioned the Board to receive a Hardship Distribution under this Section 8.11.

More Definitions of Hardship Distribution

Hardship Distribution means any distribution or waiver of deferral granted by the Committee pursuant to Article 7.

Hardship Distribution means a distribution made on account of a severe financial hardship of the Participant resulting from a sudden and unexpected illness or accident of the Participant or of his or her dependent (as defined in Section 152(a) of the Code), loss of a Participant's property due to casualty, or other similar or extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.

Hardship Distribution means a distribution in the event that the Participant is faced with an Unforeseeable Emergency and as provided below.

Hardship Distribution means a distribution under Section 7.7 below.

Hardship Distribution means a distribution due to an “Unforeseeable Emergency” pursuant to Section 6.3.

Hardship Distribution means a distribution to a Participant or a Beneficiary pursuant to Section 6.7.

Hardship Distribution means a distribution by reason of an Unforeseeable Emergency pursuant to Section 5.5 of the Plan.