Loans to Participants definition

Loans to Participants. The Board, the Committee or an officer may, in its or his discretion authorize the provision to Participants of low interest or interest-free full recourse loans to finance the purchase of Shares pursuant to Options granted under the Plan. In no case, however, shall any loan granted to a Participant pursuant to this Section remain outstanding for a period exceeding 10 years from the date of grant of the Option.
Sample 1
Loans to Participants. The minimum loan amount is $1,000 and a maximum of two (2) outstanding loans per Participant are allowed if selected below. Loans become due upon occurrence of a distributable event and are to be repaid by payroll deduction. The interest rate is 1% plus the prime rate in effect when the loan is made. Loans to participants are not permitted Loans to participants are permitted Number of Loans Permitted 1 Annuities / Life Insurance • Annuity Options There are no allowed annuity options in this Plan. • Life Insurance There are no allowed life insurance options in this Plan. TAG RESOURCES ADOPTION AGREEMENT
Sample 1
Loans to Participants. Notwithstanding the other provisions of this Plan, but subject to the spousal consent requirement set forth in section 9.02, the Plan Administrator may authorize the Trustee to loan to any Participant an amount or amounts not to exceed the lesser of (a) one-half (1/2) of the Participant's Account related to Elective Deferrals and Vested Matching Contributions or (b) Fifty Thousand Dollars ($50,000). The minimum amount of a loan shall be $1,000. No participant shall have more than one loan outstanding at any one time. For the purpose of the above limitation, all loans from all plans of the Company and other members of a group of employers described in sections 414(b), (c), (m) and (o) of the I.R.C. are aggregated. Loans must be made available to all Participants on a reasonably equivalent basis. Loans may not be made to Participants who are Highly Compensated Employees in percentage amounts greater than amounts made available to other Participants. Any loans made must bear a reasonable rate of interest, considering all relevant factors, specifically including current bank interest rates, and must be adequately secured, as determined by the Plan Administrator. The Accrued Benefit of the borrower may be pledged as security for such loans. However, no more than fifty percent (50%) of the present value of a Participant's Vested Accrued Benefit may be considered by the Plan as security for the outstanding balance of all Plan loans made to the Participant. Loans will be made in accordance with the terms and conditions of the Participant Loan Program which has been established by the Company. Any loan shall by its terms require that repayment of principal and interest be amortized in level payments, not less frequently than quarterly, over a period not extending beyond five (5) years from the date of the loan, unless such loan is used to acquire a dwelling unit which within a reasonable time is to be used (determined at the time the loan is made) as the principal residence of the Participant. If during any taxable year a Participant assigns (or agrees to assign) or pledges (or agrees to pledge) any portion of the Participant's interest in the Plan, such portion will be treated as having been received by such individual as a loan from the Plan. In the event of default, foreclosure on the note and attachment of security will not occur until a distributable event occurs in the Plan. If a valid spousal consent has been obtained in accordance with section 9.02, then, n...
Sample 1

Examples of Loans to Participants in a sentence

  • Loans to Participants are permitted unless otherwise restricted by the Plan.

  • Loans to Participants (or Beneficiaries, if applicable) shall be made under the terms of the Plan Document and, if applicable, any loan policies and procedures established by the plan administrator.

  • Loans to Participants (Plan Section 4.6): Loans shall not be permitted under the Plan.

Related to Loans to Participants

  • L/C Participants the collective reference to all the Revolving Lenders other than the Issuing Lender.

  • CDS Participants means a broker, dealer, bank or other financial institution or other person for whom CDS effects book-entry transfers and pledges of Deposit Notes under the Book-Entry System.

  • Notice to Participants means a communication sent by or on behalf of BSEF to all Participants as described in Rule 310.

  • Program Participants means, for any CRP, the Centers (other than the Lead Center for such CRP) and any Partner receiving funding for activities under such CRP that are funded by the CGIAR Fund.

  • Eligible Participants means persons who, at a particular time, are employees, officers, consultants, or directors of the Company or its subsidiaries;

  • Book Entry Only Participants means institutions that participate directly or indirectly in the Depository’s book entry registration system for the Warrants;

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Participants is defined in Section 12.2.1.

  • Rights Offering Participants means those Persons who duly subscribe for Rights Offering Shares in accordance with the Rights Offering Procedures.

  • Section 16 Participants means Participants who are subject to the provisions of Section 16 of the Exchange Act.

  • Book Entry Participants means institutions that participate directly or indirectly in the Depository’s book entry registration system for the Warrants;

  • Active participation means an ongoing process of good faith negotiation between the state licensing agency and the Indiana elected committee of licensed managers to achieve joint planning of:

  • Participant Contributions means contributions made by the Participant pursuant to an executed Pay Reduction Agreement subject to the Participant Contribution limits contained in Article III.

  • Unfunded Advances/Participations means (a) with respect to the Administrative Agent, the aggregate amount, if any (i) made available to the Borrowers on the assumption that each Lender has made its portion of the applicable Borrowing available to the Administrative Agent as contemplated by Section 2.02(d) of the Credit Agreement and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Administrative Agent by the Borrowers or made available to the Administrative Agent by any such Lender, (b) with respect to any Swingline Lender, the aggregate amount, if any, of participations in respect of any outstanding Swingline Loan that shall not have been funded by the Revolving Credit Lenders in accordance with Section 2.22(e) of the Credit Agreement and (c) with respect to any Issuing Bank, the aggregate amount, if any, of participations in respect of any outstanding L/C Disbursement that shall not have been funded by the Revolving Credit Lenders in accordance with Sections 2.23(d) and 2.02(f) of the Credit Agreement.

  • Participation Maximum shall have the meaning ascribed to such term in Section 4.12(a).

  • Participation Date means the date the individual becomes a qualified participant in Tier 2 as determined under section 701a(1)(b).

  • L/C Participation shall have the meaning provided in Section 3.3(a).

  • L/C Participants means, with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other than the applicable Issuing Lender.

  • Unit Participation means the ratio of the surface acreage of a specific tract in the unit area to the total surface acreage of the unit area as that total surface acreage is specified in paragraph one of the Plan for Unit Operations of this order.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Majority Participants means the Holder(s) of more than 50% of the Outstanding VMTP Shares.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Phantom Stock means a right granted to an Eligible Individual under Section 12 representing a number of hypothetical Shares.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Phantom Share means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.