Common use of Hardship Withdrawals Clause in Contracts

Hardship Withdrawals. Notwithstanding any other provision of this Amendment, the Executive or any of his beneficiaries may withdraw all or a portion of his Account in the event of unforeseeable emergency. For this purpose, unforeseeable emergency means that funds are necessary in light of the immediate and heavy unexpected financial needs of the Executive or beneficiary. Any such withdrawal shall be limited to the amount required (taking into account the net after-tax amount that will be available from such withdrawal) to meet any immediate financial need that is not reasonably available from other sources. All determina tions as to whether, and in what amounts, withdrawals are permitted pursuant to this Section 6 shall be made by the Committee in its sole discretion. Withdrawals shall be paid in cash as soon as practicable following approval of the withdrawal request by the Committee.