Interest-Free Loan for Tools Sample Clauses

Interest-Free Loan for Tools. Employees may request an interest-free loan from the Employer with the purchase of tools. The Employer shall grant such requests. A loan amount for balance shall not exceed five hundred dollars ($500.00). The loan shall be re- paid on the basis of twenty-five dollars ($25.00) per pay period withheld from employee wages. Employees requesting such loan assistance are deemed to have granted permission to withhold such repayment in each pay period from regular wages. In the event that active employment is concluded and a loan balance remains, the Employer may withhold an amount equal to the loan balance from the final regular wages of the employee.
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Related to Interest-Free Loan for Tools

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