Loan Fund. Prior to receiving the proceeds of a loan, the Participant shall direct that funds in an amount equal to the loan amount be transferred from the Participant's Accounts in which it is invested, in a proportion elected by the Participant, to a special loan fund established by the Investment Committee (consisting solely of that Participant's loans) established for purposes of disbursing the loan amount to the Participant. Any such transfer shall be disregarded for purposes of any transfer limitations under Program of the Plan.
Appears in 2 contracts
Sources: Employees' Savings, Investment and Profit Sharing Plan (Revlon Inc /De/), Employee Retirement Plan (Cosmetic Center Inc)