Loans to Members. Neither Borrower will directly or indirectly loan amounts to or guarantee the debts of any Person, including, but not limited to an affiliate, subsidiary, parent of a Borrower, or any member, officer or employee thereof or to any entity controlled by such entity, officer, shareholder or employee. Section 4.27.
Loans to Members. (1) A Member and a former Member who is a "party in interest" within the meaning of section 3(14) of ERISA may apply on the form provided by the Committee for a loan from his Account. As used in this Section, the term "Member" shall refer to each Member or former Member who may apply for a loan pursuant to this Section. If the Committee determines that the Member is not in bankruptcy or similar proceedings and is entitled to a loan in accordance with the following provisions of this Section, the Committee shall direct the Trustee to make a loan to the Member from his Account. Each loan shall be charged against the Member's Account in the order established by the Committee. No loans may be made from the Member’s Age and Service Employer Contributions Account.
Loans to Members. The Manager shall have the right to make loans to Members in such amounts and upon such terms as may be determined by the Manager (so long as the loan bears interest at least at the applicable “Federal Rate” determined under the Federal Internal Revenue Code and Regulations). Such loans may be secured or unsecured, but at all times shall be deemed secured by the Member’s interest in Company.
Loans to Members. The following table shows the gross carrying amount of loans measured at amortized cost as of October 31, 2020. Stage 1 represents performing loans with a 12-month expected credit loss, Stage 2 represents performing loans with a lifetime expected credit loss, and Stage 3 represents impaired loans with a lifetime expected credit loss. Loans to members comprise as follows: 2020 2019 Performing loans 4,951,566 4,938,364 Non performing loans 75,290 45,210 Accrued interest 17,278 14,314 Allowance for impairment (29,791) (17,292) Total 5,014,343 4,980,596 Xxxxx 0 Xxxxx 0 Xxxxx 0 Xxxxx Accrued Interest Allowance for Credit Losses Total Net of Allowance As at October 31, 2020 Consumer 422,835 10,647 1,731 435,213 1,080 6,996 429,297 Residential mortgage 2,325,950 102,617 6,664 2,435,232 2,731 1,959 2,436,003 Commercial and agriculture 2,070,971 17,606 67,834 2,156,411 13,468 20,836 2,149,043 Total member loans 4,819,756 130,870 76,229 5,026,855 17,278 29,791 5,014,343 Xxxxx 0 Xxxxx 0 Xxxxx 0 Xxxxx Accrued Interest Allowance for Credit Losses Total Net of Allowance As at October 31, 2019 Consumer 465,288 11,760 1,526 478,574 1,088 6,340 473,322 Residential mortgage 2,385,876 118,370 8,315 2,512,561 2,991 2,064 2,513,488 Commercial and agriculture 1,919,610 38,707 34,122 1,992,439 10,235 8,888 1,993,786 Total member loans 4,770,774 168,837 43,964 4,983,574 14,314 17,292 4,980,596 Allowance for expected credit losses consists of the following: Residential mortgages Xxxxx 0 Xxxxx 0 Xxxxx 0 Xxxxx As at November 1, 2018 Remeasurement of loss allowance: Net remeasurement due to stage transfers Remeasurement of loss allowance other than stage transfers Derecognitions and maturities Loan originations 873 (2) (2) (107) 163 545 170 2 (39) 86 57 160 209 (17) 70 1,475 328 209 (163) 319 Total remeasurement of loss allowance Write offs 52 - 219 - 422 (104) 693 (104) As at October 31, 2019 925 764 375 2,064 Remeasurement of loss allowance: - Net remeasurement due to stage transfers 14 (8) 86 92 Remeasurement of loss allowance other than stage transfers (19) 45 (89) (63) Derecognitions and maturities (150) (73) (94) (317) Loan originations 145 101 11 257 Total remeasurement of loss allowance Write offs (10) - 65 - (86) (74) (31) (74) As at October 31, 2020 915 829 215 1,959 Consumer loans Xxxxx 0 Xxxxx 0 Xxxxx 0 Xxxxx As at November 1, 2018 Remeasurement of loss allowance: Net remeasurement due to stage transfers Remeasurement of loss allowance other than stage transfers Derecogni...
Loans to Members. 40 7.11 Discharge of Trustees' Obligation to Make Payments......... 42 7.12
Loans to Members. (1) A Member who is an Employee or a “party in interest” within the meaning of section 3(14) of ERISA, but who is not a Disabled Member, may apply on the form provided by the Administrative Committee for a loan from his Vested Interest in his Account. If the Committee determines that the Member is not in bankruptcy or similar proceedings and is entitled to a loan in accordance with the following provisions of this Section, the Committee shall direct the Trustee to make a loan to the Member from his Account. Each loan shall be charged against the Member’s Vested Interest in his Sub-Accounts as follows: first, against the Member’s Rollover Contributions Sub-Account, if any; second, to the extent necessary, against the Member’s Before-Tax Contributions Sub-Account, if any; third, to the extent necessary, against the Member’s Qualified Nonelective Contributions Sub-Account, if any; fourth, to the extent necessary, against the Member’s Matching Employer Contributions Sub-Account, if any; fifth, to the extent necessary, against the Member’s Nonelective Employer Contributions Sub-Account, if any; sixth, to the extent necessary, against the Member’s Transitional Employer Contributions Sub-Account, if any; seventh, to the extent necessary, against the Member’s Prior ESOP Contributions Sub-Account, if any; eighth, to the extent necessary, against the Member’s Weartech Prior Matching Contributions Sub-Account, if any; ninth, to the extent necessary, against the Member’s FSP Contributions Sub-Account; and tenth, to the extent necessary, against the Member’s FSP Plus Contributions Sub-Account.
Loans to Members. Loans to individual members may be made with the permission of all members. Such loans shall bear interest at the appropriate Federal Funds Rate applicable at the time of the loan. Any repayment to the Company of such borrowed funds shall be first applied to interest and then to principal.
Loans to Members the making of any loans or extension of credit to any Member.
Loans to Members. If permitted under Item U(3)(a), loans shall be made available to all Members on a reasonably equivalent basis. For purposes of this section, and unless otherwise specified, Member means any Member or Beneficiary who is a party-in-interest as defined in ERISA. Loans shall not be made to Highly Compensated Employees in an amount greater than the amount made available to other Members. No loans shall be made to any shareholder-employee or Owner-employee. For purposes of this requirement, a shareholder-employee means an employee or officer of an electing small business (Subchapter S) corporation who owns (or is considered as owning within the meaning of Code Section 318(a)(1)), on any day during the taxable year of such corporation, more than 5 percent of the outstanding stock of the corporation. A loan to a Member shall be a Member-directed investment of his Account. The portion of the Member’s Account held in the Qualifying Employer Securities Fund may be redeemed for purposes of a loan only after the amount held in other investment options has been depleted. The loan is a Trust Fund investment but no Account other than the borrowing Member’s Account shall share in the interest paid on the loan or bear any expense or loss incurred because of the loan. The number of outstanding loans shall be limited to one, unless otherwise specified in Item U(3)(a)(iv). No more than one loan shall be approved for any Member in any 12-month period, unless otherwise specified in Item U(3)(a)(v). If Item U(3)(a)(ii) is selected, the minimum amount of any loan shall be the amount specified in that item. Loans must be adequately secured and bear a reasonable rate of interest. The amount of the loan shall not exceed the maximum amount that may be treated as a loan under Code Section 72(p) (rather than a distribution) to the Member and shall be equal to the lesser of (a) or (b) below: 50
Loans to Members of Borrower's management to finance the exercise of Approved Options and the payment of income taxes in connection therewith in a net aggregate cash amount not exceeding $250,000.
