Loans to Participants. If the Adoption Agreement so indicates, a Participant may receive a loan from the Fund, subject to the following rules:
Loans to Participants. If permitted under the Adoption Agreement, the Committee, in its discretion, may authorize and direct the Trustee to grant loans to Participants and Beneficiaries in accordance with written rules established by the Committee. Such loans:
Loans to Participants. 79 12.2 Provisions to be Applied in a Uniform and Nondiscriminatory Manner . . . . . . . . . . . . . . . . . . . . . . . . . 81 12.3
Loans to Participants. Subject to Section 7.1 of the Basic Plan and a written procedure established by the Employer, loans can be made to Participants from the Plan < ¨ beginning (must be after the later of the Plan’s original effective date or the restatement date) >.
Loans to Participants. (a) The Trustee may, in the Trustee's discretion, make loans to Participants and Beneficiaries under the following circumstances: (1) loans shall be made available to all Participants and Beneficiaries on a reasonably equivalent basis; (2) loans shall not be made available to Highly Compensated Employees in an amount greater than the amount made available to other Participants and Beneficiaries; (3) loans shall bear a reasonable rate of interest; (4) loans shall be adequately secured; and (5) shall provide for repayment over a reasonable period of time.
Loans to Participants. [ ] 1. Shall not be permitted.
Loans to Participants. Subject to such rules and regulations as may from time to time be promulgated by the Committee, the Committee, upon application of a Participant (as that term is defined for purposes of this Section 12.8), may, in its sole and absolute discretion, direct the Trustee to make a loan or loans to such Participant from his Accounts, in the order and upon such terms as the Committee shall establish, and subject to the requirements of this Section 12.8. For purposes of this Section 12.8 only, the term “Participant” shall include ) ( former Participants and Beneficiaries who are “parties in interest” with respect tothe Plan, as that term is defined under Section 3(14) of ERISA. The maximum amount that may be loaned is the lesser of: (i) $50,000.00, reduced by the highest outstanding balance of any prior loans from the Plan to the Participant during the one-year period ending on the day before the date on which such loan is made, or (ii) one-half of the value of the Participant’s vested Individual Account balance as of the Valuation Date next preceding the date on which the Committee receives the Participant’s loan application. In determining the maximum amount allowed hereunder as a loan, all loans to a Participant from all plans of the Employer and any Affiliate are to be aggregated. The minimum amount that may be loaned is One Thousand Dollars ($1,000.00), and no more than two loans may be outstanding at any time, except to the extent otherwise provided in the policies and procedures adopted by the Committee, the terms of which are incorporated herein, and specifically providing that the maximum number of loans that may be outstanding at any time on behalf of a participant who was previously an employee of Northern Tier Energy LLC, on June 1,2017, including employees who return to active employment of any of such entities subsequent to that date following a return from an approved leave of absence, as part of the acquisition of Western Refining, Inc., and who, on the date of the merger of the Northern Tier Energy Retirement Savings Plan (the “Northern Tier Plan”) into this Plan had up to five (5) outstanding loans under the Northern Tier Plan, shall be the number of outstanding loans under the Northern Tier Plan on the date of such merger. Loans shall be granted by the Committee in a uniform and nondiscriminatory manner. Each loan shall bear a reasonable rate of interest, as determined by the Committee, and shall be adequately secured, with substantially level a...
Loans to Participants. (a) If specified in the Adoption Agreement, the Trustee (or the Administrator if the Trustee is a nondiscretionary Trustee or if loans are treated as Participant directed investments pursuant to the Adoption Agreement) may, in the Trustee's (or, if applicable, the Administrator's) sole discretion, make loans to Participants or Beneficiaries under the following circumstances: (1) loans shall be made available to all Participants and Beneficiaries on a reasonably equivalent basis; (2) loans shall not be made available to Highly Compensated Employees in an amount greater than the amount made available to other Participants; (3) loans shall bear a reasonable rate of interest; (4) loans shall be adequately secured; and (5) loans shall provide for periodic repayment over a reasonable period of time. Furthermore, no Participant loan shall exceed the Participant's Vested interest in the Plan.
Loans to Participants. The Administration Committee, upon request by a Participant who is an employee of an Employer or Related Company or who is a “party in interest” with respect to the Plan (as such term is defined in Section 3(14) of ERISA) in such form as the Administration Committee may require, may authorize a loan to be made to the Participant from the Participant’s vested interest in the Trust Fund, excluding any amount in the Participant’s QVEC Account, subject to the following:
Loans to Participants. (i) To originate a participant loan, the Plans participant shall direct the Master Trustee as to the term and amount of the loan to be made from the participant's individual account. Such directions shall be made by Plans participants by use of the telephone exchange system maintained for such purpose by the Master Trustee or its agent. The Master Trustee shall determine, based on the current value of the participant's account on the date of the request and any guidelines provided by the Company, the amount available for the loan. Based on the interest rate supplied by the Company in accordance with the terms of the Plans, the Master Trustee shall advise the participant of such interest rate, as well as the installment payment amounts. In the case of participant residential loans, the Master Trustee shall forward the loan document to the participant for execution and submission for approval to the Master Trustee. The Master Trustee shall distribute the loan note with the proceeds check to the participant. The Master Trustee also shall distribute truth-in-lending disclosure to the participant. To facilitate recordkeeping, the Master Trustee may destroy the original of any promissory note made in connection with a loan to a participant under the Plans, provided that the Master Trustee first creates a duplicate by a photographic or optical scanning or other process yielding a reasonable facsimile of the promissory note and the Plans participant's signature thereon, which duplicate may be reduced or enlarged in size from the actual size of the original promissory note.
