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Applicant must be a full-time employee of the Company or a subsidiary and eligible for benefits offered to full-time employees.
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Applicant may not have any other loan from the Company or any subsidiary outstanding.
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Except as indicated in the block below, Applicant must acknowledge that any loan granted under this Program will generally be repaid through automatic payroll deductions during the Applicant’s term of employment with the Company or a subsidiary.
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Applicant must acknowledge that upon his or her termination of employment, the Applicant will repay any outstanding balance of the loan in full either prior to the last day of employment or at the time he or she takes a distribution from his or her ESOP account. Note: Upon termination, interest will continue to accrue until the loan is paid in full. Loans paid off at the time of ESOP distribution are a direct distribution and are taxable under Federal tax law.
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Applicant’s wages are not subject to any garnishment or lien.
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Applicant has a vested ESOP account balance of $8,574 or more.
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The loan requested does not exceed 35% of the Applicant’s vested ESOP account balance and is at least $3,001 but does not exceed $125,000.
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By typing my name above, I acknowledge and agree that this typed signature has the same validity and effect as my handwritten signature and constitutes my legal signature for the purposes of this form. |
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