Common use of Loan Offset Clause in Contracts

Loan Offset. Upon my death, my entire loan balance will be immediately payable and I authorize MetLife to withdraw this amount and any accrued and unpaid interest from my certificate without further notice. If I request a full withdrawal from my certificate after I have reached age 591/2 or notified MetLife of my separation from service or disability, I authorize MetLife to offset against my certificate my remaining loan balance, any accrued and unpaid interest, and any surrender charges. If MetLife makes distribution to me and any amounts are eligible for rollover (including the offset amount), I understand MetLife is required to withhold from my certificate 20% of the eligible rollover amount to cover federal income taxes.

Loan Offset. Upon my death, my entire loan balance will be immediately payable and I authorize MetLife to withdraw this amount and any accrued and unpaid interest from my certificate without further notice. If I request a full withdrawal from my certificate after I have reached age 591/2 or notified MetLife of my separation from service or disability, I authorize MetLife to offset against my certificate my remaining loan balance, any accrued and unpaid interest, and any surrender charges. If MetLife makes distribution to me and any amounts are eligible for rollover (including the offset amount), I understand MetLife is required to withhold from my certificate 20% of the eligible rollover amount to cover federal income taxesFederal Income Taxes.