TERMS -- RESTRICTIONS. Withdrawals from a Participant’s Annuity Account Value to effect Plan loans may not be made if the Employer intends to terminate the Employer Plan, or has given notice that the Employer Plan has terminated or amounts are being paid pursuant to the terms of Section 5.03. In addition, the following terms will apply: (a) A withdrawal to make a Plan loan will be available only from the portion, if any, of the Annuity Account Value that is considered vested in accordance with the Plan, as reported to Equitable by the Employer. (b) Participants will apply for Plan loans through the Employer. (c) The Plan loan must by its terms be for an amount and duration within the terms specified in the Code and applicable Treasury regulations.
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TERMS -- RESTRICTIONS. Withdrawals from a Participant’s 's Annuity Account Value to effect Plan loans may not be made if the Employer intends to terminate the Employer Plan, or has given notice that the Employer Plan has terminated or amounts are being paid pursuant to the terms of Section 5.03. In addition, the following terms will apply:
(a) A withdrawal to make a Plan loan will be available only from the portion, if any, of the Annuity Account Value that is considered vested in accordance with the Plan, as reported to AXA Equitable by the Employer.
(b) Participants will apply for Plan loans through the Employer.
(c) The Plan loan must by its terms be for an amount and duration within the terms specified in the Code and applicable Treasury regulations.
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Sources: Group Annuity Contract (Separate Account 206 of Axa Equitable Life Insurance Co)