under the plan for one-half of the present value of the nonforfeitable accrued benefit of the employee under the plan . (B) Delay of repayment In the case of a qualified individual with an outstanding loan on or after the applicable disaster date from a qualified employer plan— (i) if the due date pursuant to subparagraph (B) or (C) of paragraph (2) for any repayment with respect to such loan occurs during the 1-year period beginning on the applicable disaster date, such due date shall be delayed for 1 year, (ii) any subsequent repayments with respect to any such loan shall be appropriately adjusted to reflect the delay in the due date under clause (i) and any interest accruing during such delay, and (iii) in determining the 5-year period and the term of a loan under subparagraph (B) or (C) of paragraph (2), the period described in clause (i) shall be disregarded. (C) Definitions For purposes of this paragraph— (i) Qualified individual The term qualified individual means, with respect to any federally declared disaster occurring in any calendar year beginning after 2011, an individual whose principal place of abode on the applicable disaster date is located in the disaster area and who has sustained an economic loss by reason of such federally declared disaster. (ii) Applicable period The applicable period is the period beginning on the applicable disaster date and ending on December 31, 2016. (iii) Federally declared disaster