Common use of Accounting for Loans Clause in Contracts

Accounting for Loans. Any loan granted to the borrower shall be deemed an earmarked investment made solely for the borrower’s benefit and shall be evidenced by a separate loan account of the borrower. A borrower’s separate loan amount shall be established as of the date on which the loan is made and shall be funded with an amount equal to the principal amount of the loan that is transferred to such account from first the borrower’s Section 401(k) Contribution Account; next from the borrower’s Rollover Account; next from the borrower’s Annual Employer Contribution Account, and finally from the borrower’s Profit Sharing Contribution Account. Transfers to a loan account shall be made from such of the investment elections in which such Accounts are invested as the borrower shall direct and shall be subject to any restrictions and limitations applicable under the terms of any instrument in which the borrower’s other Plan Accounts are invested. All principal and interest payments made on a loan granted hereunder shall be allocated upon receipt to the borrower’s other Plan Accounts in the proportion that such Accounts were debited to fund the borrower’s separate loan account, but based upon his election then in effect pursuant to Section 7.3. The balance of borrower’s separate loan account shall be decreased by the amount of principal payments and the loan account shall be closed when the loan has been repaid in full. Any expenses of the Trustee which are directly attributable to its administration of a borrower’s separate loan account, as determined by the Trustee, shall be charged to and paid from the borrower’s Plan Accounts in the proportion that such Accounts were debited to from the borrower’s separate loan account.

Accounting for Loans. Any loan granted to the borrower shall be deemed an earmarked investment made solely for the borrower’s 's benefit and shall be evidenced by a separate loan account of the borrower. A borrower’s 's separate loan amount account shall be established as of the date on which the loan is made and shall be funded with an amount equal to the principal amount of the loan that is transferred to such account from first first, the borrower’s Section 's 401(k) Contribution Account; , next from the borrower’s 's Rollover Account; , next from the borrower’s 's Annual Employer Contribution Account, and finally from the borrower’s 's Profit Sharing Contribution Contributions Account. Transfers to a loan account shall be made from such of the investment elections Investment Funds in which such Accounts accounts are invested as the borrower shall direct and shall be subject to any restrictions and limitations applicable under the terms of any insurance company guaranteed investment contract or other instrument in which the borrower’s 's other Plan Accounts accounts are invested. All principal and interest payments made on a loan granted hereunder shall be allocated upon receipt to the borrower’s 's other Plan Accounts accounts in the proportion that such Accounts accounts were debited to fund the borrower’s 's separate loan account, but based upon his investment election then in effect pursuant to Section 7.3Article 8. The balance of the borrower’s 's separate loan account shall be decreased by the amount of principal payments and the loan 112 - 107 - account shall be closed when the loan has been repaid in full. Any expenses of the Trustee which are directly attributable to its administration of a borrower’s 's separate loan account, as determined by the Trustee, shall be charged to and paid from the borrower’s 's Plan Accounts accounts in the proportion that such Accounts accounts were debited to from fund the borrower’s 's separate loan account.

Accounting for Loans. Any loan granted to the borrower shall be deemed an earmarked investment made solely for the borrower’s benefit and shall be evidenced by a separate loan account of the borrower. A borrower’s separate loan amount shall be established as of the date on which the loan is made and shall be funded with an amount equal to the principal amount of the loan that is transferred to such account from first the borrower’s Section 401(k) Contribution Account; next from the borrower’s Rollover Account; next from the borrower’s Matching Contribution Account; next from the borrower’s Annual Employer Contribution Account, and finally from the borrower’s Profit Sharing Contribution Account. Transfers to a loan account shall be made from such of the investment elections in which such Accounts are invested as the borrower shall direct and shall be subject to any restrictions and limitations applicable under the terms of any instrument in which the borrower’s other Plan Accounts are invested. All principal and interest payments made on a loan granted hereunder shall be allocated upon receipt to the borrower’s other Plan Accounts in the proportion that such Accounts were debited to fund the borrower’s separate loan account, but based upon his election then in effect pursuant to Section 7.3. The balance of borrower’s separate loan account shall be decreased by the amount of principal payments and the loan account shall be closed when the loan has been repaid in full. Any expenses of the Trustee which are directly attributable to its administration of a borrower’s separate loan account, as determined by the Trustee, shall be charged to and paid from the borrower’s Plan Accounts in the proportion that such Accounts were debited to from the borrower’s separate loan account.