Adequate security. Each loan and related promissory note shall be secured by an assignment of no more than 50 percent of the Participant's Account to the Loan Trustee. A Participant may also provide such other or additional security for the loan as the Loan Trustee may require or permit.
Appears in 3 contracts
Samples: Prototype 401(k) Plan (United States Lime & Minerals Inc), 401(k) Plan Adoption Agreement (United States Lime & Minerals Inc), Prototype 401(k) Plan (Associated Estates Realty Corp)
Adequate security. Each loan and related promissory note shall be ----------------- secured by an assignment of no more than 50 percent of the Participant's Account to the Loan Trustee. A Participant may also provide such other or additional security for the loan as the Loan Trustee may require or permit.
Appears in 1 contract
Samples: 401(k) Plan Adoption Agreement (Chandler Insurance Co LTD)
Adequate security. Each loan and related promissory note shall be secured by an assignment of no more than 50 percent of the Participant's Account to the Loan Trustee. A Participant may also provide such other or additional security for the loan as the Loan Trustee may require or permit; when determining whether to require additional security, the Loan Trustee shall give special consideration to whether the adequate security exists in light of Code imposed restrictions which may limit the Loan Trustees ability, under certain circumstances, to liquidate all or a portion of the Participant's vested Account.
Appears in 1 contract
