Loan Application, Note and Security. A Participant shall apply for any loan in accordance with a procedure established by the responsible Named Fiduciary. The responsible Named Fiduciary shall administer Participant loans and shall specify the time frame for approving loan applications. All loans shall be evidenced by a promissory note and security agreement and secured only by a Participant’s vested Account balance. The Plan shall have a lien on a Participant’s Account to the extent of any outstanding loan balance.
Appears in 2 contracts
Samples: Custodial Agreement (Pepsiamericas Inc/Il/), Adoption Agreement (Pepsiamericas Inc/Il/)
Loan Application, Note and Security. A Participant shall apply for any loan in accordance with a procedure established by the responsible Named Fiduciary. The responsible Named Fiduciary shall administer Participant loans and shall specify the time frame for approving loan applications. All loans shall be evidenced by a promissory note and security agreement and secured only by a Participant’s vested Account balance. The Plan shall have a lien on a Participant’s Account to the extent of any outstanding loan balance.
Appears in 2 contracts
Samples: Custodial Agreement (Pepsiamericas Inc/Il/), Custodial Agreement (Pepsiamericas Inc/Il/)