Loan Payment Hierarchy. Loan principal payments shall be credited to the Participant's Accounts in the inverse of the order used to fund the loan. Loan interest shall be credited to the Participant's Accounts in direct proportion to the principal payment. Loan payments are credited to the Investment Funds based upon the Participant's current investment election for new Contributions.
Appears in 9 contracts
Samples: Employee Stock Savings Plan (La Gear Inc), Savings Plan and Trust Agreement (Nipsco Industries Inc), 401(k) Savings Plan and Trust Agreement (Advo Inc)
Loan Payment Hierarchy. Loan principal payments shall be credited to the Participant's Accounts in the inverse of the order used to fund the loan. Loan interest shall be credited to the Participant's Accounts in direct proportion to the principal payment. Loan payments credited to Accounts for which the Participant directs investment as described in Section 7 are credited to the Investment Funds based upon the Participant's current investment election for new Contributions. Loan payments credited to Accounts for which the Participant does not direct investment as described in Section 7 are credited to the Investment Funds specified by the Administrator for such Accounts.
Appears in 2 contracts
Samples: Savings Plan and Trust Agreement (Hanna M a Co/De), Financial Security Plan and Trust Agreement (Caliber System Inc)
Loan Payment Hierarchy. Loan principal payments shall be credited to the Participant's Accounts in the inverse of the order used to fund the loan. Loan interest shall be credited to the Participant's Accounts in direct proportion to the principal payment. Loan payments are credited to the Investment Funds based upon the Participant's current investment election for new Contributions.principal
Appears in 1 contract
Loan Payment Hierarchy. Loan principal payments shall be credited to the Participant's ’s Accounts in the inverse of the same order used to fund the loan. Loan interest shall be credited to the Participant's ’s Accounts in direct proportion to the principal payment. Loan payments are credited to the Investment Funds based upon the Participant's ’s current investment election for new Contributions.
Appears in 1 contract
Samples: 401(k) Plan and Trust Agreement (Leggett & Platt Inc)
