LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include: (1) the identity of the person or positions authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. This
Appears in 38 contracts
Samples: Discretionary Contribution Plan and Trust Agreement (Hollis Eden Pharmaceuticals Inc /De/), Defined Contribution Master Plan and Trust Agreement (Sonic Corp), 401(k) Plan (Firstbank Corp/Id)
LOAN POLICY. If the Advisory Administrative Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include:
(1) the identity of the person or positions authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. This
Appears in 4 contracts
Samples: 401(k) Savings Plan (Summit Care Corp), Defined Contribution Prototype Plan and Trust Agreement (Goodmark Foods Inc), Defined Contribution Prototype Plan and Trust Agreement (Conagra Inc /De/)
LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include:
: (1) the identity of the person or positions positions
9.1 authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. ThisThis Section 9.04 specifically incorporates a written loan policy as part of the Employer's Plan.
Appears in 1 contract
Samples: Defined Contribution Prototype Plan and Trust Agreement (Direct Focus Inc)
LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include:
: (1) the identity of the person or positions authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. ThisThis Section 9.04 specifically incorporates a written loan policy as part of the Employer's Plan.
Appears in 1 contract
Samples: Defined Contribution Master Plan and Trust Agreement (Universal Compression Holdings Inc)
LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include:
(1) the identity of the person or positions authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. ThisThis Section 9.04 specifically incorporates a written loan policy as part of the Employer's Plan.
Appears in 1 contract
Samples: Retirement Savings Plan Adoption Agreement (World Acceptance Corp)
LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the j),the loan policy must be a written document and must include:
(1) the identity of the person or positions authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. This
Appears in 1 contract
Samples: Adoption Agreement (Wicor Inc)
LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include:
(1) the identity of the person or positions authorized to administer the participant loan program; : (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. This
Appears in 1 contract
Samples: Defined Contribution Prototype Plan and Trust Agreement (Midcoast Energy Resources Inc)
