TYPES OF COLLATERAL ACCEPTED Sample Clauses

TYPES OF COLLATERAL ACCEPTED. Loans to active Participants may be secured only by a pledge of up to fifty percent (50%) of the value of the Participant's vested Accrued Benefits under the Plan. As explained in P. 4, a Participant's vested Accrued Benefits include his Salary Reduction Contribution Account, his separate Qualified Employer Contribution Accounts composed only of those fully vested contributions utilized to satisfy the Actual Deferral Percentage Test and/or the Actual Contribution Percentage Test, the vested portion of the Participant's Employer Nonelective Contribution Account and the vested portion of the Participant's Employer Matching Contribution Account. Notwithstanding the preceding sentence, however, Participant loans will be made only from the Participant's Salary Reduction Contribution Account and separate Qualified Employer Nonelective Contribution Account corn-posed only of those fully vested contributions utilized to satisfy the Actual Deferral Percentage Test, and no loans will be approved in excess of the balances in those accounts. Additional collateral in a form acceptable to the Plan Administrator is required for loans to inactive Participants where the outstanding principal balance is in excess of 25% of such Participant's vested Accrued Benefits and payroll deductions are not available for repayment purposes.
Sample 1
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Related to TYPES OF COLLATERAL ACCEPTED

  • Types of Collateral None of the Collateral consists of, or is the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes or standing timber.

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows:

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Application of Collateral and Proceeds The proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied in the following order of priorities:

  • Application of Collateral The proceeds of any sale, or other realization (other than that received from a sale or other realization permitted by the Credit Agreement) upon all or any part of the Collateral pledged by any Grantor shall be applied by the Administrative Agent as set forth in Section 7.6 of the Credit Agreement.

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Types of Borrowings The term “Borrowing” denotes the aggregation of Loans of one or more Banks to be made to the Company pursuant to Article 2 on a single date, all of which Loans are of the same type (subject to Article 8) and, except in the case of Base Rate Loans, have the same initial Interest Period. Borrowings are classified for purposes of this Agreement by reference to the pricing of Loans comprising such Borrowing (e.g., a “Euro-Dollar Borrowing” is a Borrowing comprised of Euro-Dollar Loans).

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