Common use of Designation of Accounts Clause in Contracts

Designation of Accounts. Unless designated otherwise under a separate loan procedure, Participant loans will first be taken proportionately from the Participant’s Employer Contribution Account and Matching Contribution Account, to the extent the Participant has a vested interest in such Accounts and subject to the loan limits under Section 13.03. If a Participant’s total vested Account Balance attributable to the Employer Contribution and Matching Contribution Accounts is not sufficient to satisfy the amount of the loan, the Participant loan will next be taken from the Participant’s Salary Deferral Account. Finally, the loan will be taken from the Participant’s Rollover Contribution Account. A Participant loan will be treated as a segregated investment on behalf of the individual Participant for whom the loan is made. Each payment of principal and interest paid by a Participant on his/her Participant loan shall be credited to the Participant’s Accounts and investment funds within such Accounts in the same manner as allocated under the above paragraph.

Designation of Accounts. Unless designated otherwise under a separate loan procedure, Participant loans will first be taken proportionately from the Participant’s Employer Contribution Account and Matching Contribution Account, to the extent the Participant has a vested interest in such Accounts and subject to the loan limits under Section 13.03. If a Participant’s total vested Account Balance attributable to the Employer Contribution and Matching Contribution Accounts is not sufficient to satisfy the amount of the loan, the Participant loan will next be taken from the Participant’s Salary Deferral Account. Finally, the loan will be taken from the Participant’s Rollover Contribution Account. A Participant loan will be treated as a segregated investment on behalf of the individual Participant for whom the loan is made. Each payment of principal and interest paid by a Participant on his/her Participant such Participant’s loan shall be credited to the Participant’s Accounts and investment funds within such Accounts in the same manner as allocated under the above paragraph.