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<br />457 Plan and Trust I;>ocument <br /> <br />(b) Interest Rate. Loans must be adequately secured and bear a reasonable interest <br />rate. <br /> <br />(c) Loan Limit. No Participant loan shall exceed the present value of the <br />Participant's Account. <br /> <br />(d) Foreclosure. In the event of default on any installment payment, the outstanding <br />balance of the loan shall be a deemed distribution. In such event, an actual <br />distribution of a plan loan offset amount will not occur until a distributable event <br />occurs in the Plan. <br /> <br />(e) Reduction of Account. Notwithstanding any other provision of this Plan, the <br />portion of the Participant's Account balance used as a security interest held by <br />the Plan by reason of a loan outstanding to the Participant shall be taken into <br />account for purposes of determining the amount of the Account balance payable <br />at the time of death or distribution, but only if the reduction is used as <br />repayment of the loan. <br /> <br />(f) Amount of Loan. At the time the loan is made, the principal amount of the loan <br />plus the outstanding balance (principal plus accrued interest) due on any other <br />outStanding loans to the Participant from the Plan and from all other plans of the <br />Employer that are either eligible deferred compensation plans described in <br />section 457(b) of the Code or qualified employer plans under Section 72(p)(4) of <br />the Code shall not exceed the lesser of: <br /> <br />(1) $50,000, reduced by the excess (if any) of <br /> <br />(a) The highest outstanding balance ofloans from the Plan during <br />the one (1) year period ending on the day before the date on which the <br />loan is made, over <br /> <br />(b) The outstanding balance ofloans from the Plan on the date on <br />which such loan is made; or <br /> <br />(2) One-half of the value of the Participant's interest in all of his or her <br />Accounts under this Plan. <br /> <br />15 <br />