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<br />ICMA RETIREMENT CORPORATION <br /> <br />IV. Loan amount <br /> <br />The minimum loan amount is $1,000. <br /> <br />The maximum amount of all loans to the participant from the plan and all other plans sponsored by the <br />employer that are qualified employer plans under section 72(P)(4) of the Code is the lesser of: <br /> <br />(1) $50,000, reduced by the excess (if any) of: <br /> <br />a. The highest outstanding balance ofloans during the one-year period ending on the day <br />before the date a loan is to be made, over <br /> <br />b. The outstanding balance ofloans on the date the loan is to be made; or <br /> <br />(2) one half of the participant's vested account balance. <br />I <br />If a participant has any loans outstanding at the time a new loan is requested, the new loan will be limited to <br />the maximum amount calculated above reduced by the total of the outstanding loans. <br /> <br />A loan cannot be issued for more than the above amount. The participant's requested loan amount is subject to <br />downward adjustment without notice due to market fluctuation between the time of application and the time <br />the loan is made. <br /> <br />V. Length of loan <br /> <br />,1 <br />, <br />A loan must be repaid in substantially equal installments of principal and interest, at least monthly, over a <br /> <br />period that does not exceed five (5) years. <br /> <br />I <br />Loans for a principal residence must be repaid in substantially equal installments of principal and interest, at <br />least monthly, over no more than 5 [state, number of years] years (maximum 30 years). <br /> <br />VI. Loan repayment process <br /> <br />Loans for active employees must be repaid through payroll deduction. Repayment will begin as soon as <br />practicable on a date determined by the employer's payroll cycle. <br /> <br />Loans outstanding for former employees or employees on a leave of absence must be repaid on the same <br />schedule as if payroll deductions were still being made Jnless they reamortize their loans and establish a new <br />repayment schedule that provides that substantially equal payments are made at least monthly over the remain- <br />ing period of the loan. All repayments must be made through the employer. <br /> <br />Loan payments, including loan payments from former employees, are allocated to the participant's current <br />election of investment options on file with Re. <br /> <br />The participant may payoff all or a portion of the principal and interest early without penalty or additional <br />fee. Extra payments are applied forward to both principal and interest as specified in the original repayment <br />schedule, unless the additional payment is for the balance due. <br /> <br />................. I." 1...............0-.........................0.0................................ <br /> <br />two, <br />