[Firm Name]
401(K) PLAN
PROMISSORY NOTE
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Employer and Plan Name
of Plan:
Information Name
of Employer:
Address:
City:
State: Zip:
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STATE OF:
COUNTY OF:
$
Participant
Amount
of Note
Address Date of Note
FOR
VALUE RECEIVED, the undersigned (the Maker) promises to pay to the order of the
Trustee of the [Firm Name] 401 (k) Plan, the sum of Dollars ($ ),
plus interest at the rate of % said principal and interest thereon to
be paid in the following manner:
Any
holder hereof may declare all amounts due hereunder to be immediately due and
payable whenever the holder deems itself insecure or upon the default in any
payment hereunder, or upon the Maker's failure to comply with the terms hereof,
or upon the Maker's insolvency, bankruptcy, death or incompetence. After
maturity, this note will
bear
interest at the highest legal rate. The Maker (I) promises to pay all costs of
collection, including a reasonable attorney's fee, upon any default hereunder,
whether in connection with collection, trial, appeal or otherwise; and (2)
waives presentment, demand, notice or dishonor and protest.
This
loan is secured by the Maker's Irrevocable pledge and Assignment of the Maker's
vested interest in the [Firm Name] 401 (k) Plan, a copy of
which is provided with this note. The security interest created by the security
agreements, if any, extends to all other and future obligations of the Maker.
The
Maker of this note consents to renewals, replacements and extension of time for
payment hereof before, at or after maturity, consents to the acceptance of
security or substituted security for this note and waives demand and protest
and the right to asset any statute of limitations.
Dated this day of
Witness Maker
