Common use of Loans from the Fixed Interest Account Clause in Contracts

Loans from the Fixed Interest Account. (a) A Participant who has all or a portion of his Account Value held in the Fixed Interest Account may borrow money from AUL, using such Account Value held in the Fixed Interest Account as the only security for the loan, by submitting a proper written request to AUL at its Home Office. The minimum amount of any single loan is $2,000. The maximum amount that may be borrowed at any time is an amount which, when combined with the largest loan balance during the prior 12 months, does not exceed the lesser of (l) 50% of the Withdrawal Value of the Participant Account held in the Fixed Interest Account, or (2) $50,000. The Withdrawal Value of the Participant Account held in the Fixed Interest Account, which must be at least twice the amount of the outstanding loan balance, shall serve as security for the loan, and shall continue to earn interest. Payment by AUL of the loan amount may be delayed for up to 6 months.

Loans from the Fixed Interest Account. (a) A Participant who has all or a portion of his Account Value held in the Fixed Interest Account may borrow money from AUL, using such Account Value held in the Fixed Interest Account as the only security for the loan, by submitting a proper written request to AUL at its Home Office. The minimum amount of any single loan is $2,0001,000. The maximum amount that may be borrowed at any time is an amount which, when combined with the largest loan balance during the prior 12 months, does not exceed the lesser of (l) 50% of the Withdrawal Value of the Participant Account held in the Fixed Interest Account, or (2) $50,000. The Withdrawal Value of the Participant Account held in the Fixed Interest Account, which must be at least twice the amount of the outstanding loan balance, shall serve as security for the loan, and shall continue to earn interest. Payment by AUL of the loan amount may be delayed for up to 6 months.