Common use of Monitoring Procedures Clause in Contracts

Monitoring Procedures. (1) In order to ensure that at least one of the actual deferral percentages specified in Section 4.8(1) is satisfied for each Plan Year, the Committee shall monitor (or cause to be monitored) the amount of Deferred Salary Contributions and/or ▇▇▇▇ Contributions being made to the Plan by or for each Employee during each Plan Year. In the event that the Committee determines that neither of such actual deferral percentages will be satisfied for a Plan Year, the Deferred Salary Contributions and/or ▇▇▇▇ Contributions being made by or for each Highly Compensated Employee shall be appropriately suspended or adjusted (pursuant to non-discriminatory rules adopted by the Committee) or, in the case of contributions which have not been allocated to the Accounts of Members, returned or treated as some other type of contribution. (2) In order to ensure that excess deferrals (as such term is defined in Section 4.7(2)) shall not be made to the Plan for any taxable year for any Member, the Committee shall monitor (or cause to be monitored) the amount of Deferred Salary Contributions and/or ▇▇▇▇ Contributions being made to the Plan for each Member during each taxable year and shall take such action (pursuant to non-discriminatory rules adopted by the Committee) to prevent Deferred Salary Contributions and/or ▇▇▇▇ Contributions made for any Member under the Plan for any taxable year from exceeding the maximum amount applicable under Section 4.7.