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AGREEMENT FOR DEFERRED <br />COMPENSATION PLAN <br />Page 5 <br /> <br /> transactions that may be submitted by participants. <br /> <br />IV. OWNERSHIP OF FUNDS <br /> <br /> Title and Ownership of the Account established under the PLAN <br /> shall at all times be in the AGENCY and named CITY OF <br /> PLEASANTON. As funds of PLAN remain the property of AGENCY <br /> until such time as funds are "made available" (Death, <br /> Disability, Retirement, Termination or such Unforeseeable <br /> Emergency as specifically determined by and pursuant to <br /> regulations issued by the Secretary of Treasury...457 B-5) to <br /> participant, no participant shall have any right to encumber, <br /> hypothecate, or alienate his or her interest in PLAN. <br /> <br />V. COLLATERAL <br /> <br /> Sacramento Savings shall deposit with it's designated Agency of <br /> Depository, Promissory Notes secured by First Trust Deeds upon <br /> residential real property locate~ in California. The unpaid <br /> principal sum of said Notes shall at all times be in an amount <br /> at least one hundred fifty (150) percent of the amount <br /> deposited by AGENCY in each participant sub-account which <br /> exceeds the FSLIC maximum insurance for each participant <br /> sub-account. The designated Agency of Depository shall have <br /> power to exercise, enforce, or waive any power granted to <br /> holder and beneficiary of the Notes and Deeds of Trust, <br /> Promissory Notes on which any payment is 90 days past due, as <br /> to which there is a lien prior to the Deed of Trust securing <br /> the Promissory Note, or any security as to which an unrescinded <br /> notice of default has been recorded, or upon which action has <br /> been commenced pursuant to California Code of Civil Procedure <br /> Section 725(a) shall not be used as Security of Deposits. The <br /> Collateralized deposits shall be administered, and the value of <br /> said notes shall be determined, except as otherwise provided <br /> <br /> <br />