Converting loan under old rules to loan under current rules?

[John A]

A very old loan still in existence was made to a participant and the loan is a general asset of the plan. Both the plan and the participant would like to change the loan so that it falls under the current participant loan rules, so that repayments go into a participant loan account rather than into the general assets of the plan. The plan is a 401(k) profit sharing plan. The plan allows only one participant loan at a time. The current outstanding balance is about $10,000. What is the best way, if any, for the plan and participant to make this change?