Amount & Availability. The Committee may establish a minimum amount which a borrower may borrow at any one time from the Plan, exclusive of interest. The maximum amount which a borrower may borrow from the Plan, when added to the outstanding balance of all other loans from the Plan and from any other qualified plans maintained by the Employer and any entity required to be aggregated with the Employer pursuant to Code section 72(p), exclusive of interest, shall not exceed the lesser of: (i) fifty thousand dollars ($50,000), reduced by the excess (if any) of the highest outstanding balance of loans from the Plan to the borrower during the one (1) year period ending on the day before the date on which such loan was made, over the outstanding balance of loans from the Plan to the borrower on the date on which such loan was made; or (ii) fifty percent (50%) of the borrower's vested Plan Account, determined as of the origination date of the loan in the same manner as provided in Section 21.7. A borrower's vested interest in the Plan shall be determined in accordance with Code section 72(p)(2)(A). In addition, the Loan Administrator shall approve a loan made pursuant to this Article only if the Loan Administrator determines, in his or her sole and absolute discretion, that the amount of such loan is reasonable based on factors that are legally considered by commercial entities in the business of making similar loans. In no event shall a loan be made which would be taxed under Code section 72(p) as a distribution from the Plan. Prior default on a Plan loan by a borrower precludes future loans to that borrower.
Amount & Availability. 2.1 Subject to the terms hereof the Facility shall remain available until and the Borrower may make drawings from time to time hereunder on any Business Day prior to the Commitment Termination Date provided that:
Amount & Availability. 2.1 Subject to the terms hereof the Facilities shall remain available until and may be drawn on any Business Day prior to the Expiry Date provided that at the time of drawing the currency of the drawing is, in the Bank’s opinion, readily available to the Bank in the amount of the drawing and that the Bank is able to determine the applicable rate of interest pursuant to the terms of this letter. No drawing may be affected on any particular day if the amount thereof would otherwise cause the Total Outstandings on that day to exceed the Facility Limit. If at any time the Bank shall determine that the Total Outstandings exceed the Facility Limit by more than 10% then the Borrower shall repay to the Bank on demand in one or more of the currencies (as the Bank shall specify) in which drawings are outstanding at such time an amount equal or equivalent to the amount by which the Facility Limit is exceeded.
