Loan Limits. 8.2.1 No loan to any Participant can be made to the extent that such loan, when added to the outstanding balance of all other loans to the Participant, would exceed 50% of the vested Account balance reduced by any outstanding collateral agreement relating to same, or $50,000 less the excess (if any) of the highest outstanding loan balance during the 1-year period ending on the day before the date on which the loan will be made over the outstanding loan balance on the date on which the loan will be made, whichever is less. This limit shall apply in the aggregate to all custodial accounts or annuity contracts established under Code Section 403(b) by either the Participant or the Employer on behalf of the Participant. In applying this limit, all loans from all plans of the Employer and other members of a group of employers described in Code Sections 414(b), 414(c) and 414(m) are aggregated. An assignment or pledge of any part of the Participant’s interest in the Custodial Account shall be treated as a loan under this Section.
8.2.2 The minimum loan amount, if any, shall be as set forth in the Plan.
Loan Limits. The original principal balance of each Loan Group 1 Mortgage Loan is within Freddie Mac's dollar amount limits for conforming one- to four-famxxx Xxxtgage Loans. No Group 1 Mortgage Loan contains a first lien mortgage that, at origination, exceeded the applicable loan limits specified below. The current limits are as follows: --------------------------------------------------------------------- Number of Units Maximum Original Loan Amount of First Mortgage --------------------------------------------------------------------- Continental United Alaska, Guam, Hawaii or States or Puerto Rico Virgin Islands --------------------------------------------------------------------- 1 $417,000 $625,500 --------------------------------------------------------------------- 2 $533,850 $800,775 --------------------------------------------------------------------- 3 $645,300 $967,950 --------------------------------------------------------------------- 4 $801,950 $1,202,925 ---------------------------------------------------------------------
Loan Limits. (i) No first lien Mortgage Loan has an original principal balance that exceeds the applicable Fxxxxx Mae loan limit (as in effect on the Closing Date);
(ii) With respect to any subordinate lien Mortgage Loan,
(A) has an original principal balance that exceeds one-half of the one-unit limitation for first lien mortgage loans, i.e., $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without regard to the number of units; and
(B) the original principal balance of the related first lien mortgage loan plus the original principal balance of subordinate lien Mortgage Loan does not exceed the applicable Fxxxxx Mxx Mac loan limit for first lien mortgage loans for that property type (as in effect on the Closing Date). UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND CERTAIN OTHER ASSETS. NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES THE TRUST ADMINISTRATOR WITH (A) A REPRESENTATION TO THE EFFECT THAT SUCH TRANSFEREE IS NEITHER AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO SIMILAR LAW (COLLECTIVELY, A “PLAN”), NOR A PERSON ACTING FOR, ON BEHALF OF OR WITH THE ASSETS OF, ANY SUCH PLAN, OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE TRUST ADMINISTRATOR, AND UPON WHICH THE DEPOSITOR, THE TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP ADMINISTRATOR, THE MASTER SERVICER, THE NIM INSURER, IF ANY, AND THE SERVI...
Loan Limits. The original principal balance of each Loan Group 1 Mortgage Loan is within Freddie Mac's dollar amount limits for conforming one- to four-faxxxx Xxrtgage Loans. No Group 1 Mortgage Loan contains a first lien mortgage that, at origination, exceeded the applicable loan limits specified below. The current limits are as follows: ------------------------------------------------------------------------------------------------------------ Number of Units Maximum Original Loan Amount of First Lien Maximum Original Loan Amount of Subordinate Mortgage Lien Mortgage ------------------------------------------------------------------------------------------------------------ Continental United Alaska, Guam, Continental United Alaska, Guam, Hawaii States or Puerto Rico Hawaii or States or Puerto Rico or Virgin Islands Virgin Islands ------------------------------------------------------------------------------------------------------------ 1 $417,000 $625,500 $208,500 $312,750 ------------------------------------------------------------------------------------------------------------ 2 $533,850 $800,775 $208,500 $312,750 ------------------------------------------------------------------------------------------------------------ 3 $645,300 $967,950 $208,500 $312,750 ------------------------------------------------------------------------------------------------------------ 4 $801,950 $1,202,925 $208,500 $312,750 ------------------------------------------------------------------------------------------------------------
Loan Limits. With respect to each Group 1 Mortgage Loan, the original principal balance of each such Mortgage Loan is within Xxxxxxx Mac’s dollar amount limits for conforming one- to four-family mortgage loans.
Loan Limits. Subject to the terms of any Investment Arrangement, the default loan policy under Section 13.03 of the Plan allows Participants to take a loan provided all outstanding loans do not exceed 50% of the Participant’s vested Account Balance. To override the default loan policy to allow loans up to $10,000, even if greater than 50% of the Participant’s vested Account Balance, check this AA §B-4. 🗹 A Participant may take a loan equal to the greater of $10,000 or 50% of the Participant's vested Account Balance. [Note: If this AA §B-4 is checked, the Participant may be required to provide adequate security as required under Section
Loan Limits. The obligation of the Lender to make any Loan hereunder (including the initial Loan) is further subject to the condition that the outstanding principal amount of all Loans after giving effect to such Loan shall not exceed the applicable limits set forth in Section 2.1.
Loan Limits. No loan to any Participant can be made to the extent that such loan when added to the outstanding balance of all other loans to the Participant would exceed the lesser of (a) $50,000 reduced by the excess (if any) of the highest outstanding balance of loans during the one year period ending on the day before the loan is made, over the outstanding balance of loans from the Plan on the date the loan is made, or (b) 1/2 the present value of the Participant's Account. Furthermore, any loan shall by its terms require that repayment (principal and interest) be amortized in level payments, not less frequently than quarterly, over a period not extending beyond five years from the date of the loan, unless such loan is used to acquire a dwelling unit which within a reasonable time will be used as the principal residence of the Participant.
Loan Limits. The aggregate principal balance of Inventory Loans, Working Capital Loans and outstanding Approvals shall not exceed the lesser of the applicable Credit Limit or the Borrowing Base. If at any time the sum of the aggregate outstanding principal balance of Inventory Loans and Working Capital Loans and outstanding Approvals exceeds the lesser of the applicable Credit Limit or the Borrowing Base, Dealers shall, unless TCFC otherwise consents, immediately and without notice or demand of any kind, make such payments to TCFC as shall be necessary to eliminate such excess.
Loan Limits. (a) Notwithstanding anything to the contrary contained herein, except in Agent’s determination, with the consent of all Lenders, or as otherwise provided herein, the sum of the aggregate principal amount of the Revolving Loans and the Letter of Credit Accommodations outstanding at any time shall not exceed the Borrowing Base.
(b) To the extent that the 10 3/8% Subordinated Note Indenture is in effect and contains a limitation upon the amount of Revolving Loans and Letter of Credit Accommodations (and, in each case, interest and fees thereon) that may be incurred hereunder by Borrowers other than Operating, then, notwithstanding any other provision of this Agreement (including, without limitation, Sections 2.1, 2.2, and 2.8) and the books and records of Lenders or Agent or any Borrower, (i) at any date, all Revolving Loans (and interest thereon) and Letter of Credit Accommodations (and fees thereon) in excess of the amounts permitted to be incurred by Borrowers other than Operating in accordance with the 10 3/8% Subordinated Note Indenture (including amounts permitted under Section 4.09 of the 10 3/8% Subordinated Note Indenture other than under subsection (i) thereof) are deemed made and shall be made solely to Operating and (ii) in no event at any date shall the amount of Indebtedness (as defined in the 10 3/8% Subordinated Note Indenture) arising pursuant to Revolving Loans and Letter of Credit Accommodations to Borrowers other than Operating exceed the amount thereof that such Borrowers (other than Operating) are permitted to incur at such time under the terms of the 10 3/8% Subordinated Note Indenture and (iii) Borrowers shall determine that the Indebtedness of Borrowers hereunder (other than Operating) is, and the Indebtedness of Borrowers hereunder (other than Operating) shall be deemed, permitted under such subsections of Section 4.09 of the 10 3/8% Subordinated Note Indenture, other than subsection (i) thereof, to the extent that the amounts permitted under such other subsections are not otherwise then the basis for permitting Indebtedness of Borrowers (other than the Indebtedness hereunder) and to the extent that such other subsections are applicable to the Indebtedness of Borrowers hereunder (other than Operating). The limitation on Revolving Loans and Letter of Credit Accommodations of Borrowers other than Operating set forth in Section 2.5(b) above shall automatically be adjusted from time to time upon the incurrence or repayment of any Indebte...
