Common use of Loan Limits Clause in Contracts

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.

Loan Limits. 8.2.1 No loan to any Participant can be made to the extent that such loan, loan when added to the outstanding balance of all other loans to the Participant, Participant would exceed 50% of the vested Account 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 Section 414(b), 414(c) and 414(m414 (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 Sectionparagraph.

Loan Limits. 8.2.1 No loan to any Participant can be made to the extent that such loan, loan when added to the outstanding balance of all other loans to the Participant, Participant would exceed 50% of the vested Account account balance reduced by any outstanding collateral agreement anyoutstanding collateralagreement 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 Section 414(b), 414(c) and 414(m414 (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 Sectionparagraph.