LOANS AND WITHDRAWALS Clause Samples
The "Loans and Withdrawals" clause defines the rules and conditions under which a party may borrow funds or withdraw money from a specified account or fund. It typically outlines eligibility criteria, limits on amounts, required approvals, and the process for requesting a loan or withdrawal. For example, it may specify that withdrawals are only permitted for certain purposes or that loans must be repaid within a set timeframe. The core function of this clause is to provide clear guidelines for accessing funds, thereby preventing misuse and ensuring proper management of financial resources.
LOANS AND WITHDRAWALS. Policy loans. Interest on loans. Withdrawals.
LOANS AND WITHDRAWALS. Loan repayments are permitted and are allocated to the Contract Fund Value. Additional loans are permitted subject to the provisions of Section 10, except that the Loan Value is the Policy Value on the date of the loan, less the loan interest on the new loan and any outstanding loans to the next Policy anniversary. Withdrawals from the Policy Value are permitted subject to the limitations of Section 10.5. The Paid-up Specified Amount and the Specified Amount will be reduced in proportion to the amount the Policy Value is reduced as a result of the withdrawal.
LOANS AND WITHDRAWALS. Section 9.1
LOANS AND WITHDRAWALS. Section 9.1 Policy Loans • Section 9.2 Loan Value • Section 9.3 Policy Debt • Section 9.4 Market Loan Rate and Interest Accrual • Section 9.5 Withdrawals • Section 9.6 Effect on Death Benefit Guarantee
LOANS AND WITHDRAWALS