Maximum Deposit Limitation Clause Samples

Maximum Deposit Limitation a. Account Limits—Account owners are generally subject to a maximum deposit balance across all Accounts at TDB (which includes Money Market and CD Accounts) of $1,000,000 per Account owner. With respect to joint Accounts, for purposes of determining the maximum deposit balance permissible per Account owner, each joint Account owner will be attributed an equal portion of the balance of the joint Account. Calculation of Limits for Accounts—For purposes of calculating the maximum aggregate deposit balance permissible, for each Account owner, deposit balances include principal deposited in all Accounts (which includes Money Market and CD Accounts) held by the same Account owner at the Bank but does not include interest earned and credited but not withdrawn.

Maximum Deposit Limitation. (a) For each Deferral Year, the Committee shall establish a maximum amount of Deposits (the “Maximum Deposit Limitation”) that may be made by Participants in the aggregate. In the event that the aggregate amount of Deposits that Participants have elected to make for a Deferral Year exceeds the Maximum Deposit Limitation for such Deferral Year, the amount of Deposits that may be made by Participants shall be reduced by reducing the Deposits elected to be made by each Participant who has elected to make Deposits in excess of 10% of his/her Compensation in proportion to the amount the respective excess Deposits of each such Participant bear to the aggregate amount of such excess for all Participants. (b) In the event that the aggregate amount of Deposits to be made by Participants for a Deferral Year is less than the Maximum Deposit Limitation, then the amount of each Participant’s Deposit for such Deferral Year shall (subject to the limitation contained in the next sentence) be increased by an amount equal to the amount of Deposits elected to be made by the Participant in his/her Agreement for prior Deferral Years that have not been credited to his/her Account due to the Maximum Deposit Limitation. In the event that the increased aggregate amount to be deposited pursuant to the preceding sentence shall exceed the Maximum Deposit Limitation, the amount by which each Participant’s Deposit shall have been increased shall be reduced by whatever percentage the aggregate increase must be reduced so that the aggregate amount of Deposits equals the Maximum Deposit Limitation for such Deferral Year.

Maximum Deposit Limitation