Common use of Maximum number of Loans Clause in Contracts

Maximum number of Loans. A Participant may have a maximum of two loans outstanding at any given time.

Maximum number of Loans. A Participant may have a maximum of two loans outstanding at any given time, provided that the purpose of one of the loans is to acquire the Participant’s principal residence.

Maximum number of Loans. A Participant may have a maximum of two loans outstanding at any given time, except that a participant may have more than two loans outstanding at any given time as a result of transfer on his or her behalf of more than two loans from a predecessor plan as merged herein. During any period such a Participant has two or more loans outstanding, a new loan may not be secured.