Loan Amount Available definition

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Loan Amount Available the Loan amount available within the Total Loan Amount Limit, which has not been used within the Loan Amount Provided. The Lender may use the amount of the Total Loan Amount Available once or several times on the Loan Agreement Conclusion Date, without meeting further conditions, but the sum of the Loan Amount Provided and of the used Loan Amount Available may not exceed the Total Loan Amount Limit. The Loan Amount Available is set out in Annex 3 to this Loan Agreement;

Loan Amount Available. The amount available for a loan is equal to 90% of Cash Surrender Value less policy debt or, if greater, the result of (a × b/c)-d, where: a is the Cash Surrender Value less 12 times the most recent monthly deduction; b = 1 plus the rate of interest credited to the Loan Account; c = 1 plus the rate of interest charged on the loan on the date of the loan; and d = any existing Policy Debt. . The amount of a loan must be at least $200. Loan Interest – Interest will accrue daily and is payable in arrears at the annual rate of 3.9% in policy years 1-10, 3.6% in policy years 11-20, and 3.25% thereafter. Interest not paid when due will be added to the loan principal and bear interest at the same rate of interest.

Examples of Loan Amount Available in a sentence

Loan Amount Available – The amount of the loan must be at least $200.
Loan Amount Available — The amount of the loan must be at least $200.
Loan Amount Available - The amount of a loan must be at least $200.
Loan Amount Available -- The amount available for a loan is equal to 90% of Accumulated Value less any Policy Debt and also less any Surrender Charges that would be imposed if the policy were surrendered on the date the loan is taken or, if greater, the result of (a x b/c)-d, where: a is the Accumulated Value less 12 times the most recent monthly deduction less any Surrender Charge on the date of the loan; b = 1 + the loan interest credited; c = 1.0355; and d = any existing Policy Debt.
Loan Amount Available – The amount of a loan must be at least $200.
Loan Amount Available — The amount available for a policy loan is equal to the Accumulated Value less: • three times the most recent Monthly Deduction; • any Surrender Charge; and • any existing Policy Debt.
Loan Amount Available — The amount available for a policy loan is equal to the Net Cash Surrender Value.
Loan Amount Available – The maximum amount available for a loan on any date is equal to the Accumulated Value less: · Three times the most recent Monthly Deduction that reduces the Accumulated Value under the Policy; and · Any existing Policy Debt.
Loan Amount Available - The amount available for a loan is equal to 90% of Net Cash Surrender Value or, if greater, the Net Cash Surrender Value less 12 times the most recent monthly deduction.
Loan Amount Available – The maximum amount available for a loan on any date is equal to the Accumulated Value less: · Three times the most recent Monthly Deduction that reduces the Accumulated Value under the Policy; · Any Surrender Charge; and · Any existing Policy Debt.

More Definitions of Loan Amount Available

Loan Amount Available. The maximum amount available for a loan on any date is equal to the Accumulated Value less: · Three times the most recent Monthly Deduction that reduces the Accumulated Value under the Policy; · Any Surrender Charge; and · Any existing Policy Debt. The amount of the loan must be at least equal to the Minimum Loan Amount, if any, shown in the Policy Specifications. Loan Repayment – You may make loan repayments at any time prior to lapse of this Policy. Unless We are notified In Writing that the payment is a premium payment, any payment received while there is a loan will first be applied as a Loan Repayment. An amount equal to the Loan Repayment is deducted from the Policy Debt and the Loan Account Value is reduced accordingly. If the Loan Repayment is greater that the Policy Debt, only the amount necessary to reduce the Policy Debt to zero will be applied. We reserve the right to first transfer repayments from the Loan Account to each Fixed Option up to the amount that was originally borrowed. Any excess over such amount will be transferred to the Variable Accounts based on Your most recent allocation instructions. Any remaining amount will be applied as described in the Premiums section of this Policy.

Loan Amount Available. The minimum loan amount is $200. The loan amount available is equal to 90% of Accumulated Value, less any Policy Debt and also less any Surrender Charge that would be imposed if the policy were surrendered on the date the loan is taken or, if greater, the result of (a x b/c)-d, where: a = the Accumulated Value less 12 times the most recent monthly deduction less any Surrender Charge on the date of the loan;

Loan Amount Available. The amount available for a loan is equal to 90% of Accumulated Value, less any Policy Debt and also less and Surrender Charges that would be imposed if the policy were surrendered on the date the loan is taken or, if greater, the result of (a x b/c)-d, where: a is the Accumulation Value less 12 times the most recent monthly deduction; b = 1 plus the rate of interest credited to the Loan Account at the time of the loan; c = 1 plus the rate of interest charged on the loan at the time of the loan; and d = any existing Policy Debt. The amount of a loan must be at least $200. Loan Interest – Interest will accrue daily and is payable in arrears at the annual rate of 3.55%. Interest not paid when due will be added to the loan principal and bear interest at the same rate of interest.