Maximum Loan definition

Maximum Loan means the maximum aggregate amount to be loaned hereunder not to exceed Four Million Dollars ($4,000,000).

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Maximum Loan. Amount shall mean $25,000,000.”

Maximum Loan. AMOUNT For Contracts with Contract Value of $20,000 or less, the maximum loan that may be taken is the amount that produces a loan balance immediately after the loan that is the lesser of $10,000 or 75% of the Contract Value. For Contracts with Contract Value over $20,000 the maximum loan that may be taken is the amount that produces a loan balance immediately after the loan that is the lesser of: (1) $50,000 reduced by the excess of (a) the highest outstanding loan balance during the preceding 12 month period ending on the day before the date the loan is made over (b) the outstanding loan balance on the date the loan is made; or (2) 50% of the Contract Value. The aggregate of all loans may not exceed the limitations set forth above. LOAN ACCOUNT, AND INTEREST EARNED ON LOAN ACCOUNT When your loan is approved, the Company will transfer Contract Value from the Subaccounts or allocate Fixed Account Contract Value to an account called the Loan Account in an amount equal to the loan amount. Any such transfer shall be allocated proportionately to the Owner's Contract Value in the Subaccounts and the Fixed Account, unless otherwise directed by the Owner. The Loan Account is part of the Fixed Account and amounts allocated to the Loan Account earn the Minimum Guaranteed Interest Rate specified in the Contract.

Examples of Maximum Loan in a sentence

• After giving effect to the release of the Borrowing Base Property, the Total Outstandings will be less than or equal to the Maximum Loan Amount.

• Amounts expended by Lender which exceed amounts held in the Reserve Accounts shall be added to the Maximum Loan Amount, shall be immediately due and payable, and shall bear interest at the Default Rate from the date of disbursement until paid in full.

• In the event that Borrower receives Earmarked Funds, Borrower shall use the Earmarked Funds to prepay principal, plus accrued interest, within two business days after such Earmarked Funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.

• On the Closing Date, Lender shall advance the entire Maximum Loan Amount to Borrower.

• After written request by Borrower not more than twice annually, Lender shall furnish Borrower a statement setting forth: (i) the original Maximum Loan Amount and the amount of principal advanced by Lender as of the certificate date; (ii) the unpaid principal amount of the Loan; (iii) the rate of interest accruing on the Loan, including the then Applicable Interest Rate; and (iv) the balance of amounts held in the Reserve Accounts, if any.

More Definitions of Maximum Loan

Maximum Loan means $625,000,000.

Maximum Loan. Size: Loans in excess of $1,000,000.00 must be approved by Bank prior to funding. Guarantor(s): None Financial Covenants: 1. Borrower and ▇▇▇▇▇▇▇ ▇▇▇▇ Homes, Inc. (parent company) agree to maintain a $3,000,000.00 minimum net worth in Borrower at all times,

Maximum Loan. Amount shall mean Fifty-five Million Dollars ($55,000,000.00).

Maximum Loan means 97% of the purchase price for the applicable Affordable Unit.

Maximum Loan. Amount. Twenty Million Dollars ($20,000,000).

Maximum Loan means the aggregate of the Commitments of the Financial Institutions hereunder.

Maximum Loan means an amount of up to $20,000,000 until (i) Borrower shall have achieved an Adjusted Consolidated Tangible Net Worth of in excess of $9,000,000,(ii) Borrower shall have sold at least 351 Housing Units in Fiscal Year 1994-1995, and (iii) shall have paid the $20,000 addition to the Commitment Fee under Section 2.7, at which time Maximum Loan shall mean an amount of up to $25,000,000.