MULTIPLE USE LIMITATION Clause Samples
The Multiple Use Limitation clause restricts how many times a party can use certain rights, materials, or resources provided under an agreement. Typically, this clause specifies that the recipient may only use the licensed material, confidential information, or other specified assets for a single project or purpose, and prohibits reuse for additional projects or clients without further permission. By clearly defining the scope of permitted use, this clause helps prevent unauthorized or excessive exploitation of the provided resources, thereby protecting the interests and intellectual property of the disclosing or licensing party.
MULTIPLE USE LIMITATION. For Plan Years beginning after December 31, 1988, if at least one Highly Compensated Employee is includible in the ADP test under Section 14.08 and in the ACP test under Section 14.09, the sum of the Highly Compensated Group's ADP and ACP may not exceed the multiple use limitation. The multiple use limitation is the sum of (i) and (ii):
(i) 125% of the greater of: (a) the ADP of the Nonhighly Compensated Group under the Code Section 401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code Section 401(k) arrangement.
(ii) 2% plus the lesser of (i)(a) or (i)(b), but no more than twice the lesser of (i)(a) or (i)(b). The Advisory Committee, in lieu of determining the multiple use limitation as the sum of (i) and (ii), may elect to determine the multiple use limitation as the sum of (iii) and (iv):
(iii) 125% of the lesser of: (a) the ADP of the Nonhighly Compensated Group under the Code Section 401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code Section 401(k) arrangement.
(iv) 2% plus the greater of (iii)(a) or (iii)(b), but no more than twice the greater of (iii)(a) or (iii)(b). The Advisory Committee will determine whether the Plan satisfies the multiple use limitation after applying the ADP test under Section 14.08 and the ACP test under Section 14.09 and after making any corrective distributions required by those Sections. If, after applying this Section 14.10, the Advisory Committee determines the Plan has failed to satisfy the multiple use limitation, the Advisory Committee will correct the failure by treating the excess amount as excess contributions under Section 14.08 or as excess aggregate contributions under Section 14.09, as it determines in its sole discretion. This Section 14.10 does not apply unless, prior to application of the multiple use limitation, the ADP and the ACP of the Highly Compensated Group each exceeds 125% of the respective percentages for the Nonhighly Compensated Group.
MULTIPLE USE LIMITATION. 14.10 (14.09) Named Fiduciary.................................................10.03[D] (10.04) Nonelective Contributions.......................................14.03(j) (14.03) Nonforfeitable.......................................................1.16 (1.05) Nonhighly Compensated Employee..................................14.03(b) (14.02) Nonhighly Compensated Group.....................................14.03(e) (14.02) Non-Key Employee...............................................1.33(B)(2) (1.10) Nontransferable Annuity..............................................1.23 (1.05) Normal Retirement Age................................................5.01 (5.01) Owner-Employee.......................................................1.08 (1.02) Paired Plans.........................................................1.34 (1.10) Participant..........................................................1.10 (1.03)
MULTIPLE USE LIMITATION. 14.10 14.11 Distribution Restrictions.......................... 14.10 14.12
MULTIPLE USE LIMITATION. For Plan Years beginning after December 31, ----------------------- 1988, if at least one Highly Compensated Employee is includible, in the ADP test under Section 14.08 and in the ACP test under Section 14.09, the sum of the Highly Compensated Group's ADP and ACP may not exceed the multiple use limitation. The multiple use limitation is the sum of (i) and (ii):
(i) 125% of the greater of:
(a) the ADP of the Nonhighly Compensated Group under the Code (S)0401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code (S)401(k) arrangement.
(ii) 2% plus the lesser of (i)(a) or (i)(b), but no more than twice the lesser of (i)(a) or (i)(b). The Advisory Committee, in lieu of determining the multiple use limitation as the sum of (i) and (ii), may elect to determine the multiple use limitation as the sum of (iii) and (iv):
(iii) 125% of the lesser of: (a) the ADP of the Nonhighly Compensated Group under the Code (S)401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code (S)401(k) arrangement.
MULTIPLE USE LIMITATION. 14.10 (14.09) Named Fiduciary . . . . . . . . . . . . . . . . . . . . 10.03[D] (10.04) Nonelective Contributions . . . . . . . . . . . . . . . 14.03(j) (14.03) Nonforfeitable . . . . . . . . . . . . . . . . . . . . . 1.16 (1.05) Nonhighly Compensated Employee . . . . . . . . . . . . 14.03(b) (14.02) Nonhighly Compensated Group . . . . . . . . . . . . . . 14.03(e) (14.02) Non-Key Employee . . . . . . . . . . . . . . . . . . .1.33(B)(2) (1.10) Nontransferable Annuity . . . . . . . . . . . . . . . . . 1.23 (1.05) Normal Retirement Age . . . . . . . . . . . . . . . . . . 5.01 (5.01)
MULTIPLE USE LIMITATION. 14.10 (14.10) Named Fiduciary...........................................
MULTIPLE USE LIMITATION. For Plan Years beginning after December 31, ----------------------- 1988, if at least one Highly Compensated Employee is includible in the ADP test under Section 14.08 and in the ACP test under Section 14.09, the sum of the Highly Compensated Group's ADP and ACP may not exceed the multiple use limitation. The multiple use limitation is the sum of (i) and (ii):
(i) 125% of the greater of:
(a) the ADP of the Nonhighly Compensated Group under the Code (S)401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code (S)401(k) arrangement.
(ii) 2% plus the lesser of (i)(a) or (i)(b), but no more than twice the lesser of (i)(a) or (i)(b). For Plan Years beginning prior to the later of January 1, 1992, or 60 days after the Treasury issues final regulations under Code (S)401(m), the Advisory Committee, in lieu of determining the multiple use limitation as the sum of (i) and (ii), may elect to determine the multiple use limitation as the sum of (iii) and (iv):
(iii) 125% of the lesser of: (a) the ADP of the Nonhighly Compensated Group under the Code (S)401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code (S)401(k) arrangement.
(iv) 2% plus the greater of (iii)(a) or (iii)(b), but no more than twice the greater of (iii)(a) or (iii)(b).
MULTIPLE USE LIMITATION. If at least one Highly Compensated Employee is includible in the ADP test under Section 14.08 and in the ACP test under Section 14.09, the sum of the Highly Compensated Group's ADP and ACP may not exceed the multiple use limitation. The multiple use limitation is the sum of (i) and (ii):
(i) 125% of the greater of:
(a) the ADP of the Nonhighly Compensated Group for the prior Plan Year; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the prior Plan Year of the Code (S)401(k) arrangement.
(ii) 2% plus the lesser of (i)(a) or (i)(b), but no more than twice the lesser of (i)(a) or (i)(b). The Employer, in lieu of determining the multiple use limitation as the sum of (i) and (ii), may elect to determine the multiple use limitation as the sum of (iii) and (iv):
(iii) 125% of the lesser of: (a) the ADP of the Nonhighly Compensated Group for the prior Plan Year; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the prior Plan Year of the Code (S)401(k) arrangement.
(iv) 2% plus the greater of (iii)(a) or (iii)(b), but no more than twice the greater of (iii)(a) or (iii)(b).
MULTIPLE USE LIMITATION. 14.10 (14.10) Named Fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MULTIPLE USE LIMITATION. For Plan Years beginning after December 31,1988, if at least one Highly Compensated Employee is includible in the ADP test under Section 14.08 and in the ACP test under Section 14.09, the sum of the Highly Compensated Group's ADP and ACP may not exceed the multiple use limitation. The multiple use limitation is the sum of (i) and (ii):
(i) 125% of the greater of: (a) the ADP of the Nonhighly Compensated Group under the Code ss.401(k) arrangement; or (b) the ACP of the Nonhighly Compensated Group for the Plan Year beginning with or within the Plan Year of the Code ss.401(k) arrangement.
(ii) 2% plus the lesser of (i)(a) or (i)(b), but no more than twice the lesser of (i)(a) or (i)(b).