TIME=1440 exempts the job step from all CPU and wait time limit checking - the job can execute as long as it needs to. No S322 or S522 abend will occur for the job.
TIME=NOLIMIT is the same as coding TIME=1440; no CPU time or wait time limit checking is performed by MVS.
TIME=MAXIMUM allows the job to use up to 357,912 minutes of CPU time or about 248.5 days of continuous CPU usage.
TIME=0 - Indicates that the step is to use the time remaining from the previous step.If the step exceeds the remaining time available, the step abnormally terminates.
When the TIME is defined as 1440 or NOLIMIT in the JOB stmt , then the TIME defined on JOB will override EXEC.