Accumulations Sample Clauses

Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments. (b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 days of demand. At any time after an Event of Default occurs, the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion. (c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations Depositary. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default. (d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations. (e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with Lender denominated as se...

Accumulations. At Closing and monthly thereafter, Borrower shall, pursuant to an agreement reasonably acceptable to Lender, deposit reserves for taxes and assessments against the Property with Lender or Lender’s designated agent in such amounts as Lender or its designated agent reasonably estimates to be necessary to permit Lender or its designated agent to pay such taxes and assessments as and when they are due during the Term. Any funds remaining in the account upon the expiration of the Term or permitted prepayment of the Loan will be returned to Borrower.

Accumulations. All full time teachers will be credited with 3 days of Discretionary Leave at the beginning of each school year. Any unused leave from previous years shall be accrued in that person’s sick leave to a maximum total which does not exceed 30 days. Discretionary Leave shall be prorated for any teacher who is contracted for less than full time or who begins employment after the beginning of the normal contract year or ends employment prior to the end of the contract year.

Accumulations. At the beginning of each school year each teacher shall be credited with 12 days of sick leave allowance to be used for absences caused by illness or disability of the teacher. Four of the 12 days can be used for immediate family members. The unused portion of such allowance shall accumulate from year to year to a maximum of 75 days. At the end of the school year the School Board shall furnish a written statement to each teacher setting forth the teacher's total unused sick leave credit.

Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time to receive, hold and disburse the Accumulations in accordance with this Section (the "ACCUMULATIONS DEPOSITARY"). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to one-twelfth (1/12) of the annual Taxes and Assessments as determined pursuant to Section 3 of the Real Estate Tax Escrow and Security Agreement executed by Borrower, Lender and Xxxxxxx Financial Services, Ltd. (the "TAX AGREEMENT") relating to the Property. At least 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments. (b) Subject to the provisions contained below in this Section 6.2(b), Lender will direct the Accumulations Depository to apply the Accumulations to the payment of Taxes

Accumulations. Unused vacation during an anniversary year may be carried to the succeeding year, not to exceed a maximum of two hundred forty (240) hours of accumulation. Any unused days in excess of that amount shall be lost if not taken. If vacation is denied for operational need the employee will be allowed a payment for denied vacation hours up to a max of 40 hours within the anniversary year.

Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 of the annual Taxes and Assessments as determined by Lender or its

Accumulations. Normal PTO accumulations will continue during the voluntary unpaid leave.

Accumulations. Allowable industrial accident or illness leave shall not be accumulated from year to year.

Accumulations. The teacher may accumulate up to 20 days of sick leave. Any unused PTO leave from previous years shall be accrued in that person’s sick leave to a maximum total which does not exceed 20 days. PTO shall be prorated for any teacher who is contracted for less than full time or who begins employment after the beginning of the normal contract year or ends employment prior to the end of the contract year.