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 Impositions and Insurance Premiums as determined pursuant to Section 3 of the Real Estate Tax Escrow and Security Agreement executed by Borrower, Lender and Tax Servicer (the "Tax Agreement"). 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 Impositions and Insurance Premiums. Borrower shall pay any fees charged by the Accumulations Depositary in connection with collection and disbursement of Impositions and Insurance Premiums. Notwithstanding the foregoing, so long as Borrower is the owner of the Property and each of the properties identified in the Commitment (subject to Substitution in accordance with provisions set forth in Section 12.4 hereof and Permitted Transfers) and so long as no Event of Default exists Borrower shall not be required to make such monthly deposits of Insurance Premiums. Furthermore, subject to the foregoing conditions, Borrower shall not be required to make such deposits of funds for Impositions with respect to those portions of the Property that are subject to Leases ("Direct Tax Payment Leases") with third ------------------------- parties that are not Affiliates, to the extent that such Leases:
(i) require such third party tenants to make payments of Impositions directly to the relevant taxing authorities; and
(ii) have been approved by Lender in writing (or are not required to be approved by Lender) pursuant to the requirements of the Assignment. To the extent that Direct Tax Payment Leases demise less than all the space in the Property, Borrower shall be required to make deposits with the Accumulations Depositary for any balance of Impositions that Lender reasonably determines would be owing with respect to that portion of the Property not subject to Direct Tax Payment Leases. In the event that (a) the Accumulations Depositary notifies the Borrower and the Lender that, on two (2) separate occasions, a tenant under a Direct Tax Payment Lease has ...
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. Normal PTO accumulations will continue during the voluntary unpaid leave.
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. 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.
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. Allowable industrial accident or illness leave shall not be accumulated from year to year.
