Incentive Account. At all times, the Company shall maintain a segregated account (the “Incentive Account”), separate from the Operating Account and the Extraordinary Receipts Account. The Incentive Account shall be funded with any Economic Incentives (which shall be treated in accordance with Section 14.4) received by the Company in cash. Notwithstanding anything to the contrary herein, upon written notice of election at any time by Intel Member (subject to Applicable Law), the Company shall (i) distribute all or any portion of such amounts held in the Incentive Account (as directed by, and for the benefit of, Intel Member) to Intel Member in a special distribution (an “Incentive Distribution”), which, for clarity, such Incentive Distribution shall not be pro rata to all Members, or (ii) otherwise apply such amounts as directed by Intel Member, in each case, to the extent not prohibited by the terms of such Economic Incentives. Notwithstanding anything to the contrary herein, in no event shall any funds in the Incentive Account constitute Distributable Cash or Extraordinary Receipts or, to the extent permitted by Applicable Law, be otherwise available to satisfy Company obligations unless otherwise agreed to by Intel Member.
Incentive Account. At all times, the Company shall maintain a segregated account (the “Incentive Account”), separate from each of the Construction Account, the Operating Account and the Extraordinary Proceeds Account. The Incentive Account shall be funded with any Economic Incentives received by the Company in cash. Notwithstanding anything to the contrary herein, in no event shall any funds in the Incentive Account constitute Available Cash or, to the extent permitted by applicable Law, be otherwise available to satisfy Company obligations unless otherwise agreed to by the Intel Member. Upon written notice of election at any time by the Intel Member, the Company shall transfer or distribute all or any portion of such amounts held in the Incentive Account (as directed by, and for the benefit of, the Intel Member) to (i) the Construction Account in lieu of the Intel Member making a Capital Contribution pursuant to a Capital Call (and, in such case, all such amounts so transferred shall be deemed contributed in satisfaction of the applicable Capital Call by the Intel Member or otherwise credited to the Intel Member against future Capital Calls), (ii) to the Extraordinary Proceeds Account for such purposes as determined by the Intel Member, or (iii) the Intel Member in a special distribution, which for clarity shall not be pro rata to all Members, solely to the extent not prohibited by the terms of such Economic Incentives.
Incentive Account. 15.27 Subdivision 1. Account established; account management. A "Made in
Incentive Account. When an employee reaches a maximum of 70 sick leave days in their account, any sick days that are earned and not used above the maximum of 70 days, the district will recognize those unused days in this manner: Fifty percent (50%) of any days not used in a given school year will be put into an incentive account which will be payable to the individual upon leaving employment from the school district at their current hourly rate at that time of employment. The days accrued will be converted to hours each year so when the employee leaves district employment, that number of hours will be paid at their currently hourly rate directly into the employee’s MSRS Post Retirement Health Care Savings Plan account. The School District’s contribution(s) into the employee’s MSRS account will be made within 60 calendar days after the employee’s effective date of termination of employment.
