Common use of Loan and Payback Procedures Clause in Contracts

Loan and Payback Procedures. (1) The maximum number of days that a member may borrow is ten percent (10%) of the total days in the Bank at the end of the enrollment period (October 1). (2) The member who borrows days will pay back the days at the rate of fifty percent (50%) of his/her annual accumulated sick leave until the total number of days borrowed has been restored to the Bank. Provided, in the event a member who owes days to the bank ceases for any reason to earn sick leave days (i.e., retirement, resignation, permanent disability or death), any days of sick leave at that time to the credit of such member after first repaying days advanced shall be used to repay the Bank before any sick leave days are cashed in for severance pay purposes.

Loan and Payback Procedures. (1) The maximum number of days that a member may borrow is ten percent (10%) of the total days in the Bank bank at the end of the enrollment period (October 1). (2) The member who borrows days will pay back the days at the rate of fifty percent (50%) of his/her annual accumulated sick leave at the end of the salary contract year, each year until the total number of days borrowed has been restored to the Bankbank. Provided, in the event a member who owes days to the bank ceases for any reason to earn sick leave days (i.e., retirement, resignation, permanent disability or death), any days of sick leave at that time to the credit of such member after first repaying days advanced shall be used to repay the Bank bank before any sick leave days are cashed in for severance pay purposes.