Primary Bank Clause Samples

Primary Bank. Maintain a depository account with the Bank.

Primary Bank. During the term of this Agreement, the Borrower shall designate FNBO as its primary bank and shall maintain its bank accounts with FNBO; PROVIDED, HOWEVER, that, at the sole discretion of FNBO, the Borrower may maintain an account with another bank or similar financial institution (a "Permitted Bank") that has agreed, in an agreement authenticated by the Borrower, FNBO and the Permitted Bank (an "Account Control Agreement"), to (i) comply with instructions originated by FNBO directing the disposition of funds in such account without the further consent of the Borrower and (ii) waive or subordinate in favor of FNBO all claims of the Permitted Bank, including, without limitation, claims by way of a security interest, lien or right of setoff or right of recoupment, to such account, which Account Control Agreement shall be in form and substance satisfactory to FNBO.

Primary Bank. 1. All Employees who have a primary sick bank, as established by the previous Agreement may utilize this bank in any of the following ways: a. As sick leave, upon exhaustion of the secondary bank. When used as sick leave, each hour is paid at the Employee‟s current salary rate. b. All or part of the primary bank may be cashed out subject to the following limitations: (1) In accordance with mandatory buy-out plans covered under previous Agreements changes to the initial buy-out plan are subject to County funding. (2) The value of the time withdrawn shall be calculated at the value at the time of payout. (3) It shall be paid at eighty percent (80%) of its dollar value. (4) A maximum of seven thousand five hundred dollars ($7,500.00) per year may be withdrawn. Payment may be in cash or in the form of deferred compensation. (5) No portion of each payment may be included in final average compensation. c. Upon retirement or other termination the bank may be cashed out at current value subject to the following conditions: (1) For retirement, the amount paid shall equal seventy-five (75%) percent of its current value. (2) For termination, the amount paid shall equal fifty (50%) percent of its current value. (3) Upon death, the amount paid shall equal one hundred (100%) percent of its current value. d. This payment shall be included in final average compensation. e. No additional time may be credited to the primary bank. Once primary bank time is used, it may not be replaced.

Primary Bank and Granite State each agree to conduct such investigation and discussions hereunder in a manner so as not to interfere unreasonably with normal operations and customer and employee relationships of the other party.