Accumulations Sample Clauses
The Accumulations clause defines how income generated by a trust or estate, such as interest or dividends, may be retained and added to the principal rather than distributed to beneficiaries. In practice, this clause allows trustees to reinvest earnings instead of paying them out immediately, often specifying conditions or timeframes for such accumulations. Its core function is to provide flexibility in managing and growing the trust's assets, ensuring that funds can be preserved or increased for future needs or beneficiaries.
Accumulations. (a) Grantor 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 DEPOSITORY") and in accordance with the Pledge and Security Agreement (the "Pledge and Security Agreement") to be entered into among Grantor, Lender and a pledge agent for the Accumulations Depository. On the first day of each calendar month during the Term Grantor will deposit with the Accumulations Depository an amount equal to one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designee. At least 30 days before each Imposition Penalty Date, Grantor will deliver to the Accumulations Depository 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 Grantor 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, Grantor will pay the deficiency to the Accumulations Depository within 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Obligations selected by Lender in its sole discretion.
(c) The Accumulations Depository will hold the Accumulations as additional security for the Obligations until applied in accordance with the provisions of this Deed of Trust. If Lender is not the Accumulations Depository, the Accumulations Depository 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 Grantor 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 Grantor will have no further interest in the Accumulations.
(e) The Accumulations Depository has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account in the name of Borrower, as pledged to the Lender as secured party, all in accordance with the Pledge and Security Agreement.
(f) Lender has the r...
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. 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. An employee may accumulate sick leave to a maximum of one hundred sixty- five days. Thereafter, the Employer shall pay the employee in cash, at the rate of one-half the employee's daily rate, for each full day not credited because the employee has already accumulated one hundred sixty-five days. Such payment shall be made in February of each year, or at the time of the employee's separation from employment, retirement or death. Employees who are paid for lost sick leave under this subsection shall have one-half day credited, for each sick day lost, to a special sick leave accrual bank until a total of 41.5 days are accumulated. These special accruals shall not be used until all other sick leave is exhausted. Sick leave used must be first deducted from the 165 days total and regular sick leave accruals must be built up to 165 days before further cash payment or special credits will be granted. At the time of retirement, these special sick leave accruals will be added to the regular sick leave accruals for computation of total length of service up to the 200 day limit. Employees who on June 28, 2000, have sick leave accruals in excess of 165 days shall have all such days exceeding 165 immediately placed in the special sick leave accrual bank up to the bank's 41.5 day limit. Effective January 1, 2006, employees at the end of a six-month period of January 1 – June 30 and/or July 1 – December 31, who during such periods(s) have and maintain continuously a balance of not less than 165 days sick leave shall receive four days straight time pay for each such six month period they do not use sick leave. Employees may not use any sick leave during such six-month period to be eligible for the benefit.
Accumulations. Allowable industrial accident or illness leave shall not be accumulated from year to year.
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. 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. An employee may accumulate a maximum of twenty five (25) paid days off, two hundred (200) hours. Accumulations above twenty five (25) days shall be dropped from the computer and lost by the employee, except in those instances, where a Supervisor denies it based upon programmatic need, (e.g., short staffed) provided however, that the employee makes immediate arrangements to take the time off with the Supervisor.