REPAYMENT: 1. Members who borrow from the bank will need to sign an agreement with the LEA Association for repayment of the days. 2. Repayment will start at the beginning of the following school year. 3. Repayment must be at least three (3) days per year until all of the days are repaid. Repayment can be paid back faster than three (3) days a year but not less than three (3) days unless member went on disability insurance. The first year back to work from being on disability insurance only one (1) day must be repaid. The following years the sick bank must be repaid at the rate of at least three (3) days per year. 4. In the event that a member leaves the Lakeview Community School system before repayment, the member will pay an amount equal to the number of unpaid sick leave days times his/her daily pay (salary divided by contractual workdays) at the time the days were borrowed. Upon receipt of repayment from the member the Board of Education will recredit the days to the bank and notify the LEA Board of Directors. 5. In event of special circumstances (Example: retirement or chronic/terminal illness), the sick bank committee shall reserve the right to recommend to the LEA Board of Directors to cancel the debt of repayment. The final decision would require a 2/3 vote of the LEA Association. DateSuperintendent of SchoolsPresidentLakeview Education Association APPLICATION FOR SICK LEAVE BANK NAME OF APPLICANT HOME ADDRESS HOME PHONE SCHOOL DATE OF APPLICATION NUMBER OF DAYS REQUESTED REASON FOR REQUEST (Summary of Illness by Physician) Signature of Physician Signature of Applicant REQUEST APPROVED BY:DATE: REQUEST DENIED BECAUSE PAYBACK AGREEMENT (to be completed upon approval of request)
REPAYMENT: 1. On demand. If the Bank demands repayment, the Borrower will pay to the Bank all amounts outstanding under the Operating Loan, including without limitation, the amount of all drawn and undrawn L/Gs and L/Cs. 2. Return of tender cheques. SECURITY The following security shall be provided, shall support all present and future indebtedness and liability of the Borrower and the grantor of the security to the Bank including with limitation indebtedness and liability under guarantees, foreign exchange contracts, cash management products, and derivative contracts, shall be registered in first position, and shall be on the Bank's standard form, supported by resolutions and solicitor's opinion, all acceptable to the Bank: Facilities 1. & 2.
REPAYMENT: 1. Party A shall pay back all debt on the maturity date stated in the relevant appendix and based upon the following principles: (1) Under the circumstances that the principal of the loan has become overdue for over 90 days or the interest of the loan has become overdue for over 90 days, or the business operation of Party A has been ceased or the related project of Party A has been ceased, or as required by relevant laws or regulations, Party A shall make the payment of the principal first and then make the payment of interest; (2) Under the circumstances other than those stated in the above, Party A shall make the payment of interest first and then make the payment of principal and all interest shall be paid off as the principal has been paid off. 2. Party A shall give one month prior application for extension of the loan term in case that it is anticipated that Party A is unable to pay back the loan as scheduled. Party B is entitled to decide whether to approve the application at its own discretion. 3. Party A shall remit the sufficient amount of fund into its account in Party B before the mature day stipulated in this Agreement and its appendix. Party B is entitled to transfer the fund directly from the account of Party A to Party B. 4. Prepayment (1) Party A shall give prior notification to Party B for prepayment of the interest. (2) Party A shall give 30 banking day prior application to Party B for prepayment of principal and such application shall be approved by Party B. The interest shall be calculated in accordance with the actual days for which the loan is used by Party A and the interest rate stipulated in this Agreement and its appendix in case of prepayment by Party A. Party B is entitled to demand compensation by Party A which shall be calculated as "the amount of prepayment X months before maturity X 1/oo". If Party A makes the prepayment in less than 1 month before maturity, the month before maturity shall be deemed as one month. 5. In case that the loan is paid back by Party A in installments as agreed by both Parties, the prepayment by Party A shall be offset by the agreed installments in a reverse order. The remaining balance of the unpaid loan after the prepayment by Party A shall be paid back in accordance with this Agreement.