Limit on Accumulation Clause Samples

A Limit on Accumulation clause sets a maximum cap on the total amount of liability or benefits that can accrue under a contract or insurance policy. In practice, this means that even if multiple claims or losses occur, the total payout or responsibility of the party is restricted to a predetermined limit, regardless of the number or size of individual claims. This clause is essential for managing risk exposure and ensuring that the financial obligations of a party do not exceed a manageable or agreed-upon threshold.
Limit on Accumulation. Employees shall forfeit their right to take any 33 vacation leave to their credit which is excess of the accrual of three (3) years. Such 34 excess leave shall be eliminated from the employee’s leave balance.
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Limit on Accumulation. Accrual of vacation days in excess of those earned for two years of continuous service is not permitted past December 31st of each year with the following exception: with approval of the Department Director, an employee may accrue vacation days in excess of the two-year limit provided all such excess accumulation is taken by March 31st of the following year.
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Limit on Accumulation. Employees may accrue Flex leave up to an accumulated total equal to seventy eight (78) times the member’s bi-weekly accrual rate. Any paid leave earned in excess of this level will be paid on an hour for hour basis in cash (spill over pay) at the employee’s hourly rate of pay. Members hired prior to July 1, 1996 shall be paid for earned Flex leave in excess of the maximum permitted accrual at the member’s hourly rate of pay provided that they have utilized at least eighty (80) hours of Flex leave the previous calendar year. Employees who have not utilized the required amount of leave the prior calendar year shall not be eligible to accrue time above the maximum accrual limit. Employees first hired, or rehired by the City subsequent to July 1, 1996 shall not be eligible for Flex leave spillover pay and shall not be entitled to accrue Flex leave in excess of the Flex leave accrual threshold.
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Limit on Accumulation. Employees may accrue flex leave up to an accumulated total equal to seventy eight (78) times the member’s bi-weekly accrual rate. Effective January 22, 2013 members shall be entitled to accrue flex leave up to a maximum of fifty-two (52) times the member's bi-weekly accrual rate. This limit on accumulation shall apply to both full-time and part-time members. Earned flex leave in excess of the maximum permitted is currently paid bi- weekly at the member's hourly rate of pay (“spillover pay”). Members shall be eligible for flex leave spillover pay only if they have utilized at least eighty (80) hours of flex leave the previous calendar year. Employees who have not utilized the required amount of leave the prior calendar year shall not be eligible to accrue time above the maximum accrual limit.
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Limit on Accumulation. Employees may not accumulate more than two (2) times their annual vacation earnings and accrual amounts for their years of employment with the District. Once the maximum accrual is reached, employees cease accruing additional vacation leave until their vacation leave bank drops below the maximum limit. Employees with existing vacation accrual banks in excess of the maximum limit may retain their excess vacation leave or may elect to cash-out the excess vacation hours in addition to the vacation cash out allowed pursuant to Section 12.2.9 of this MOU.
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Limit on Accumulation. Whenever the sum of an employee’s current and deferred vacation exceeds that employee’s equivalent annual accrual rate for two years, they shall lose that portion in excess of two years and be compensated for the excess quarterly at the workday rate of pay in effect on the last day of such total accumulation with the following exception: With the approval of the Department Head, an employee may accrue vacation in excess of the two year limit provided all such excess accumulation is taken within three months or paid off quarterly. In no event, however, shall an employee be paid at a higher rate for such excess accumulation by deferring use of said excess than they would have received had they been compensated for the loss as above. The City Manager, within his/her discretion and based on evidence of extenuating circumstances, may temporarily suspend the limit on vacation accumulation, until the extenuating circumstances are reasonably addressed.
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Related to Limit on Accumulation

  • Maximum Accumulation An employee may accumulate earned leave, excluding the separate vacation balance, if any, to a maximum of twice their annual time management accumulation. As of the end of the pay period in which March 31 falls in each year, any employee credited with accrued leave greater than twice their annual leave accumulation shall forfeit that amount above their maximum accumulation. An employee who has acquired the maximum allowable accumulation of earned leave may continue to accumulate earned leave for the balance of the year in which the maximum accrual was reached, provided, however, that the employee must reduce the accumulation to the maximum allowable prior to the following March 31 or forfeit the excess.

  • Vacation Accumulation (a) Vacations are not cumulative from year to year. (b) Notwithstanding the above, the Employer may grant a special request from an employee to carryover a maximum of five (5) vacation days into the next year. The employee shall specify in her request to the Employer the purpose for which she is seeking the carryover. (c) During the first year of employment, a full time employee with at least six

  • Sick Leave Accumulation (a) An employee is eligible to accumulate sick leave with full pay at the rate of 16 working hours for each 173 1/3 hours of service. (b) The maximum number of days of sick leave which may be awarded to an employee during any consecutive twenty (20) year period of service shall not exceed 3840 hours.

  • Variable Accumulation Period The Controlled Accumulation Period is scheduled to commence on the Stated Controlled Accumulation Period Commencement Date; provided, however, that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date is different from the Initial Scheduled Controlled Accumulation Period Length, the Servicer, at its option on any Determination Date prior to the commencement of the Controlled Accumulation Period, may elect to modify the date on which the Controlled Accumulation Period actually commences to the last Business Day of any Due Period that precedes the Due Period that is the number of Due Periods prior to the Expected Final Payment Date equal to the Controlled Accumulation Period Length. Such election will be set forth in the Monthly Servicer Certificate. If the Servicer elects to modify the date on which the Controlled Accumulation Period commences pursuant to this Section 19, then on each Determination Date thereafter until the date on which the Controlled Accumulation Period commences the Servicer will recalculate the Controlled Accumulation Period Length; provided, however, that (i) the length of the Controlled Accumulation Period will not be less than the Minimum Controlled Accumulation Period Length and (ii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after a Rapid Amortization Event (as described herein or in the applicable Series Supplement) shall have occurred for so long as it is continuing with respect to any Series in the Group to which the Series established hereby belongs. On each Determination Date, the Servicer will determine the "Controlled Accumulation Period Length" that will equal the number of Due Periods such that the Class Controlled Accumulation Amount for the Due Period related to the Class Expected Final Payment Date, when aggregated with the Class Controlled Accumulation Amounts for each preceding Due Period, will equal or exceed the Series Initial Investor Interest. Any notice by the Servicer electing to modify the commencement of the Controlled Accumulation Period pursuant to this Section 19 shall specify the following as determined on such Determination Date: (i) the Controlled Accumulation Period Length; (ii) the commencement date of the Controlled Accumulation Period; and (iii) the Class Controlled Accumulation Amount with respect to each class of such Series with respect to each Due Period. If the Controlled Accumulation Period Length as recalculated on any such Determination Date exceeds the number of full Due Periods following such Determination Date and preceding the Class A Expected Final Payment Date, the commencement date of the Controlled Accumulation Period will be such Determination Date.

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Subaccount for the Class A( - ) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation Reserve Subaccount for the Class A( - ) Notes.]