Maximum Accumulations Sample Clauses

The Maximum Accumulations clause sets a cap on the total amount of benefits, payments, or liabilities that can accrue under a contract or policy. In practice, this means that once the specified maximum limit is reached—whether for claims, payouts, or other obligations—no further amounts will be accumulated or paid out, regardless of additional qualifying events. This clause serves to limit the financial exposure of one or both parties, providing predictability and preventing unlimited liability.
Maximum Accumulations. Employees may accumulate vacation up to the maximum accrual rates listed in Section 12.2.1(a) within this Article and until January 1, 2019. Effective January 1, 2019 employees may accumulate vacation up to the maximum of accrual rates listed in Section 12.2.1(b) in this Article. When an employee has reached the maximum allowable accrual, future accruals will cease until such time as the balance allows for additional earnings. Employees are responsible for monitoring their accruals and scheduling time off as necessary to preserve the ability to accrue vacation.
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Maximum Accumulations. 12.6.1 Employees may accumulate vacation up to a maximum of two (2) times their annual accrual rate, e.g., an employee earning 20 days/160 hours may not accumulate more than 40 days/320 hours. Employees may exceed the maximum allowed accumulation during a calendar year, provided that the accumulation is reduced to the maximum accumulation on December 31st of any year, and provided, the employee provides at least 2 weeks’ notice of their intent to use this accrued leave. 12.6.2 Accumulated vacation leave below the maximum accrual rate on December 31st may be carried over to the next year. Accumulated vacation leave above the maximum accrual rate on December 31st shall be forfeited, except in circumstances in which the maximum accumulation was exceeded due to the employer’s cancellation of the opportunity to take leave based on business reasons. In such situations, the Employer, the Employee and the Guild will meet and bargain the impacts of any cancelled leave that would put the employee’s accrual above the maximum level. 12.6.3 Employees are responsible for monitoring their accruals and scheduling time off as necessary to preserve the ability to accrue vacation. The Employer may provide to the employees a mid-year review of leave balances and may require employees to establish a plan for use of annual leave for the remainder of the year.
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Maximum Accumulations. Employees may accumulate vacation up to a maximum of two (2) times their annual accrual rate, e.g., an employee earning 20 days/160 hours may not accumulate more than 40 days/320 hours. When an employee has reached the maximum allowable accrual, future accruals will cease until such time as the balance has been reduced to allow for additional earnings. Employees are responsible for monitoring their accruals and scheduling time off as necessary to preserve the ability to accrue vacation. Exceptions may be granted by the City Manager for circumstances where taking of leave was denied by the City or would be a detriment to the City.
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Maximum Accumulations. When an employee has reached the maximum allowable accrual, further accruals will cease until such time as the balance allows for additional earnings. Employees are responsible for monitoring their accruals and scheduling time off as necessary to preserve the ability to accrue vacation. 9.2.1.1 Effective January 1, 2019 employees who have vacation accrual amounts above the maximum four hundred (400) hours shall be grandfathered at a cap of four hundred and ninety-six (496) hours until the employee terminates employment, be it voluntary or involuntary.
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Maximum Accumulations. Employees may accumulate vacation up to a maximum of two
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Maximum Accumulations. In all cases of sick leave the time granted to employees shall be cumulative on the basis of fifteen (15) days for each calendar year and the same may be added to any sick leave for a successive year or years not exceeding, however, 120 days in one calendar year provided said employee has been in the service of the City a sufficient number of years to receive such cumulative credit. Upon retirement or death of employee, fifty percent (50%) of unused sick leave will be paid to employee or beneficiary.
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Related to Maximum Accumulations

  • 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.

  • 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.

  • 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.

  • Maximum Accrual Vacation credit may be accumulated to a maximum that can be earned in three (3) years. Further accumulation will not continue when the maximum is reached.

  • 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.]