Payroll Accounts Clause Samples
The Payroll Accounts clause establishes the requirement for maintaining specific bank accounts dedicated to processing employee payroll. Typically, this clause outlines how funds must be deposited into these accounts, who has authority over them, and the procedures for disbursing wages to employees. Its core function is to ensure that employee salaries are managed separately and securely, reducing the risk of misallocation of payroll funds and ensuring timely payment to staff.
Payroll Accounts. Borrower shall not maintain a greater balance in any payroll account than is necessary to support Borrower’s current payroll and payroll for one additional payroll cycle (bi-monthly or weekly as applicable).
Payroll Accounts. The Borrower covenants and agrees that it shall not keep funds on deposit in its payroll account beyond what is necessary to fund one payroll period at a time.
Payroll Accounts. (a) During the Interim Period, FAREISI shall cause each FAFCO Member to retain its payroll bank accounts in existence on the date hereof. FAREISI shall cause the FAFCO Members to (with respect to the FAREISI Business) issue paychecks and make direct payroll deposits from this account for the period from the Closing Date through the end of the last payroll period ending prior to the Effective Time. All payroll liabilities of the FAREISI Business for Hired Employees accrued after such time will be transferred to NEWCO at the Effective Time.
(b) In the event that NEWCO does not have a payroll system or payroll bank account in place by the Effective Time, FAREISI shall cause each FAFCO Member to assist NEWCO in processing NEWCO's payroll related to the FAREISI Business subsequent to the Effective Time, as follows: Prior to the Effective Time, those FAFCO Members which need to do so will open a new payroll bank account ("NEWCO's FAREISI Payroll Bank Account") to process NEWCO payroll relating to the FAREISI Business. Each FAFCO Member shall continue to process such payroll after the Effective Time and shall be entitled to be reimbursed for its direct costs incurred in connection therewith. These payments will be issued from NEWCO's FAREISI Payroll Bank Account. This bank account will not be run as a controlled disbursement account. No FAFCO Member will fund this account. NEWCO must deposit funds into the account for payroll taxes paid and net payroll one day before each pay day. There will be no interest credited to this account. All bank costs, expenses, fees and earnings credits relating to the opening and operation of NEWCO's FAREISI Payroll Bank Account will be the responsibility of NEWCO and will be charged directly to such account.
(c) By the Bank Account Cut-off Date, NEWCO will have completed all necessary actions to transfer the ownership of NEWCO's FAREISI Payroll Bank Account to NEWCO. Regardless of whether the transfer of ownership of NEWCO's FAREISI Payroll Bank Account to NEWCO has been completed by the Bank Account Cut-off Date, FAREISI will cause the FAFCO Members to cease issuing checks and making payments from this account as of the end of the Bank Account Cut-Off Date.
Payroll Accounts. Company may make transfers from the Payroll Accounts. Company may run fraud, error detection and reconciliation cash management products on the Payroll Accounts (Positive Pay).
Payroll Accounts. Maintain a greater balance in any payroll account than is necessary to support such Credit Party's current payroll and payroll for one additional payroll cycle (bi-monthly or weekly as applicable).
Payroll Accounts. If necessary, to provide payroll accounting for Strata Corporation employees either directly or through a third party service provider and to charge a fee for such services in the amount set forth in item 3 of Schedule A;
Payroll Accounts. The Management Company may, for the benefit of the Professional Company, transfer funds from the Operating Accounts to applicable payroll accounts for purposes of funding the Professional Company’s payroll needs.
Payroll Accounts. From and after the date hereof, Debtors agree that the First Union Accounts listed on EXHIBIT B attached hereto (the "Payroll Accounts") shall be used solely to make payroll disbursements. On or prior to June 30, 2000, Debtors will make adequate arrangements for such payroll disbursements to be made through an account at Chase or another financial institution acceptable to Revolver Agent and as to which an Account Agency Agreement is in effect, and will close the Payroll Accounts. Revolver Agent agrees that any time and from time to time until June 30, 2000 and in accordance with its rights under Section 11.4 of the Revolver Agreement, Revolver Agent shall make advances to First Union on behalf of the Debtors to fund any overdrafts in any Payroll Account (the "PAYROLL ADVANCES"). Each Payroll Advance shall be made by wire transfer or ACH credit to the applicable overdrawn payroll account within one (1) business day of First Union's written request; provided that, (a) the Revolver Agent shall have no obligations to make any Payroll Advance: (i) if the Revolver Agent shall have provided First Union three (3) business days prior written notice that it will no longer make advances under this Section 2.21 or (ii) if after giving effect to the amount of the Payroll Advance, the Borrowing Availability (as defined in the Revolver Agreement) would equal zero or less. Any such amounts paid by the Revolver Agent under this Section 2.21 shall be deemed to be amounts paid under the terms of Section 11.4 of the Revolver Agreement. The Debtors specifically agree to this Section 2.21 and acknowledge that, in accordance with Section 3.4, no Debtor shall have any right to enforce the provisions of this Section 2.21 against the Revolver Agent.
Payroll Accounts. This account is opened upon the request of the Depositor's employer, for the Depositor's convenience. In the event that such employer mistakenly credits this account for any reason, BDO or its representatives are authorized to debit, without need of further notice to or consent of the Depositor, from the available balance of this account to the extent of such mistaken credit, upon receipt of a written request from such employer, and credit the same amount to such employer's account. Any dispute regarding such mistaken credit shall be resolved strictly between the Depositor and the Depositor's employer, and BDO shall have no liability for such debit pursuant to the employer's written request. The Depositor expressly and absolutely remisses, releases and forever discharges BDO, its affiliates, and its and their respective owners, directors, stockholders, officers, employees ("BDO Persons") and assigns from any and all claims, suits, actions or causes of action which the Depositor and the Depositor's successors and assigns now have or in the future claim to have against all BDO Persons in connection with the above debit and this account.
Payroll Accounts. Not at any time permit the aggregate amount of all funds in Payroll Accounts to exceed 110% of the aggregate amount of salary, bonuses and similar items reasonably expected to be paid to employees of the Company and its Subsidiaries during the ten days following such time.