Common use of Central Depository Clause in Contracts

Central Depository. The Union and Associations will work together to establish a Central Depository for all Employer fringe benefit contributions made under this Agreement. At such time as the respective fringe benefit trust fund trustees deem that Employers remitting contributions under this Agreement shall remit such contributions to a Central Depository without such contributions being deemed late or delinquent: the Union shall notify all Employers of the address and procedure for remitting to the Central Depository. The Central Depository, upon receiving Employer fringe benefit remittances, will divide up such remittances in accordance with the applicable contribution rates for each respective fund and send forward individual fund remittances to the appropriate destination.

Central Depository. The Union and Associations will work together to establish a Central Depository for all Employer fringe benefit contributions made under this Agreement. At such time as the respective fringe benefit trust fund trustees deem that Employers remitting contributions under this Agreement shall may remit such contributions to a Central Depository without such contributions being deemed late or delinquent: , the Union shall may notify all Employers of the address and procedure for remitting to the Central Depository. The Central Depository, upon receiving Employer fringe benefit remittances, will divide up such remittances in accordance with the applicable contribution rates for each respective fund and send forward individual fund remittances to the appropriate destination.