Common use of Payroll Deposit Clause in Contracts

Payroll Deposit. (a) In the event that a Producer (i) has filed for bankruptcy protection or had a trustee/receiver appointed to handle its affairs within five (5) years prior to the commencement of principal photography on a given production; (ii) has no prior history with the Union; or (iii) fails to make payroll in a given payroll period, the Union may require such Producer to deposit with a payroll company of the Producer's choosing an amount equal to two (2) weeks of estimated payroll plus two (2) weeks of pension, health and IAP contributions for covered employees. Such amount shall be used solely for the purpose of satisfying amounts owed to covered employees and/or benefit plan(s), as applicable, under this Agreement.

Payroll Deposit. (a) In the event that a Producer (i) a Producer has filed for bankruptcy protection or had a trustee/receiver appointed to handle its affairs within five (5) years prior to the commencement of principal photography on a given production; (ii) has no prior history with the Union; or (iii) fails to make payroll in a given payroll period, the Union may require such Producer to deposit with a payroll company of the Producer's ’s choosing an amount equal to two (2) weeks of estimated payroll plus two (2) weeks of pension, health and IAP contributions for covered employees. Such amount shall be used solely for the purpose of satisfying amounts owed to covered employees and/or benefit plan(s), as applicable, under this Agreement.

Payroll Deposit. (a) In the event that a Producer (i) has filed for bankruptcy protection or had a trustee/receiver appointed to handle its affairs within five (5) years prior to the commencement of principal photography on a given production; (ii) has no prior history with the Union; or (iii) fails to make payroll in a given payroll period, the Union may require such Producer to deposit with a payroll company of the Producer's ’s choosing an amount equal to two (2) weeks of estimated payroll plus two (2) weeks of pension, health and IAP contributions for covered employees. Such amount shall be used solely for the purpose of satisfying amounts owed to covered employees and/or benefit plan(s), as applicable, under this Agreement.