Common use of Remittance of Contributions Clause in Contracts

Remittance of Contributions. The contributions of both the Employer and the Plan Members shall be recorded by the Employer and remitted to the TPA for transmittal to the Trustee or custodian or directly to the Trustee or custodian so that the Trustee or custodian shall be in receipt thereof by the 15th day of the month next following the month in respect of which such contributions are payable. Such amounts shall be used to provide additional Units pursuant to Article V. Any contributions received by the Trustee or custodian on the first working day of a month shall be deemed to have been received on the last working day of the immediately preceding month. Working day shall be defined as any day regular mail is delivered by the United States Postal Service.

Remittance of Contributions. The contributions of both the Employer and the Plan Members shall be recorded by the Employer and remitted to the TPA for transmittal to the Trustee or custodian or directly to the Trustee or custodian so that the Trustee or custodian shall be in receipt thereof by the 15th day of the month next following the month in respect of which such contributions are payable. Such amounts shall be used to provide additional Units pursuant to Article V. Any contributions received by the Trustee or custodian on the first working day of a month shall be deemed to have been received on the last working day of the immediately preceding month. Working day shall be defined as any day regular mail is delivered by the United States Postal Service.