Common use of Payroll Agent Clause in Contracts

Payroll Agent. Each Borrower shall at all times either (a) retain and use a payroll agent for purposes of processing, managing and paying such Borrower’s payroll, including all payroll tax payments required to be made under applicable tax laws and regulations, or (b) be enrolled in the Electronic Federal Payment Tax Service on line at xxx.xxxxx.xxx and provide such information and authorizations to Lender as may be required for Lender to monitor payment of periodic payroll taxes or (c) utilize a professional employer service organization to lease employees provided that such organization provides to such Borrower adequate insurance against the failure of such organization to make required tax payments with respect to the leased employees. If such Borrower uses a payroll agent, the payroll agent shall be a third party, independent of such Borrower, reasonably acceptable to Lender. Such Borrower shall instruct the payroll agent to provide such reports directly to Lender as Lender may request from time to time reflecting payment of applicable payroll taxes and, in any event, such payroll agent shall deliver to Lender within ten (10) calendar days after the end of each calendar month a report of such Borrower’s payroll taxes for the immediately preceding calendar month and evidence of payment thereof.

Payroll Agent. Each The Borrower shall at all times either (a) retain and use a payroll agent for purposes of processing, managing and paying such Borrower’s payroll, including all payroll tax payments required to be made under applicable tax laws and regulations, or (b) be enrolled in the Electronic Federal Payment Tax Service on line at xxx.xxxxx.xxx and provide such information and authorizations to Lender as may be required for Lender to monitor payment of periodic payroll taxes or (c) utilize a professional employer service organization to lease employees provided that such organization provides to such Borrower adequate insurance against the failure of such organization to make required tax payments with respect to the leased employees. If such the Borrower uses a payroll agent, the payroll agent shall be a third party, independent of such the Borrower, reasonably acceptable to Lender. Such The Borrower shall instruct the payroll agent to provide such reports directly to Lender as Lender may request from time to time reflecting payment of applicable payroll taxes and, in any event, such payroll agent shall deliver to Lender within ten (10) calendar days after the end of each calendar month a report of such Borrower’s payroll taxes for the immediately preceding calendar month and evidence of payment thereof.