Excluded Accounts means (a) payroll accounts, (b) health savings accounts, worker’s compensation accounts and other employee benefits accounts, (c) payroll withholding tax accounts and other tax (including sales tax) remittance accounts and (d) any other account that is used solely as an escrow account or as a fiduciary or trust account and not otherwise prohibited under this Agreement or any other Loan Document.
Excluded Accounts has the meaning assigned to such term in the Security Agreement.
Excluded Accounts means all Deposit Accounts specifically and exclusively used as zero balance accounts or used for security deposits, payroll, payroll taxes, deferred compensation and other employee wage and benefit payments to or for the benefit of the Borrower’s or any of its Subsidiaries’ employees, and the accounts listed on Part II of Schedule 7.21.
Examples of Excluded Accounts in a sentence
No Loan Party shall establish or maintain any deposit, operating or other bank accounts, other than Excluded Accounts, unless such account is subject to a Control Agreement as set forth in Section 4.2.
Subject to Section 5.14 and Section 7.04 of the Guarantee and Security Agreement, a control agreement with respect to each of the Deposit Accounts and Securities Accounts (other than Excluded Accounts (as defined in the Guarantee and Security Agreement)) required to be delivered by the Guarantee and Security Agreement, duly executed and delivered by each of the parties thereto.
More Definitions of Excluded Accounts
Excluded Accounts has the meaning set forth in Section 5.14(b).
Excluded Accounts is defined in Section 5.5.
Excluded Accounts is defined in Section 6.6(b).
Excluded Accounts shall have the meaning assigned to such term in Section 5.12(a).
Excluded Accounts means accounts used in the ordinary course of business for payroll, payroll taxes and other employee wage and benefit payments, pension fund accounts, 401(k) accounts, trust accounts, the certificates of deposit referred to in Section 9.02(p), and the segregated deposit accounts referred to in Section 9.02(q).
Excluded Accounts means any (a) Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s, or any of its Subsidiaries’, employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (b) that certain certificate of deposit (or any replacement thereof) held with Comerica Bank and identified to Collateral Agent by Borrower in the Perfection Certificates securing the Comerica Letter of Credit.
Excluded Accounts means any (a) zero balance payroll, withholding tax and other fiduciary accounts of any Group Member and (b) other deposit accounts of any Group Member that in the aggregate do not hold more than $250,000 on an overnight basis.