Excepted Accounts definition

Excepted Accounts means: (i) the Franklin ▇▇▇▇▇▇▇▇▇ High Income Fund, a series of Franklin Global Trust; and (ii) the Franklin ▇▇▇▇▇▇▇▇▇ internal account (Franklin Advisers — Separate Account for high yield).

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Excepted Accounts means those certain depository and other bank accounts listed on Schedule 1.1B, so long as (excluding the Borrower's payroll accounts and Honduran Accounts) no more than $10,000 is on deposit in any such account at any time. The Honduran Accounts shall be considered Excepted Accounts so long as no more than $250,000 is on deposit in any such account for more than 5 consecutive Business Days; provided, however, a Honduran Account may, for no more than 5 consecutive Business Days during the month of June of each year and 5 consecutive Business Days during the month of December of each year have additional deposits of up to $1,500,000 for payment of extra payroll and other benefit payments in accordance with the customs and practice of the Borrower's Honduran Subsidiaries and still be considered an Excepted Account hereunder.

Excepted Accounts means any deposit accounts in which funds are being held in trust, in escrow or in a custodial capacity on behalf of third parties even though deposited by the Borrowers.

Examples of Excepted Accounts in a sentence

Any dispute with respect to the Excepted Accounts and/or any instruction given pursuant to this Section 8.21 shall be subject to resolution by the Bankruptcy Court.
The $12,000,000 additional escrow will be remitted back to Seller in the proportion of collected Excepted Accounts to total Excepted Accounts (line 9A, CFTC Form-1FR-FCM) as of the Closing Date.
In the event that the fee charged to the Manager exceeds the fee charged to an account described in (1) or (2) above, which description does not include Excepted Accounts, the fee charged to the Manager shall automatically be reduced to match the fee charged to such other account from the time such fee is charged to such other account.
Buyer and the Sellers agree that it is their shared intention that the Excepted Accounts be collected, liquidated or otherwise resolved in a prompt and prudent manner, taking into account the likelihood that any deficit or under-margin circumstance will be resolved by the client in a timely manner in the ordinary course of business.
In the event that the fee charged hereunder exceeds the fee charged to an account described in (1) or (2) above, which description does not include Excepted Accounts, the fee charged hereunder shall automatically be reduced to match the fee charged to such other account from the time such fee is charged to such other account.
Buyer shall have the right to direct the application of funds from the Excepted Account Escrow to such Excepted Accounts to cover any additional deficit or under-margin amounts in accordance with exchange minimums in effect from time to time or to satisfy any indemnity liability of the Sellers to Buyer in respect of the Excepted Accounts (notwithstanding any other limitation herein with respect to the source of funds for the Sellers’ indemnity obligations).
Any and all Liabilities of any of Subject Entities and their Affiliates other than the Assumed Liabilities, including (a) Liabilities related to the Excluded Assets, (b) Liabilities relating to the Excepted Accounts, and (c) Liabilities for any interest, fines, penalties or refunds required to be made as a result of any failure of the Subject Entities or any of their Affiliates to comply with Law.
Within 3 days of the Closing Date, the Obligors shall, and shall cause each Domestic Subsidiary (other than EEX Reserves and its Subsidiaries until such time as the Enron Prepay Obligation has been terminated pursuant to Section 8.09(e)) to, hold all Deposit Accounts and Securities Accounts, other than the Excepted Accounts, with a Lender or an Affiliate thereof.
At all times thereafter, the Obligors shall, and shall cause their Domestic Subsidiaries (other than EEX Reserves and its Subsidiaries until such time as the Enron Prepay Obligation has been terminated pursuant to Section 8.09(e)) to, cause all of their Deposit and Securities Accounts, other than the Excepted Accounts, to be subject to Blocked Account Control Agreements and Securities Account Control Agreements.
Buyer shall have the right to direct the application of funds from the Excepted Account Escrow to such Excepted Accounts to cover any additional deficit or under-margin amounts in accordance with exchange minimums in effect from time to time or to satisfy any indemnity liability of the Sellers to Buyer in respect of the Excepted Accounts (notwithstanding any other limitation herein with respect to the source of funds for the Sellers' indemnity obligations).

More Definitions of Excepted Accounts

Excepted Accounts means Deposit Accounts or Securities Accounts of an Obligor or a Guarantor which may be held with any depositary institution or Securities Intermediary, as applicable, and contain total cash, Cash Equivalents or other Property not in excess of $2,000,000.00 in the aggregate for all such accounts for purposes of escrowing monies in the ordinary course of business.

Excepted Accounts has the meaning specified in the U.S. Distribution Agreement.

Excepted Accounts shall have the meaning provided in Section 8.13.