Excluded Account definition

Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any ▇▇▇▇▇ Cash Accounts.

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Excluded Account has the meaning set forth in the Security Agreement.

Excluded Account has the meaning specified in Section 6.12.

Examples of Excluded Account in a sentence

• No Note Party shall establish or maintain a Deposit Account or Securities Account other than (a) the Deposit Accounts and Securities Accounts listed in Schedule 7.15 covered by a Control Agreement (or required to be covered by a Control Agreement from and following the Control Agreement Grace Period End Date), and (b) any Excluded Account, without executing and delivering to Administrative Agent a Control Agreement covering the applicable Deposit Account or Securities Account.

• Notwithstanding anything herein or in any other Note Document to the contrary, the Note Parties shall have until the date that is thirty (30) days after the Closing Date (or such later date as the Administrative Agent may agree to in its discretion) (such date, the “Control Agreement Grace Period End Date”) to enter into Control Agreements covering each Deposit Account and Securities Account, other than any Excluded Account, of the Note Parties in existence on the Closing Date.

More Definitions of Excluded Account

Excluded Account means any deposit account (i) that is used solely for payment of payroll, bonuses, other compensation and related expenses; (ii) deposit accounts that are zero balance accounts; or (iii) that maintains a balance on deposit at any time of not more than $100,000; provided that, the aggregate balance on deposit at any time in all Excluded Accounts described in clause (iii) shall not exceed $1,000,000 at any time.

Excluded Account is defined in Section 7.13.

Excluded Account means (a) each account all of the deposits in which consist of amounts utilized to fund payroll, employee benefit or tax obligations of the Credit Parties, (b) fiduciary, trust or escrow accounts, (c) “zero balance” accounts and (d) other accounts so long as (i) the balance in any one such account on any day does not exceed $1,000,000 and (ii) the aggregate balance for all such accounts excluded pursuant to this clause (d) on any day does not exceed $2,000,000.

Excluded Account as defined in the Guarantee and Collateral Agreement.

Excluded Account means, collectively, (i) accounts used exclusively for payroll, the withheld employee portion of payroll taxes and other employee wage and benefit payments, and (ii) fiduciary and other trust accounts.

Excluded Account means any of the accounts listed on Schedule I hereto, as amended from time to time by the parties hereto.

Excluded Account means any segregated deposit account or securities account specifically and exclusively used to hold payroll and payroll taxes and other employee benefit payments, Taxes required to be collected, remitted or withheld (including sales taxes) and other funds which any Loan Party holds in trust or as an escrow or fiduciary for another third party which is not a Loan Party or its Subsidiary (including for the purposes of paying taxes in the ordinary course of business).