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 Xxxxx Cash Accounts.

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 has the meaning specified in Section 6.12.

Examples of Excluded Account in a sentence

• As of the Effective Date, Schedule 3.15 lists (a) all deposit, securities and commodities accounts maintained by or for the benefit of Borrower or any Subsidiary (including whether any such account is an Excluded Account and a reasonably detailed description as to why such account qualifies as an Excluded Account) and (b) all suspense accounts (including a reasonably detailed description as to the revenues and nature thereof) of Borrower and each Subsidiary.

• None of the Credit Parties will deposit or maintain Collateral (including the proceeds thereof) in a deposit account, securities account or commodities account that is not subject to a Control Agreement, other than Excluded Accounts solely to the extent such Excluded Account is funded and maintained in accordance with the definition of “Excluded Accounts”.

More Definitions of Excluded Account

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

Excluded Account as defined in the Guarantee and Collateral Agreement.

Excluded Account is defined in Section 7.13.

Excluded Account means any Deposit Account in the name of the Issuer or any Guarantor (a) that is used exclusively for payroll, payroll taxes and other employee wage and benefit payments in the Ordinary Course of Business; (b) that is a trust, fiduciary, or withholding tax payment account or (c) accounts set forth on Schedule 1 hereto which are listed as Excluded Accounts; provided, that no other Deposit Accounts shall constitute an Excluded Account.

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 deposit accounts used solely for payroll expenses, trust accounts or employee benefit accounts of the Loan Parties and their Subsidiaries.

Excluded Account means any deposit account or securities account of a Loan Party of the type described in the definition of “Excluded Accounts” in the Collateral Agreement.