Exempt Deposit Accounts. (i) Deposit Accounts the balance of which consists exclusively of (A) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of the Borrower to be paid to the Internal Revenue Service or state or local government agencies with respect to employees of any of the Loan Parties, (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more Loan Parties and (ii) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in connection with) taxes accounts, payroll accounts, trust or similar accounts and (C) other non-concentration accounts containing less than $100,000 individually and in the aggregate for all such other non-concentration accounts.
Exempt Deposit Accounts. (a) deposit accounts the balance of which consists exclusively of (i) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of the Parent Borrower to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the Loan Parties, and (ii) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more Loan Parties, and (b) all segregated deposit accounts constituting (and the balance of which consists solely of funds set aside in connection with) tax accounts, payroll accounts and trust accounts.
Exempt Deposit Accounts means (i) Deposit Accounts the balance of which consists exclusively of (A) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of a Loan Party to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the Loan Parties and (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more Loan Parties, and (ii) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in connection with) taxes accounts, payroll accounts and trust accounts.
Examples of Exempt Deposit Accounts in a sentence
Except as expressly provided in Section 4.01 of this Agreement, no Canadian Loan Party shall establish after the date hereof or permit to exist any Deposit Account (other than Exempt Deposit Accounts) or any Securities Account (other than Exempt Deposit Accounts) without promptly delivering to the Collateral Agent a fully executed Account Control Agreement with respect to such account.
Except as expressly provided in Section 4.01 hereof, no U.S. Loan Party shall establish after the date hereof or permit to exist any Deposit Account (other than Exempt Deposit Accounts) or any Securities Account (other than Exempt Deposit Accounts) without promptly delivering to the Collateral Agent a fully executed Account Control Agreement with respect to such account.
Not later than sixty (60) days following the Closing Date, such Canadian Loan Party shall deliver to the Collateral Agent a fully executed Account Control Agreement with respect to each of its Deposit Accounts (other than (i) Exempt Deposit Accounts and (ii) to the extent the aggregate amount held on deposit in any Deposit Account (other than any Collateral Account or Canadian Concentration Account) does not exceed $1,000,000 individually or $5,000,000 in the aggregate for all such Deposit Accounts).
No Credit Party shall open or maintain any Deposit Accounts or securities accounts except for (a) Deposit Accounts with Agent; (b) Dominion Accounts maintained in compliance with Section 5.16; (c) Deposit Accounts subject to Control Agreements in favor of Agent on terms acceptable to Agent or maintained with Agent; and (d) the Exempt Deposit Accounts.
Each Pledgor shall accept any cash and Investment Property in trust for the benefit of the Administrative Agent and within three (3) Business Days of actual receipt thereof, deposit any and all cash and Investment Property received by it into a Deposit Account or Securities Account subject to Administrative Agent’s Control except for such cash as may be held in Exempt Deposit Accounts in accordance with the terms of this Agreement.
More Definitions of Exempt Deposit Accounts
Exempt Deposit Accounts means (i) Deposit Accounts the balance of which consists solely of (A) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of the Borrower Representative to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the U.S. Loan Parties and (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more U.S. Loan Parties, (ii) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in connection with) tax accounts, payroll accounts, trust accounts, and cash collateral accounts which secure obligations of the U.S. Loan Parties (other than U.S. Finance Obligations) which constitute Permitted Liens, (iii) Deposit Accounts the balance of which consists solely and exclusively of identifiable and non-commingled (A) cash proceeds of any sale or disposition of any assets or property not constituting Collateral or (B) cash proceeds of any other assets or property not constituting Collateral, and (iv) Deposit Accounts the balance of which consists solely of any reserves constituting deferred purchase price payable in connection with a Permitted Acquisition or other acquisition of assets not prohibited by the Credit Agreement that has been consummated.
Exempt Deposit Accounts means (a) Deposit Accounts the balance of which consists solely of (i) withheld income taxes and federal, province or local employment taxes in such amounts as are required in the reasonable judgment of the Canadian Borrower to be paid to the Canada Revenue Agency or provincial or local government agencies within the following two months with respect to employees of any of the Canadian Loan Parties and (ii) amounts required to be paid over to an employee benefit plan on behalf of or for the benefit of employees of one or more Canadian Loan Parties, (b) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in connection with) tax accounts, payroll accounts, trust accounts and cash collateral accounts which secure obligations of the Canadian Loan Parties (other than Finance Obligations) which constitute Permitted Liens, (c) Deposit Accounts the balance of which consists solely and exclusively of identifiable and non-commingled (i) cash Proceeds of any sale or disposition of any assets or property not constituting Collateral or (ii) cash Proceeds of any other assets or property not constituting Collateral, and (d) Deposit Accounts the balance of which consists solely of any reserves constituting deferred purchase price payable in connection with a Permitted Acquisition or other acquisition of assets not prohibited by the Credit Agreement that has been consummated.
Exempt Deposit Accounts. (a) payroll, trust, and benefit deposit accounts, (b) deposit accounts, so long as the aggregate average weekly balances therein do not exceed $1,000,000 at any time, with amounts in excess thereof to be promptly transferred to a Controlled Account, and (c) deposit accounts specially and exclusively used to cash-collateralize Letters of Credit to the extent permitted pursuant to the Credit Agreement.
Exempt Deposit Accounts has the meaning set forth in the Credit Agreement.
Exempt Deposit Accounts means (i) Deposit Accounts the balance of which consists exclusively of (A) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of the Company to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the Credit Parties, and (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more Credit Parties, (ii) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in connection with) taxes accounts, payroll accounts and trust accounts, and (iii) one or more Deposit Accounts identified in writing to the Collateral Agent, provided that, in the case of Deposit Accounts referred to in this clause (iii), not more than $15,000,000 in the aggregate shall be held on deposit therein for any period of more than three consecutive Business Days.
Exempt Deposit Accounts as defined in the Pledge and Security Agreement.
Exempt Deposit Accounts means (i) Deposit Accounts the balance of which consists exclusively of (A) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of the Grantor to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the Grantors and (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more Grantors, (ii) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in connection with) tax accounts, payroll accounts and trust accounts for obligations coming due within the following month, (iii) except to the extent amounts on deposit therein on any date are traceable to and identified on such date as the direct cash proceeds of Collateral, Senior Secured Notes Deposit Accounts with Senior Secured Notes Indenture Trustee subject to the terms of the Intercreditor Agreement, and (iv) other disbursement, xxxxx cash or deposit accounts containing less than $100,000 individually and in the aggregate for all such disbursement accounts.