Payroll Accounts definition

Payroll Accounts means depository accounts used only for payroll.

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Payroll Accounts means accounts #670-▇▇▇▇▇▇▇, #670-1771913 and #670-1771816 maintained by the Company at The Bank of New York, which accounts are used solely to fund the Company’s payroll and payroll-related expenses and Cafeteria Benefit Plan.

Payroll Accounts deposit accounts maintained in the ordinary course of business by the Borrower or any of its Subsidiaries for the purpose of paying payroll and related benefit costs and remitting withholding and other payroll taxes and costs.

Examples of Payroll Accounts in a sentence

Notwithstanding anything herein or in the Security Agreement to the contrary, the Borrower and its Domestic Subsidiaries shall use commercially reasonable efforts to maintain all Deposit Accounts (other than any Excluded Payroll Accounts, any Excluded Local Operating Accounts, or any Excluded Controlled Accounts) held with a Lender other than the Administrative Agent, subject to a Control Agreement.
Each Grantor will execute all documents and take any action required by Administrative Agent in order for Administrative Agent to obtain Control with respect to Collateral consisting of Commodities Accounts, Securities Accounts, Deposit Accounts (other than Excluded Payroll Accounts), uncertificated Investment Related Property, and “letter-of-credit rights”, and electronic chattel paper (other than as set forth in Section 6.12(b) of the Credit Agreement).
Without Administrative Agent’s prior written consent, no Grantor shall establish any additional Deposit Accounts, Securities Accounts or Commodities Accounts(other than Excluded Payroll Accounts and such accounts subject to the exemption set forth in Section 6.12(b) of the Credit Agreement) unless such accounts are subject to Administrative Agent’s exclusive Control.
This category represents transactions pertaining to Payroll, Accounts Payable and Sundry payments.
The Borrower hereby grants each Lender a security interest in all deposits, credits and deposit accounts (including all account balances, whether provisional or final and whether or not collected or available) other than Excluded Payroll Accounts of the Borrower with such Lender or any Affiliate of such Lender (the “Deposits”).

More Definitions of Payroll Accounts

Payroll Accounts means any deposit account of Borrower designated as a payroll account used exclusively for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and set forth on the Schedule hereto.

Payroll Accounts as defined in Section 3.5.1(b). Person - an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

Payroll Accounts means deposit accounts of Borrower and the Guarantors maintained with banks located in the State of New Mexico for the sole purpose of facilitating the payment of employees of Borrower and the Guarantors.

Payroll Accounts has the meaning set forth in Section 6.6.

Payroll Accounts means, collectively, the Imprest/Payroll Accounts that are identified as payroll accounts in Exhibit P. ---------

Payroll Accounts means any deposit accounts exclusively used for payroll, payroll taxes and, in Agent’s discretion, other employee wage and benefit payments to or for the benefit of a Credit Party’s employees and identified to Agent by ▇▇▇▇▇▇▇▇ as such and provided, that the aggregate balance in such Payroll Accounts does not exceed the amount necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such minimum amount as may be required by any requirement of Law with respect to such accounts).

Payroll Accounts means depository accounts used only for payroll. “PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same functions. “Pension Act” shall mean the Pension Protection Act of 2006, as it presently exists or as it may be amended from time to time. “Permitted Acquisition” shall mean any acquisition, whether by purchase, merger, consolidation or otherwise, by the Borrower or any Guarantor of all or substantially all the assets of, or all the Equity Interests (or, so long as the acquired Person becomes a Guarantor pursuant to Section 5.14 hereof, Equity Interests sufficient to cause the acquired Person to become a Subsidiary) in, a Person or a division, line of business or other business unit of a Person but only so long as: (a) (i) no Event of Default shall have occurred and be continuing immediately prior or immediately after giving effect to such Permitted Acquisition and (ii) all transactions related thereto shall have been consummated in all material respects in accordance with applicable laws; (b) with respect to any acquisition in excess of $25,000,000, the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate to the effect set forth in clause (a) above, together with the relevant financial information for the Person or assets to be acquired, promptly after consummation of such acquisition; and (c) with respect to any acquisition in excess of $25,000,000, the Borrower shall have provided the Administrative Agent with written notice and with copies of the material acquisition documents promptly after consummation of such acquisition. “Permitted Change of Control Transaction” shall mean any transaction, whether by purchase, merger, consolidation or otherwise, pursuant to which a Permitted Holder acquires all or substantially all the assets of, or all the Equity Interests in, the Borrower but only so long as: