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 has the meaning specified in Section 6.12.

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

Examples of Excluded Account in a sentence

• With respect to any new Deposit Account that is not an Excluded Account opened by a Loan Party after the Closing Date or any Excluded Account that ceases to be an Excluded Account, deliver to the Administrative Agent any Deposit Account Control Agreement required to be delivered pursuant to the Guarantee and Collateral Agreement, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

• It will not establish or maintain any account other than (i) Deposit Accounts and Securities Accounts that are Controlled Accounts (other than an Excluded Account) and (ii) Bank Accounts that are pledged pursuant to the Swiss Bank Account Pledge Agreement.

• Each Grantor shall take all actions required under Section 2.6 of the Credit Agreement with respect to each Deposit Account (other than an Excluded Account) owned or maintained by such Grantor within the time periods specified in Section 2.6 of the Credit Agreement.

• All such Control Agreements governed under the laws of a state or territory of the United States shall provide for “springing” cash dominion with respect to each such account, including each disbursement account that is not an Excluded Account other than with respect to any Blocked Account, which shall at all times be subject to the sole dominion and control of the Administrative Agent.

• Except as otherwise provided in this Section 6.5, deposit or cause to be deposited promptly all proceeds in respect of any Collateral and all other amounts received by any Loan Party into a Collateral Account subject to a Control Agreement or in an Excluded Account.

More Definitions of Excluded Account

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 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 is defined in Section 7.13.

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

Excluded Account as defined in the Guarantee and Collateral Agreement.

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.