Payroll Accounts. Borrower shall not maintain a greater balance in any payroll account than is necessary to support Borrower’s current payroll and payroll for one additional payroll cycle (bi-monthly or weekly as applicable).
Payroll Accounts. The Borrower covenants and agrees that it shall not keep funds on deposit in its payroll account beyond what is necessary to fund one payroll period at a time.
Payroll Accounts. (a) During the Interim Period, EXPERIAN shall retain the payroll bank account maintained by EXPERIAN with Bank of America as of the Closing Date. EXPERIAN will (with respect to the RES Business) issue paychecks and make direct payroll deposits from this account for the period from the Closing Date through the end of last payroll period ending prior to the Effective Time. All payroll liabilities of the RES Business for Hired Employees accrued after such time will be transferred to NEWCO at the Effective Time.
(b) It is anticipated that NEWCO will not have a payroll system or payroll bank account in place by the Effective Time. In such event, EXPERIAN will assist NEWCO in processing NEWCO's payroll related to the RES Business subsequent to the Effective Time, as follows: Prior to the Effective Time, EXPERIAN will open a new payroll bank account ("EXPERIAN's NEWCO Payroll Bank Account") to process NEWCO payroll relating to the RES Business. EXPERIAN will continue to process such payroll after the Effective Time for a fee to be agreed by the parties prior to the Effective Time. These payments will be issued from EXPERIAN's NEWCO Payroll Bank Account. This bank account will not be run as a controlled disbursement account, and EXPERIAN will not fund this account. NEWCO must deposit funds into the account for payroll taxes paid and net payroll one day before each pay day. There will be no interest credited to this account. All bank costs and expenses, and earnings credits, relating to the opening and operation of EXPERIAN's NEWCO Payroll Bank Account will be the responsibility of NEWCO and will be charged directly to the account.
(c) By the Bank Account Cut-off Date, NEWCO will have completed all necessary actions to transfer the ownership of EXPERIAN's NEWCO Payroll Bank Account to NEWCO. Regardless of whether the transfer of ownership of EXPERIAN's NEWCO Payroll Bank Account to NEWCO has been completed by the Bank Account Cut-off Date, EXPERIAN will cease issuing checks and making payments from this account as of the end of the Bank Account Cut-Off Date.
Payroll Accounts. Company may make transfers from the Payroll Accounts. Company may run fraud, error detection and reconciliation cash management products on the Payroll Accounts (Positive Pay).
Payroll Accounts. If necessary, to provide payroll accounting for Strata Corporation employees either directly or through a third party service provider and to charge a fee for such services in the amount set forth in item 3 of Schedule A;
Payroll Accounts. Maintain a greater balance in any payroll account than is necessary to support such Credit Party's current payroll and payroll for one additional payroll cycle (bi-monthly or weekly as applicable).
Payroll Accounts. To provide payroll accounting for Strata Corporation employees, if requested by the Strata Corporation;
Payroll Accounts. The Management Company may, for the benefit of the Professional Company, transfer funds from the Operating Accounts to applicable payroll accounts for purposes of funding the Professional Company’s payroll needs.
Payroll Accounts. (i) From funds deposited in the Payroll Accounts and interest, if any, accrued thereon, Agent will make the following disbursements promptly when payable:
Payroll Accounts. Not at any time permit the aggregate amount of all funds in Payroll Accounts to exceed 110% of the aggregate amount of salary, bonuses and similar items reasonably expected to be paid to employees of the Company and its Subsidiaries during the ten days following such time.
