Payroll Accounts Sample Clauses

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, FAREISI shall cause each FAFCO Member to retain its payroll bank accounts in existence on the date hereof. FAREISI shall cause the FAFCO Members to (with respect to the FAREISI Business) issue paychecks and make direct payroll deposits from this account for the period from the Closing Date through the end of the last payroll period ending prior to the Effective Time. All payroll liabilities of the FAREISI Business for Hired Employees accrued after such time will be transferred to NEWCO at the Effective Time. (b) In the event that NEWCO does not have a payroll system or payroll bank account in place by the Effective Time, FAREISI shall cause each FAFCO Member to assist NEWCO in processing NEWCO's payroll related to the FAREISI Business subsequent to the Effective Time, as follows: Prior to the Effective Time, those FAFCO Members which need to do so will open a new payroll bank account ("NEWCO's FAREISI Payroll Bank Account") to process NEWCO payroll relating to the FAREISI Business. Each FAFCO Member shall continue to process such payroll after the Effective Time and shall be entitled to be reimbursed for its direct costs incurred in connection therewith. These payments will be issued from NEWCO's FAREISI Payroll Bank Account. This bank account will not be run as a controlled disbursement account. No FAFCO Member will 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, expenses, fees and earnings credits relating to the opening and operation of NEWCO's FAREISI Payroll Bank Account will be the responsibility of NEWCO and will be charged directly to such account. (c) By the Bank Account Cut-off Date, NEWCO will have completed all necessary actions to transfer the ownership of NEWCO's FAREISI Payroll Bank Account to NEWCO. Regardless of whether the transfer of ownership of NEWCO's FAREISI Payroll Bank Account to NEWCO has been completed by the Bank Account Cut-off Date, FAREISI will cause the FAFCO Members to 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. To provide payroll accounting for Strata Corporation employees, if necessary, either directly or through a third party service provider and to charge a fee for such services in the amount set forth in item 2 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. From and after the date hereof, Debtors agree that the First Union Accounts listed on EXHIBIT B attached hereto (the "Payroll Accounts") shall be used solely to make payroll disbursements. On or prior to June 30, 2000, Debtors will make adequate arrangements for such payroll disbursements to be made through an account at Chase or another financial institution acceptable to Revolver Agent and as to which an Account Agency Agreement is in effect, and will close the Payroll Accounts. Revolver Agent agrees that any time and from time to time until June 30, 2000 and in accordance with its rights under Section 11.4 of the Revolver Agreement, Revolver Agent shall make advances to First Union on behalf of the Debtors to fund any overdrafts in any Payroll Account (the "PAYROLL ADVANCES"). Each Payroll Advance shall be made by wire transfer or ACH credit to the applicable overdrawn payroll account within one (1) business day of First Union's written request; provided that, (a) the Revolver Agent shall have no obligations to make any Payroll Advance: (i) if the Revolver Agent shall have provided First Union three (3) business days prior written notice that it will no longer make advances under this Section 2.21 or (ii) if after giving effect to the amount of the Payroll Advance, the Borrowing Availability (as defined in the Revolver Agreement) would equal zero or less. Any such amounts paid by the Revolver Agent under this Section 2.21 shall be deemed to be amounts paid under the terms of Section 11.4 of the Revolver Agreement. The Debtors specifically agree to this Section 2.21 and acknowledge that, in accordance with Section 3.4, no Debtor shall have any right to enforce the provisions of this Section 2.21 against the Revolver Agent.

Payroll Accounts. Notwithstanding anything in the Agreement to the contrary, Borrower shall not be required to deliver to Agent control agreements with respect to payroll bank accounts for Borrower as long as such payroll bank accounts do not have a balance in excess of the current payroll related obligations of Borrower.

Payroll Accounts. The Obligors shall not fund any Payroll Account other than in the ordinary course of business for the purpose of meeting current payroll obligations. (f) Amendments to Section 7.1. (i) Section 7.1 of the Loan Agreement is hereby amended by amending and restating subsection (1) thereof in its entirety as follows: (1) A Subsidiary Guarantee or the Parent Guarantee shall for any reason cease to be in full force and effect or any Person that is a guarantor thereunder shall, in writing, repudiate such Subsidiary Guarantee or Parent Guarantee, as the case may be, or deny that its obligations thereunder are valid, binding and enforceable; or (ii) Section 7.1 of the Loan Agreement is hereby amended by inserting new subsections (t) and (u) after subsection (s) thereof and replacing the "." after subsection (s) with "; or":