Excluded Bank Account definition

Excluded Bank Account means (a) deposit accounts 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, (b) that certain deposit account in existence on the Closing Date with Xxxxxxx Xxxxx Capital Corporation (or any successor thereto) so long as such account (i) does not at any time have more than $1,000,000 on deposit therein and (ii) is used solely for the purpose of the Company’s credit card program with Xxxxxxx Xxxxx Capital Corporation, (c) that certain deposit account in existence on the Closing Date with Charter Bank (or any successor thereto) so long as such account does not at any time have more than $250,000 on deposit therein or (d) any other deposit account or securities account which, individually or in the aggregate, does not at any time have more than $50,000 on deposit therein.
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Excluded Bank Account means any bank account (i) which is an Australian Employee Benefit Account, (ii) used exclusively for payroll, payroll taxes and other employee wage and benefit payments, (iii) escrow, fiduciary or trust accounts and (iv) not otherwise subject to the Priority Collateral Trustee’s
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Excluded Bank Account means (1) with respect to any U.S. Restricted Subsidiary that is a Loan Party, “Excluded Deposit Accounts” as defined in theU.S. Pledge and Security Agreement, and (2) with respect to any other Loan Party, any bank account (w) used exclusively for payroll, payroll taxes and other employee wage and benefit payments, (x) not otherwise subject to the Security Agent’s control by operation of law and having an average monthly balance of less than $250,000, (y) which is a zero-balance account or (z) if such Loan Party is an initial Loan Party or incorporated or organized in the same jurisdiction as an initial Loan Party, that is excluded pursuant to, or consistent with the exclusions for bank accounts set forth in, the relevant Security Documents described on Part I of Schedule 4.01(d) or Schedule 5.14 to the Facility Agreement for the relevant jurisdiction.
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Examples of Excluded Bank Account in a sentence

  • Each Loan Party shall enter into, and cause each depository to enter into, Control Agreements providing for “springing” cash dominion with respect to each Collection Account and each Concentration Account maintained by such Person (other than any account that constitutes an Excluded Bank Account) as of or after the Effective Date.

  • Subject to Section 6.3(a), Loan Parties shall not, directly or indirectly, after the Closing Date open, establish or maintain any deposit account (other than an Excluded Bank Account) unless on or before the opening of such deposit account, such Loan Party shall have obtained a Deposit Account Control Agreement with respect to such deposit account, duly authorized, executed and delivered by such Loan Party and the bank at which such deposit account is opened and maintained.

  • Schedule 4.19 lists: (i) the names and addresses of all Persons holding powers of attorney on behalf of Seller; and (ii) except for the Excluded Bank Account, the names of all banks and other financial institutions in which Seller currently has one or more bank accounts or safe deposit boxes, along with the account numbers and the names of all persons authorized to draw on such accounts or to have access to such safe deposit boxes (the "Acquired Bank Accounts").

  • At all times after sixty (60) days following the Closing Date, at the request of the Agent, the Borrower shall cause to be delivered account control agreements, in form and substance satisfactory to the Agent, for any deposit account of the Borrower or any of the other Loan Parties (a) not maintained with the Agent, (b) for which the Agent does not already have an account control agreement, and (c) which is not an Excluded Bank Account.

  • Each Credit Party shall use commercially reasonable efforts to enter into, and cause each depository, securities intermediary or commodities intermediary to enter into, Control Agreements providing for “springing” cash dominion with respect to each deposit, securities, commodity or similar account maintained by such Person (other than any account that constitutes an Excluded Bank Account) that does not constitutes a Collection Account or a Concentration Account.

  • Schedule 9 correctly sets forth each Deposit Account and each Securities Account held or maintained by such Grantor on the date hereof and identifies whether such Deposit Account is an Excluded Bank Account as of the date hereof.

  • The Loan Parties shall not, directly or indirectly, after the Closing Date open, establish or maintain any deposit account (other than an Excluded Bank Account) unless on or before the opening of such deposit account, such Loan Party shall have obtained a Deposit Account Control Agreement with respect to such deposit account, duly authorized, executed and delivered by such Loan Party and the bank at which such deposit account is opened and maintained.

  • Each Credit Party shall enter into, and cause each depository to enter into, Control Agreements providing for “springing” cash dominion with respect to each Collection Account and each Concentration Account maintained by such Person (other than any account that constitutes an Excluded Bank Account) as of or after the Closing Date.

  • If at any time the balance in any Excluded Bank Account exceeds $75,000 individually, or the balances of all Excluded Bank Accounts exceeds $300,000 in the aggregate, the Loan Parties will use commercially reasonable efforts to promptly reduce such balance or balances in the Excluded Bank Accounts to less than $75,000 in any individual Excluded Bank Account and less than $300,000 in the aggregate for all Excluded Bank Accounts.


More Definitions of Excluded Bank Account

Excluded Bank Account means that certain bank account with XX Xxxxxx Xxxxx identified on Section 1.1(b) of the Seller Disclosure Schedules.
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Excluded Bank Account has the meaning set forth in Section 3.1.
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Excluded Bank Account means (a) any Deposit Account with a balance of less than $100,000 at any time and (b) any Deposit Account that is exclusively used for payroll,
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Related to Excluded Bank Account

  • Designated Bank Account means the relevant bank account designated by each Holder;

  • Authorized Bank Account means any Officially Designated bank account to which redemption proceeds may be sent.

  • Bank Account means one or more accounts opened, maintained and operated by the Portfolio Manager with any of the Scheduled Commercial Banks in accordance with the agreement entered into with the Client.

  • Client Bank Account means an account held in the name of the Client with a Bank and/or other institution and/or any electronic payment provider and/or a credit card processor; and/or an account held in the name of the Company on behalf of the Client with a Bank and/or other institution and/or any electronic payment provider and/or a credit card processor.

  • Seller’s Bank Account shall have the meaning set forth in Section 3.2(b).

  • Nominated Bank Account means MDL’s bank account as notified by MDL to the other Party from time to time.

  • Excluded Deposit Account means (a) any deposit account exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such and (b) any Xxxxx Cash Accounts.

  • 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.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Excluded Deposit Accounts means, collectively, (i) payroll and payroll taxes accounts, workers’ compensation accounts and other employee wage and benefit payment accounts and xxxxx cash accounts, (ii) trust accounts and (iii) deposit accounts other than Collection Accounts and Collateral Deposit Accounts (as each such term is defined in the Revolving Credit Agreement), so long as the aggregate amount on deposit in all such deposit accounts does not exceed $2,500,000 in the aggregate at any time.

  • Bank Accounts means those account(s) opened and maintained for the Trust by the Trustee at Banks, the beneficial ownerships in which shall vest in the Unit Holder(s).

  • Excluded Deposits means (w) those deposit liabilities that are or would be considered “brokered deposits” for purposes of the rules and regulations of the FDIC, any of which, as of the date hereof, are listed on Exhibit 1.1(e)(i), (x) Escheat Deposits, (y) those deposit liabilities (i) related to a financial advisory relationship with Seller’s Xxxxxxx Xxxxx Wealth Management or US Trust divisions, (ii) related to a client managed relationship in Seller’s Business Banking, Middle Market, or Large Corporate divisions or any other non-retail division, (iii) linked to affinity relationships or programs set forth on Exhibit 1.1(e)(iii) (and such Exhibit 1.1(e)(iii) shall be updated by Seller as of 5:00 p.m., Eastern time, on the date that is five (5) Business Days prior to the Closing Date (and delivered to Purchaser on or before the date that is three (3) Business Days prior to the Closing Date), or (iv) that constitute security for loans that are not to be transferred to Purchaser under the terms of this Agreement, and (z) those deposit liabilities that have been opened by an employee (other than a Transferred Employee) or former employee of Bank of America Corporation.

  • Ineligible Institution has the meaning assigned to such term in Section 9.04(b).

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Purchase Price Bank Account means a bank account in the United States to be designated by the Seller in a written notice to the Purchaser at least five Business Days before the Closing.

  • Deposit Account Bank means a financial institution selected or approved by the Administrative Agent.

  • Controlled Deposit Account means each deposit account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent.

  • Deposit Accounts means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Agency Account means any deposit account opened on the books of a Subcustodian or other banking institution in accordance with Section 7.1.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.