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 control by operation of law and having an average monthly balance of less than $100,000 individually or $500,000 in the aggregate for all Excluded Bank Accounts covered under this clause (iv). Each capitalized term used in these Agreed Security Principles but not otherwise defined herein shall have the meaning provided to it in the Indenture and if not defined in the Indenture, shall have the meaning provided to it in the Security Agreement.
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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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Examples of Excluded Bank Account in a sentence

  • 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.


More Definitions of Excluded Bank Account

Excluded Bank Account has the meaning set forth in Section 3.1.
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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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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).

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

  • Excluded Accounts means any Xxxxx Cash Account and any other deposit account used for (a) funding payroll or segregating payroll taxes or funding other employee wage or benefit payments, (b) segregating 401(k) contributions or contributions to an employee stock purchase plan or (c) funding other employee health and benefit plans.

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • Approved Deposit Account means a Deposit Account maintained by any Loan Party that is the subject of an effective Deposit Account Control Agreement. “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 Sellers 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 and with respect to which a Grantor has delivered to the Administrative Agent an executed Deposit Account Control Agreement.

  • Controlled Deposit Account means a Deposit Account (i) that is subject to a Deposit Account Control Agreement or (ii) as to which the Collateral Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104).

  • Deposit Accounts means all “deposit accounts” as such term is defined in the UCC, now or hereafter held in the name of a Debtor.

  • 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.

  • Agent Account means such account of the Administrative Agent in New York, New York as is designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for such purpose.