Excluded Bank Accounts means any (a) bank accounts maintained by the Loan Parties which have a most recent 5-day average balance that does not exceed $2,000,000 in the aggregate and (b) bank accounts used for payroll, payroll taxes or employee benefits.
Excluded Bank Accounts means (i) any deposit account for taxes, payroll, employee benefits or similar items and any other account or financial asset in which such security interest would be unlawful or in violation of any Title IV Plan or employee benefit agreement, (ii) any deposit or checking accounts with balances below $1,000,000, so long as the aggregate balance of all such deposit and checking accounts does not at any one time exceed $10,000,000 (it being understood that any deposit or checking account that it subject to a Control Agreement in favor of the Administrative Agent at any time shall not constitute an “Excluded Bank Account” at any time from and after the date of the execution of such Control Agreement, regardless of the balance thereof), (iii) any deposit or securities account that is located outside of the United States or (iv) Permitted Cash Collateral Accounts.
Excluded Bank Accounts means all deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s, or any of its Subsidiaries’, employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates.
Examples of Excluded Bank Accounts in a sentence
The Loan Parties shall not maintain cash or Cash Equivalents on deposit in any deposit account or securities account (in each case, other than Excluded Bank Accounts) that is not subject to a Control Agreement in excess of outstanding checks and wire transfers payable from such accounts and amounts necessary to meet minimum balance requirements.
More Definitions of Excluded Bank Accounts
Excluded Bank Accounts means any (a) bank accounts maintained by the Loan Parties which have a most recent 5-day average balance that does not exceed $3,500,000 in the aggregate for all such Excluded Bank Accounts, (b) bank accounts used solely for payroll, payroll taxes, tax purposes, trust or fiduciary purposes, employee benefits, bona fide escrow with respect to third parties (other than other Relevant Parties) in connection with Investments or ordinary course Contractual Obligations permitted hereunder or collateral deposits securing Permitted Liens and (c) bank accounts subject to, and used solely in connection with, Liens permitted by Section 7.1(d), (e), (h), (t) or (z).
Excluded Bank Accounts. (a) bank accounts the balance of which consists exclusively of and used exclusively for (i) withheld income taxes and federal, state or local employment taxes in such amounts as are required in the reasonable judgment of the Parent Borrower to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the Loan Parties or any Related Corporation and (ii) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of one or more Loan Parties or any Related Corporation, and (b) bank accounts constituting (and the balance of which consists solely of funds set aside to be used in connection with) taxes bank accounts and payroll bank accounts.
Excluded Bank Accounts means (i) any deposit account for taxes, payroll, employee benefits or similar items and any other account or financial asset in which such security interest would be unlawful or in violation of any Title IV Plan or employee benefit agreement, (ii) any deposit or checking accounts with balances below $1,000,000, so long as the aggregate balance of all such deposit and checking accounts does not at any one time exceed
Excluded Bank Accounts has the meaning set forth in Section 1.1(b)(xiv).
Excluded Bank Accounts means (a) any Notes Collateral Accounts, (b) such other bank accounts established by NESL and its Subsidiaries used exclusively for payroll, payroll taxes or employee benefits, escrow, insurance, or fiduciary purposes, (c) the Permitted Cash Collateral Accounts, (d) such other accounts as individually do not have average monthly balances in excess of $100,000 and in the aggregate do not have average monthly balances in excess of $500,000 and (e) such other accounts as may be agreed to in writing by the Collateral Agent in its sole discretion.
Excluded Bank Accounts means (a) any bank accounts established by the Borrower or its Subsidiaries used exclusively for payroll, payroll taxes or employee benefits, escrow, customs, insurance, or fiduciary purposes or compliance with legal requirements, to the extent such legal requirements prohibit the granting of a Lien thereon, (b) any accounts for the purpose of maintaining cash and Cash Equivalents subject to Permitted Liens of the type permitted pursuant to Section 6.02(f) of the Credit Agreement or (c) any other account (other than any deposit account that constitutes identifiable proceeds of any Term Loan First Lien Collateral) that is excluded from the collateral securing the ABL Credit Agreement from time to time.
Excluded Bank Accounts means (a) solely with respect to the ABL Total First Lien Collateral, the Asset Sale Proceeds Account, (b) any bank accounts established by the Issuer and its Subsidiaries used exclusively for payroll, payroll taxes or employee benefits, escrow, insurance, or fiduciary purposes, (c) the Permitted Cash Collateral Accounts, and (d) such other accounts as individually do not have average monthly balances in excess of $100,000 or in the aggregate do not have average monthly balances in excess of $500,000, or (e) any other account (other than the Asset Sale Proceeds Account and any Deposit Account that constitutes identifiable proceeds of any Noteholder First Lien Collateral) that is excluded from the collateral securing the ABL Credit Agreement from time to time.