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 $2,500,000 in the aggregate for all such Excluded Bank Accounts and (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.
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
Neither the Borrower nor any other Loan Party shall hereafter establish and maintain, or otherwise deposit, allow to be deposited or hold any funds in, any deposit account (other than Excluded Bank Accounts), unless it complies with the provisions regarding such accounts set forth in the Security Agreement (including, without limitation, the notice provisions and the control agreement 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 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 means those bank accounts identified on the 8/31 Balance Sheet and the Final Balance Sheet under the line items "Cash on Hand", "Cash in Bank-Regular", "Cash in Bank-Payroll" and "Cash in Bank-Anchors."
Excluded Bank Accounts means all bank accounts, including sub-accounts to such bank accounts maintained by the relevant Pledgor in the Federal Republic of Germany and which are listed in Schedule 2 (Excluded Bank Accounts) hereto, as amended from time to time. "Event of Default" means any event of default as defined and set out in Section 8.01 of the Credit Agreement. "Existing Accounts" means the bank accounts listed in Schedule 1 (List of Existing Accounts) hereto, including any sub-account (Unterkonto) thereto, and "Existing Account" means any of them. "Future Pledgee" means any entity or Person which may become a pledgee hereunder by way of (i) transfer of the Pledges by operation of law following the transfer or assignment (including by way of novation or assumption (Vertragsübernahme)) of any part of the Secured Obligations from any Original Pledgee or Future Pledgee to such future pledgee and/or (ii) accession to this Agreement pursuant to Clause 2.3 hereof as pledgee. "Parallel Obligations" means the independent obligations of any Loan Party arising pursuant to Section 10.30 of the Credit Agreement or under any other abstract acknowledgement of indebtedness (abstraktes Schuldanerkenntnis) in favour of the Administrative Agent granted in relation to the Loan Documents. "Pledge" and "Pledges" have the meanings given to such terms in Clause 2.1.
Excluded Bank Accounts means (i) any Deposit Account that is a zero balance account and (ii) any deposit account or securities account so long as the average daily balance in such deposit account or securities account does not exceed $1,000,000.
Excluded Bank Accounts means those certain bank accounts of Sellers that are set forth on Schedule 1.1(t).