Excluded Bank Accounts definition
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).
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.
Schedule 8 correctly sets forth each Deposit Account (other than Excluded Bank Accounts) held or maintained by such Grantor on the date hereof.
Upon compliance with the terms set forth above, such lockbox and/or bank account (other than the bank accounts described in clause (i) above and the Excluded Bank Accounts) shall constitute a Depository Account for purposes of this Financing Agreement.
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.