Exempted Deposit Account definition

Exempted Deposit Account means a Deposit Account the balance of which consists exclusively of (A) withheld income taxes and federal, state, local or foreign employment taxes in such amounts as are required in the reasonable judgment of any Borrower to be paid to the Internal Revenue Service or any other U.S., federal, state or local or foreign government agencies within the following two months with respect to employees of any of the Credit Parties, (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 or any Foreign Plan on behalf of or for the benefit of employees of one or more Credit Parties, (C) amounts other than Collections, (D) amounts which are required to be pledged or otherwise provided as security pursuant to any Law, other requirements of any Governmental Authority or foreign pension requirement, (E) any accounts opened and amounts or deposits relating to liens permitted by Section 10.01(xii) and/or (xviii), in each case which are permitted hereunder, and (F) amounts to be used to fund payroll obligations (including, but not limited to, amounts payable to any employment contracts between Aleris and any of its Subsidiaries and their respective employees).
Sample 1Sample 2Sample 3
Exempted Deposit Account means a Deposit Account the balance of which consists exclusively of (A) withheld income taxes and federal, state, local or foreign employment taxes in such amounts as are required in the reasonable judgment of any Borrower to be paid to the Internal Revenue Service or any other U.S. federal, state or local or foreign government agencies within the following two months with respect to employees of any of the Credit Parties and (B) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 or any Foreign Plan on behalf of or for the benefit of employees of one or more Credit Parties.
Sample 1Sample 2
Exempted Deposit Account means (i) each Deposit Account of each Assignor used solely to fund payroll and payroll taxes and (ii) any other Deposit Accounts maintained by any Assignor, so long as (and only so long as) the average daily aggregate balance in all such Deposit Accounts that are Exempted Deposit Accounts pursuant to this clause (ii) for any calendar month does not exceed $50,000 at any time.
Sample 1Sample 2

Examples of Exempted Deposit Account in a sentence

  • All amounts received by Aleris, any of its Domestic Subsidiaries and any Collection Bank in respect of any Account, in addition to all other cash received from any other source (other than amounts permitted to be deposited or held in an Exempted Deposit Account), shall upon receipt be deposited into a U.S. Collection Account or directly into the Core U.S. Concentration Account.

  • Each Obligor shall take all actions necessary to establish Administrative Agent’s control of each such Deposit Account (other than any Exempted Deposit Account).

  • At the time any such Deposit Account (other than any Exempted Deposit Account) is established, the appropriate “control agreement” shall be entered into in accordance with the requirements of preceding clause (a) and the respective Assignor shall furnish to the Collateral Agent a supplement to Annex F hereto containing the relevant information with respect to the respective Deposit Account and the bank with which same is established.

  • At the time any such Deposit Account (other than any Exempted Deposit Account) is established, the appropriate "control agreement" shall be entered into in accordance with the requirements of preceding clause (a) and the respective Assignor shall furnish to the Collateral Agent a supplement to Annex F hereto containing the relevant information with respect to the respective Deposit Account and the bank with which same is established.


More Definitions of Exempted Deposit Account

Exempted Deposit Account means any operating Deposit Account created in the ordinary course of business; provided that (a) no more than $50,000 in the aggregate is deposited in all such Deposit Accounts at any time and (b) the applicable Grantor provides written notice to the Administrative Agent within thirty (30) days of the creation of any such Deposit Account.
Sample 1
Exempted Deposit Account means (i) the Deposit Account maintained by the U.S. Borrower with Bank Mendes Xxxx nv under the Cash Pooling Agreement, dated as of October 14, 2004, with Bank Mendes Xxxx nv (the "Existing Cash Pooling Agreement") and any similar future Deposit Account subject to cash pooling arrangements managed in the ordinary course and consistent with the arrangements provided for in the Existing Cash Pooling Agreement, so long as (in any such case) payments made to any such account by or on behalf of the U.S. Borrower are made in the ordinary course of business and consistent with past practices of the U.S. Borrower as in effect on the Effective Date, (ii) each Deposit Account of each Assignor used solely to fund payroll and payroll taxes and (iii) any other Deposit Accounts maintained by any Assignor, so long as (and only so long as) the average daily aggregate balance in all such Deposit Accounts that are Exempted Deposit Accounts pursuant to this clause (iii) for any calendar month does not exceed $50,000 at any time.
Sample 1
Exempted Deposit Account means a Deposit Account, the balance of which consists exclusively of (a) withheld income taxes and federal, state, local and foreign employment taxes in such amounts as are required in the reasonable judgment of the Company to be paid to the U.S. Internal Revenue Service or any successor agency thereto or any other applicable Governmental Authority within the following three (3) months with respect to employees of any Grantor and (b) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 or any Foreign Plan (as defined in the Term Loan Credit Agreement) on behalf of or for the benefit of employees of one or more Grantors.
Sample 1

Related to Exempted Deposit Account

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

  • 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.

  • 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.

  • 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.

  • 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.

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

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

  • 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.

  • 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 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.

  • 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.

  • 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.

  • Security Deposit Account has the meaning given in Section 5.1.

  • Deposit Account Agreement means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian’s internet customer portal, “xx.xxxxxxxxxxx.xxx”.

  • Controlled Securities Account means each securities account (including all financial assets held therein and all certificates and instruments, if any, representing or evidencing such financial assets) that is the subject of an effective Control Agreement.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

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

  • Controlled Account means each deposit account and securities account that is subject to a Qualifying Control Agreement.

  • Controlled Deposit Amount means, with respect to any Transfer Date, the sum of (a) the Controlled Accumulation Amount for such Transfer Date and (b) any existing Accumulation Shortfall.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • 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).

  • Securities Accounts (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time).

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Deposit Account Control Agreement means each deposit account control agreement among a Borrower, the Administrative Agent and the Account Bank, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.