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).
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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.
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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.
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Examples of Exempted Deposit Account in a sentence

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


More Definitions of Exempted Deposit Account

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.
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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.
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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.
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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 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).

  • 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.

  • 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 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.

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

  • 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 has the meaning specified therefor in Section 7(k).

  • Controlled Deposit Amount means, for any Distribution Date with respect to the Controlled Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Distribution Date and any Deficit Controlled Accumulation Amount for the immediately preceding Distribution Date.

  • 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 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.

  • 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).

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

  • Deposit Account Control Agreement means an agreement, in form and substance satisfactory to the Agent (in its Permitted Discretion), among any Loan Party, a banking institution holding such Loan Party’s funds, and the Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by any Loan Party with such banking institution, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).