Payroll Account means an account maintained by the Company with respect to each Participating Employee as contemplated by Section 5.

Payroll Account has the meaning set forth in Section 5.14(b).

Payroll Account means any Deposit Account of a Pledgor that is used by such Pledgor solely as a payroll account for the employees of such Pledgor.

Examples of Payroll Account in a sentence

On the Effective Date, each Credit Party shall have duly authorized, executed and delivered, and shall have caused to be authorized, executed and delivered by each depository institution of such Credit Party (other than Lender), deposit account control agreements in form and substance acceptable to Lender in its reasonable discretion, provided that no deposit account control agreement shall be required for a Payroll Account.

More Definitions of Payroll Account

Payroll Account means an account maintained by the Company with respect to each Participant as contemplated by Section 7 hereof.

Payroll Account a zero balance deposit account exclusively used for tax withholding, payroll, payroll taxes, employee benefits (including workers’ compensation, unemployed insurance or other forms of governmental insurance or benefits).

Payroll Account means a separate account maintained by the Borrower or one of its Subsidiaries used solely to fund payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of employees, and the cash on deposit in such account.

Payroll Account means any Deposit Account of a Grantor that is used by such Grantor solely as a payroll account for the employees of such Grantor.

Payroll Account means a bank account maintained by the Borrower or any Subsidiary solely for the purpose of paying salary, bonuses and similar items to employees.

Payroll Account means, collectively, those deposit accounts designated on Schedule A, Exhibit D attached hereto as a “payroll acct”.