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Excluded Accounts
Excluded Accounts contract clause examples

Excluded Accounts” means an account exclusively used for tax withholding, payroll, payroll taxes, employee benefits (including workers’ compensation, unemployed insurance or other forms of governmental insurance or benefits).

Excluded Accounts” means deposit accounts of any Grantor exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Grantor’s employees.

Excluded Accounts” has the meaning assigned to such term in the definition of the term “Excluded Assets”.

Excluded Accounts” means any of the following deposit accounts (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Obligors’ employees and identified to the Purchaser by the Company as such on Schedule 8.14 or otherwise identified in a writing delivered by the Company to the Purchaser after the Closing Date, and (ii) for so long as the MidCap Intercreditor Agreement remains in effect, any deposit accounts that constitute ABL Priority Deposit Accounts (as such term is defined in the MidCap Intercreditor Agreement).

Excluded Accounts” means payroll, employee benefits or zero balance accounts maintained by the Note Parties, as long as (i) in the case of payroll accounts, the total amount on deposit at any time does not exceed the current amount of payroll obligations of the Note Parties, and (ii) in the case of zero balance accounts, any deposits or funds in any such accounts are transferred at least once each Business Day into a Controlled Account (including, for the avoidance of doubt, at any time following the exercise of exclusive control by the Collateral Agent under the applicable control agreement with respect to such Controlled Account).

Excluded Accounts” shall mean (a) any bank account that is used solely to fund payroll, employee benefit or tax withholding obligations of the MLP Entity, the Borrower, the Restricted Subsidiaries and the other Subsidiaries of the MLP Entity (other than any Excluded MLP Operating Subsidiaries and any Unrestricted Subsidiaries), (b) “zero balance” deposit accounts, (c) escrow, fiduciary or trust accounts, (d) any deposit account that solely holds amounts, and is used solely, to purchase the IRBs from time to time in accordance with the IRB Indenture (to the extent such purchases are not prohibited hereunder) and (e) any other deposit account, so long as the aggregate balance under all such deposit accounts under this clause (e) does not exceed $2,500,000 for any period of three (3) consecutive Business Days or $5,000,000 at any time.

Excluded Accounts” means (i) Collateral Accounts maintained exclusively to fund payroll, payroll taxes, employee benefit withholding or similar amounts, (ii) other Collateral Accounts to the extent the aggregate balance maintained in such Collateral Accounts do not exceed $100,000 or (iii) those Collateral Accounts indicated as being “Restricted Accounts” in the Perfection Certificate dated as of the Closing Date, provided in each case, that such Collateral Accounts shall have been identified to Bank as an “Excluded Account”, together with an indication of the basis for designating such Collateral Account as such.

Excluded Accounts” shall mean at any time those deposit, checking or securities accounts of any of the Grantors (i) that individually have an average monthly balance (over the most recent ended 3-month period) less than $250,000 and which together do not have an average monthly balance (for such 3-month period) in excess of $2,000,000 in the aggregate, (ii) all escrow accounts (in which funds are held for or of others by virtue of customary real estate practice or contractual or legal requirements), (iii) the account holding amounts dedicated to the “Marie Fund” established by the Grantors for the benefit of their employees (so long as the Grantors’ deposits therein and withdrawals therefrom are consistent with past practice) and (iv) such other accounts with respect to which Hovnanian determines that the cost of perfecting a Lien thereon is excessive in relation to the benefit thereof (as reasonably determined by Hovnanian’s Board of Directors in a board resolution delivered to the 1.5 Lien Collateral Agent).

Excluded Accounts” has the meaning set forth in Section 6.6.

Excluded Accounts” shall mean (i) Deposit Accounts used solely for payroll, payroll taxes or other employee wage and benefit payments, so long as the total amount on deposit at any time does not exceed the current amount of the payroll obligations of the Grantors, (ii) escrow accounts and (iii) zero balance accounts; provided, that any deposits or funds in any such accounts are transferred at least once each Business Day into a Controlled Account (including, for the avoidance of doubt, at any time following the exercise of exclusive control by Collateral Agent under the applicable control agreement with respect to such Controlled Account).

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