Deficit Account definition

Deficit Account means any customer account (a) containing an unsecured debit balance or net negative liquidating value or (b) that is not in compliance with applicable Laws relating to margin or with applicable exchange margin requirements for such account, in each case as of the applicable Closing Date; provided, however, that, subject to Section 8.21, if at any time after the applicable Closing Date any such account shall cease to fall within category (a) or (b) above as a result of payment by the customer not funded directly or indirectly by the Sellers, such account shall not thereafter be a Deficit Account.
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Deficit Account means a certain record maintained by the Issuer to which any amount due but unpaid will be booked for later payment based on and as set out in the Reporting and the Payment Plan.
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Examples of Deficit Account in a sentence

  • If a Limited Partner withdraws funds from the Fund while the Limited Partner has a Deficit Account, the Deficit Account balance shall be reduced in the ratio of the withdrawn amount to the Limited Partner's Capital Account prior to the withdrawal.

  • Once the Deficit Account for a particular Limited Partner equals zero, such Deficit Account shall no longer exist and, in the fiscal year the balance reaches zero, the amount of any Net Capital Appreciation for such Limited Partner in excess of the amount contained in such Deficit Account at the beginning of the fiscal year shall be subject to Section 3.5(a).

  • If the Deficit Account existed prior to such fiscal year, the Net Capital Depreciation of such Limited Partner for such fiscal year shall be added to the Deficit Account balance.

  • In such event, there shall be established a memorandum account for each such Limited Partner entitled the "Deficit Account," if a Deficit Account does not already exist for such Limited Partner.

  • In each succeeding fiscal year, if there is Net Capital Appreciation for such Limited Partner for such fiscal year, the amount thereof shall be subtracted from the balance of the Deficit Account until the Deficit Account balance equals zero.

  • While a Limited Partner has a Deficit Account, Section 3.5(a) shall not apply to such Partner.

  • If a Deficit Account for the Limited Partner did not exist prior to such fiscal year, the initial account Deficit Account balance shall be the amount of the Net Capital Depreciation of such Limited Partner for the fiscal year.

  • Clear Evidence Against the Means-End Deficit Account of Search Failures.

  • The General Partner shall be permitted to fund additional amounts to the Operating Deficit Account from Project sources.

  • The Administrative General Partner, on behalf of the Partnership, shall establish an Operating Deficit Account in the amount of $354,003 (the “Reserve Minimum”), which shall be funded from the proceeds of the Capital Contribution made pursuant to Section 7.2(e) and other Project sources.

Related to Deficit Account

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee with the Bank in its trust department for the benefit of the Securityholders in which all amounts paid in respect of the Debentures shall be held and from which the Property Trustee shall make payments to the Securityholders in accordance with Sections 401 and 402.

  • Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.

  • Investment Account As defined in Section 3.12(a).

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Deficit Amount has the meaning specified in Section 3.4(d).

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Interest Account means the Account within the Debt Service Fund so designated and established by Article V hereof.

  • Credit Account is modified to read “Grant Account”.

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.