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

  • The funds in the Operating Deficit Account shall be used to pay operating expenses excluding repair and maintenance items.

  • The Operating Deficit Account shall terminate upon conclusion of the Operating Deficit Guarantee Period.

  • 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).

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

  • 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.

  • 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.

  • 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.

  • The Operating Deficit Account shall require the joint signature of the General Partner and the Special Limited Partner for any withdrawals.

  • 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.

Related to Deficit Account

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

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.

  • 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.

  • 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.

  • Excess Loss Account has the meaning set forth in Reg. Section 1.1502-19.

  • 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).

  • Income Account Distribution Date means the "Distribution Dates" set forth in the "Essential Information" in the Prospectus.

  • Deficit Amount has the meaning set forth in Section 6.02.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Aggregate Account means, with respect to each Participant, the value of all accounts maintained on behalf of a Participant, whether attributable to Employer or Employee contributions, subject to the provisions of Section 9.2.

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

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

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

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

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

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

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Excess Funds Subaccount is defined in Section 8.02(a) of the Indenture.

  • 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.

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