Arrears Account definition

Arrears Account means an account maintained with respect to the --------------- Preferred Limited Partnership Interest that (i) is increased by the excess, if any, at the end of each quarter after the Second Capital Contribution Date of the amount specified in subsection 4.3(a) to the distributed with respect to the Preferred Limited Partnership Interest in such quarter over the amount actually distributed pursuant to such subsection with respect to the Preferred Limited Partnership Interest in such quarter, (ii) is increased each quarter by the Implicit Rate, compounded quarterly, times the amount described in clause (i) and (iii) is decreased at the end of each quarter after the Second Capital Contribution Date by distributions during such quarter with respect to the Preferred Limited Partnership Interest pursuant to subsection 4.5 hereof.
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Examples of Arrears Account in a sentence

  • On the first day of each calendar quarter, any positive balance in the Monthly Arrears Account shall be transferred to the Quarterly Arrears Account.

  • The partnership records shall contain a monthly --------------- arrears account (the "Monthly Arrears Account") and a Quarterly Arrears Account ----------------------- (the "Quarterly Arrears Account") with respect to the Limited Partnership ------------------------- Interest.

  • The balance of the Monthly Arrears Account shall bear interest at the Implicit Rate which shall be computed monthly on each succeeding Transfer Date and entered as an increase to the balance of such account.

  • If, on any Transfer Date (as defined in the Security Deposit Agreement) that occurs after the Second Capital Contribution Date, the distributions to the Limited Partner pursuant to subsection 4.3(a) (without giving effect to the proviso in subsection 4.3(a)) are less than an amount equal to 99% of the Tranche A Distributions, such deficit shall be entered as an increase to the balance of the Monthly Arrears Account.

  • Any such application, together with such amounts as may be contributed at such time by the General Partner to the Partnership to eliminate positive balances in the Arrears Account, shall be deemed to be the exercise by the Managing General Partner of its right under Section 14.1(q) of the Partnership Agreement to eliminate positive balances in the Arrears Account.