Carry Account definition

Carry Account has the meaning set forth in Section B-3.

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Carry Account. With respect to a Purchaser, the meaning set forth in such Purchaser’s Loan Agreement.

Carry Account means, for each of the Special Member and the Managing Member, an account maintained by the Company on the books and records of the Company exclusively for purposes of calculating the amount of Net Income and Net Loss allocable to the Special Member and the Managing Member, in accordance with the provisions set forth below. Each Carry Account shall be (i) increased by any Net Income allocated to the Special Member and the Managing Member pursuant to clauses (ii), (iv)(B) and (v)(B) of Section 6.11(b) and (ii) decreased by (I) the amount of cash and the Fair Value of any Company property distributed to the Special Member and the Managing Member pursuant to clauses (iii), (iv)(B) and (v)(B) of Section 6.3(a) and (II) Net Loss allocated to the Managing Member pursuant to clauses (i)(B), (ii)(B) and (iii) of Section 6.11(c).

Examples of Carry Account in a sentence

On each Payment Date, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account and deposit into the Collection Account an amount equal to the Negative Carry Amount for such Collection Period.
In addition, on the Payment Date following the calendar month in which the last day of the Funding Period occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving effect to all withdrawals from the Negative Carry Account on that Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date.
If the amount on deposit in the Negative Carry Account on any Payment Date (after giving effect to the withdrawal therefrom of the Negative Carry Amount for such Payment Date) is greater than the Required Negative Carry Account Balance, the excess will be released to the Seller.
On or before each Payment Date, the Indenture Trustee shall make all withdrawals and deposits to the Collection Account, Note Distribution Account, Reserve Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, and shall make all distributions to Certificateholders in accordance with Sections 5.06 and 5.07 of the Sale and Servicing Agreement.
On the Closing Date, the Depositor shall deposit in the Negative Carry Account $0.00 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes.
Subject to the proviso set forth in Section 5.1(a)(v), on the Closing Date, the Seller shall deposit the Negative Carry Account Initial Deposit into the Negative Carry Account.
On the Payment Date on which the Optional Acquisition is to be exercised, the Indenture Trustee shall transfer any amounts on deposit in the Reserve Account, the Acquisition Account and the Negative Carry Account into the Collection Account.
On the Payment Date on which the Optional Redemption is to be exercised, the Indenture Trustee shall transfer any amounts on deposit in the Reserve Account, the Acquisition Account and the Negative Carry Account into the Collection Account.
Any Certificateholder may, at its option, deposit funds into the Negative Carry Account on any date.
On the Closing Date, the Seller shall deposit the Negative Carry Account Initial Deposit into the Negative Carry Account.