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

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

  • While a Limited Partner has a Deficit Account, Section 3.5(a) shall not apply to such 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Fund while the Limited Partner has a Deficit Account, the Deficit Account balance shall be reduced in the ratio of the withdrawn amount to the Limited Partner's Capital Account prior to the withdrawal.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.

  • 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).

  • Both Parties may agree to non-uniform energy deliveries which are not recorded in the Uniform Delivery Deficit Account.

  • 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.

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.