Deficit Balance definition

Deficit Balance or “Deficit Balances” means any amounts owed to the Companies by the supplier of a Vehicle or others with respect to Vehicles sold prior to the Closing.
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Deficit Balance means a deficit balance in a Member’s Capital Account, as determined after taking into account all adjustments required hereunder for the taxable year in question.
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Examples of Deficit Balance in a sentence

  • Notwithstanding any other provisions of the Agreement, no Book loss or deduction shall be allocated to any Member to the extent that such allocation would cause or increase an Excess Deficit Balance in the Capital Account of such Member.

  • Notwithstanding any other provisions of the Agreement, no Loss shall be allocated to any Member to the extent that such allocation would cause or increase an Excess Deficit Balance in the Capital Account of such Member.

  • Subject to paragraph (a) immediately preceding, no Net Losses or deduction shall be allocated to any Member to the extent that such allocation would cause or increase an Excess Deficit Balance in the Capital Account of such Member.

  • No distribution shall be made to any Member to the extent that such distribution would (i) cause or increase an Excess Deficit Balance in such Member’s Capital Account as of the end of the taxable year of such distribution, or (ii) violate Section 18-607 of the Act, or (iii) not have the prior written approval of the Distribution Advisor if that position if filled hereunder.

  • If TradeSmart discovers such errors, it is authorized to make necessary corrections, which may include treating it as a Deficit Balance.

  • Notwithstanding --------------------------------------------- any other provisions of the Agreement, no Book loss or deduction shall be allocated to any Member to the extent that such allocation would cause or increase an Excess Deficit Balance in the Capital Account of such Member.

  • Withdrawal of Capital: Return of Capital: Deficit Balance in Capital Account..................

  • If the Company becomes aware of such an occurrence, it is authorized to correct the report or statement and, if applicable, treat it as a Deficit Balance.

  • If any Member unexpectedly receives any Account Reduction Item that results in an Excess Deficit Balance at the end of any Tax Year after taking into account all other allocations and adjustments under this Agreement other than allocations under this Section 3.9(d)(iii), then items of Book income and gain for such year (and, if necessary, for subsequent years) will be reallocated to each such Member in the amount and in the proportions needed to eliminate such Excess Deficit Balance as quickly as possible.

  • Solely for purposes of computing such Excess Deficit Balance, the Unitholder’s Capital Account shall be reduced by the amount of any Reduction Items that are reasonably expected as of the end of such taxable year.