Preferred Equity Account definition

Preferred Equity Account one or more accounts to be established by the Borrower prior to the first Loan hereunder at the Federal Reserve Bank of New York as Preferred Equity Account Bank, it being understood that the Preferred Equity Account may consist of a securities account and a deposit account (and one or more additional accounts) on the books and records of the Preferred Equity Account Bank and that all accounts established pursuant to the Preferred Equity Account Documentation are referred to herein collectively as the Preferred Equity Account.

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Preferred Equity Account as defined in the Credit Agreement, and any successor or replacement for such account.

Preferred Equity Account means, collectively, the deposit account and the securities account established pursuant to the Account Agreement for the purpose of holding all or part of the Preferred Equity Member’s equity contribution to the LLC.

Examples of Preferred Equity Account in a sentence

• The Managing Member shall provide written confirmation to the Preferred Equity Member upon receiving confirmation that the $10 billion has been deposited in the Preferred Equity Account.

• On each Repayment Date, the Borrower shall transfer to the Preferred Equity Account any amount payable under clause (4) of the Priority of Payments.

• Any Senior Shortfall Amount pursuant to Section 2.8(b) shall be applied by transferring such amount from the Preferred Equity Account to the Custodian Reserve Account.

• On each Repayment Date, the Borrower shall apply, or cause to be applied, funds from the Preferred Equity Account in an amount equal to the Senior Shortfall Amount (or, if such Senior Shortfall Amount is greater than the amount in the Preferred Equity Account, all funds in the Preferred Equity Account) pursuant to the Priority of Payments.

• The Preferred Equity Account shall have been funded with an initial balance of U.S.$37,500,000,000 (THIRTY-SEVEN BILLION FIVE HUNDRED MILLION DOLLARS).

• The Preferred Equity Account shall have been funded with an initial balance of U.S.$10,000,000,000.

• Following the execution of the May 29 Agreement, the Preferred Equity Member transferred the UST Contribution Amount in cash, and no other property, from the Exchange Stabilization Fund to the Preferred Equity Account as a contribution to the capital of the Company.

• In addition, the Account Holder will reimburse the Bank for fees incurred in connection with the operation of the Preferred Equity Account at the Bank, which will be invoiced by the Bank and paid by the Account Holder as agreed between the parties.

• The Bank agrees to treat all property from time to time credited to the Preferred Equity Account other than cash as “financial assets” within the meaning of the NYUCC.

• The Bank shall not be responsible or liable for any loss resulting from any actions taken with respect to the Preferred Equity Account in noncompliance with the Operative Documents.

More Definitions of Preferred Equity Account

Preferred Equity Account means an account of the Borrower held at Bank of America, N.A. into which proceeds of the Series A Preferred Equity of the Borrower issued on the Third Amendment Effective Date are deposited.

Preferred Equity Account means, for each Member, the cumulative Preferred Equity Contributions of that Member, less the cumulative distributions to that Member in return thereof pursuant to Section 4.2(d).

Preferred Equity Account. “Principal Proceeds”, “Realized Losses”, “Security Documents”, “Senior Expense Amounts”, “Senior Shortfall Amounts” and “Settlement Date” are defined in the Credit Agreement.