Trust Deficit definition

Trust Deficit means with respect to any Trust Assets, the amount, if any, by which the Trust Liabilities exceed the Trust Assets as of any date of determination.
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Examples of Trust Deficit in a sentence

  • The Selling Parties hereby authorize the Buyer to cure, reconcile, pay, and satisfy any Trust Deficit by and on the Selling Parties’ behalf.

  • In the event that the aggregate amount of the Trust Deficit exceeds the Trust Holdback, the Selling Parties shall be required to indemnify and hold harmless the Buyer Indemnitees for any Losses arising from or relating to any amounts required to fully satisfy the Trust Deficit that is in excess of the Trust Holdback, in an amount up to the Purchase Price.

  • For the avoidance of doubt, the Trust Holdback is contemplated to be utilized to cure, satisfy, correct, or reconcile only in the event that a Trust Deficit is identified in accordance with this Article 12.

  • The Selling Parties hereby authorize the Buyer to utilize the Trust Holdback to cure, reconcile, pay, and satisfy any Trust Deficit and any Trust Liabilities during the one hundred eighty (180)-day period following the Closing (the “Holdback Period”), including any extensions of the Holdback Period as agreed in writing.

  • The Buyer shall pay any amount of the Trust Holdback not utilized to pay, cure, satisfy, or reconcile any Trust Deficit to the Agency not later than sixty (60) days following the end of the Holdback Period and provide a final reconciliation with such payment.

  • At the Closing, the Buyer shall hold back the amount of One Hundred Forty Thousand Dollars ($140,000) from the Purchase Price (the “Trust Holdback”), which the Buyer shall use to cure, reconcile, pay, and satisfy, on the Agency’s behalf, any Trust Deficit (as defined below).

  • It being understood and acknowledged by the parties that, notwithstanding the Trust Holdback and the Buyer’s authority to cure, reconcile, pay, and satisfy any Trust Deficit on the Agency’s behalf, the Trust Liabilities (as defined below) of the Selling Parties shall not constitute Assumed Liabilities and any amount of Trust Liabilities in excess of the Trust Holdback shall be the sole responsibility of the Selling Parties.

  • The Buyer shall reasonably consult with the Selling Parties in connection with the payment, cure, or reconciliation of the Trust Deficit and provide reasonable evidence to the Selling Parties of any Trust Liability that is paid, cured, or reconciled by the Buyer on behalf of the Agency.