Limitation for Nonprofit Guarantors Sample Clauses

Limitation for Nonprofit Guarantors. Notwithstanding the foregoing, if a Guarantor is an organization exempt from payment of federal income tax under Section 501(a) of the Internal Revenue Code of 1986, as amended (“Code”), as an entity organized under Section 501(c)(3) of the Code, the Guarantor(s)’s obligations under the Operating Deficit Guaranty shall (A) not extend more than five (5) years from the date that the Project first achieves “break-even operations”, and (B) be capped at an amount equal to “six (6) months” of operating expenses. For purposes of this section, “break-even operations” mean the date upon which (i) the Project achieves 95 percent occupancy, and (ii) the revenues received from the normal operation of the Project equal all accumulated operational costs of the Project for a period of three (3) consecutive months after completion of construction computed on a cash basis and in accordance with the Project and Loan Documents.
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Related to Limitation for Nonprofit Guarantors

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