Operating Deficit. The Provider is solely responsible for covering any Manageable Cost increases in any Fiscal Year. In the event that there are unanticipated increases in Non- Manageable Costs, BC Housing may cover such costs through:
Operating Deficit. Operating Deficit" shall mean, with respect to any given period of time, an excess of Expenses over Gross Revenue, determined, subject to this Agreement, in accordance with Generally Accepted Accounting Principles.
Operating Deficit. The District will not end a fiscal year with an operating deficit in any fund unless both of the following occur:
Operating Deficit. The Partnership shall deposit $22,402 into a fund controlled by MHDC to be used for initial Operating Deficits. At stabilized occupancy as defined by MHDC in the Mortgage, any remaining funds in excess of normal cash requirements will be released to the Partnership and paid to the General Partner as an Operating Deficit Guarantee Fee.
Operating Deficit. Manager shall give Owner ten (10) days’ notice (or as much notice as reasonably possible, if the shortfall is unexpected) of any anticipated operating deficit including the amount of the anticipated deficit. Owner shall transfer funds to the Project Operating Account to cover such anticipated deficit not later than five (5) days after the receipt of any such notice from Manager.
Operating Deficit. 20 Operating Deficit Loan(s) . . . . . . . . . . . . . . . . . . . . . . . 20
Operating Deficit. For any specified period of time, the amount by which the sum of (i) Hotel Expenses, (ii) Restaurant Lease Expenses, (iii) Project Expenses, and (iv) Debt Service (only after the Manager has made any of the Debt Service Deficiency Loans required of Manager under the Management Agreement or Manager defaults in making a Debt Service Deficiency Loan) for such period exceeds Cash Receipts. Operating Deficit Loan(s). A loan(s) made by General Partner to the Partnership to fund Operating Deficits pursuant to Section 5.8A and/or to pay down the Mortgage Loan in connection with the exercise of the Mortgage Loan Extension. Such loans, which shall bear interest at an annual rate equal to the Designated Interest Rate, shall be evidenced by unsecured, nontransferable promissory notes of the Partnership. Such loans shall be repaid only as provided in Section 6, and no recourse for the payment hereof may be had against any other property of the Partnership or against any Partner. Payments of principal and interest on Operating Deficit Loans shall be applied in the same order in which such Operating Deficit Loans are made (i.e., on a first-in, first-out basis). Operating Deficit Loan Maximum. The maximum principal amount of Operating Deficit Loans which General Partner is obligated to have outstanding at any time, which is the amount equal to $1,250,000 minus the initial aggregated amount(s) of the Operating Reserve and the Working Capital Reserve.
Operating Deficit. If the operating cash requirements of the Company exceed available cash from Company operations, the Managing Member shall first seek third party financing for the shortfall ("Operating Deficit"), on commercially reasonable terms and at competitive rates. If available at commercially reasonable terms and at competitive rates, the Company shall take out a loan to finance the Operating Deficit. If the Managing Member is unable to obtain a loan on commercially reasonable terms and at competitive rates, which rates shall not exceed an annual rate of 3% plus the Prime Rate, the Managing Member shall notify each Member of the need to contribute each Member's prorata share of the Operating Deficit, based on each Member's Percentage Interest in the Company. Each Member's share of the Operating Deficit as hereinabove calculated shall be referred to as the "Member Operating Deficit Share". If any Member does not contribute to the Company all or any part of its Member Operating Deficit Share (the "Default Amount"), the nondefaulting Member shall have the option to contribute the Default Amount to the Company and each Member's Percentage Interest shall be adjusted accordingly; provided, however, that for purposes of computing such adjustment, DezCon's initial capital contribution shall be deemed to be $300,000.00, and the initial total capital contribution of the Members shall be deemed to be $1,000,000.00. By way of example, if the Operating Deficit is $50,000.00, Advantage's Member Operating Deficit Share is $35,000.00 (70% times $50,000.00) and DezCon's Member Operating Deficit Share is $15,000.00 (30% times $50,000.00). If DezCon only contributes to the Company $2,000.00 of its Member Operating Deficit Share and this is the first time that the Company has required additional capital contributions from the Members pursuant to this Section 3.3, the Default Amount is $13,000.00 ($15,000.00 minus $2,000.00). Assuming that Advantage contributes to the capital of the Company both its Member Operating Deficit Share and the Default Amount, Advantage's and DezCon's Percentage Interests in the Company shall be adjusted as follows:
Operating Deficit. If at any time or from time to time after the opening of the Restaurants, the Restaurant Costs and all other expenses of owning and operating the Restaurants, including, without limitation, debt service on all indebtedness (including lease payments on all leases), and Capital Expenditures to the extent that the same exceed amounts available in the Capital Expenditure Reserve, shall exceed the Restaurant Revenues (herein a "Revenue Shortfall"), then CNL and Main St. shall each be responsible for its proportionate share of such excess, based upon their respective Percentages (as defined under Section 3.b.iii.(5) above), and CNL shall obtain and Main St. shall make or cause to be made, within thirty (30) days after notice of the amount of the Revenue Shortfall, unsecured non-recourse CNL Loans and Manager Loans, respectively (herein "Matching Loans"), to CNL in pro rata shares (proportionately to their respective Percentages) totaling the Revenue Shortfall.
Operating Deficit. For any specified period of time, the amount by which Cash Receipts is less than the amount necessary to pay all Project Expenses (excluding the Investment Servicing Fee.) Operating Deficit Loan(s). A loan(s) made by the General Partner to the Partnership to fund the payment of the Negative Adjustment and Loss Adjustment pursuant to Section 5.4 hereof or to fund an Operating Deficit pursuant to Section 5.8A hereof or a loan(s) made by the Investor Limited Partner to fund an Operating Deficit pursuant to Sections 5.8B hereof. Such loans, which bear interest at an annual rate equal to the Designated Interest Rate (in the case of a loan made by the Investor Limited Partner pursuant to Section 5.8B at the Designated Interest Rate plus Seven (7%) percent) and shall be evidenced by unsecured, nontransferable promissory notes of the Partnership. Such loans shall be repaid only as provided in Section 6 hereof, and no recourse for the payment hereof may be had against any other property of the Partnership or against any Partner. Payments of principal and interest on Operating Deficit Loans shall be applied in the same order in which such Operating Deficit Loans are made (i.e., on a first-in, first-out basis).
