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:
a. a mid-year budget adjustment that increases the subsidy; or
b. an extraordinary expense payment.
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:
(a) The fund in which the operating deficit occurred had a sufficient beginning balance to offset the deficit consistent with the Budget Act.
(b) The financial statements of the District indicating the sufficient beginning balance fairly represent the financial position of the District according to an independent auditor in a qualified or unqualified opinion.
Operating Deficit. The Provider is solely responsible for covering any Manageable Cost increases in any Fiscal Year. In the event that there is an operating deficit as a result of unanticipated changes in rent revenue or increases in Non-Manageable Costs that exceeds the Operating Reserve, BC Housing may cover the balance through:
a. a mid-year budget adjustment that increases the subsidy;
b. an extraordinary expense payment; or
c. at annual financial review, if such an unanticipated expense results in an operating deficit for the Fiscal Year, BC Housing may retroactively adjust the Operating Subsidy required.
Operating Deficit. The Partnership shall deposit $18,000 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. The Provider is solely responsible for covering any Manageable Cost increases in any Fiscal Year. BC Housing is responsible for Non-Manageable Cost increases and will address such increases during the annual budget approval process outlined in Schedule B, Part A, Clause 1. In the event that there are unanticipated mid- year increases in Non-Manageable Costs, such costs will be covered by BC Housing in one of the following ways:
a. the increases can be covered by an extraordinary expense payment approved by BC Housing;
b. through a request for a mid-year budget adjustment that increases the subsidy to cover the unanticipated expense; or
c. through an operating deficit payment issued at the time of financial review.
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. 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 in any Operating Year a deficit is projected or realized in excess of the budget approved by Council in accordance with this Agreement, the Association shall prepare and submit a written report at the time it submits its Annual Budget to East Hants or within 30 days of projecting the deficit, whichever is sooner, outlining the magnitude of the projected or realized deficit, the reasons, and the recommendations for dealing with it in the current or coming year.
