Operating Deficit Guarantee Sample Clauses

Operating Deficit Guarantee. Recipient is obligated under the DHCR Regulations to provide an operating deficit guarantee of not less than one-fifth of the developer's fee approved by the division. The amount of the applicable operating deficit required by DHCR is $ .00 (the “Guarantee Amount”). The operating deficit guarantee obligates Recipient to pay all operating deficits during the first thirty six (36) months after the final project Placed in Service Date, including, but not limited to the funding of reserve accounts, up to a total of the Guarantee Amount. No withdrawals shall be made from the above reserve accounts unless the operating deficit guarantee obligation has been fulfilled.
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Operating Deficit Guarantee. In the event Recipient’s developer fee is greater than 10% of approved costs, Recipient is obligated under the DHCR Regulations to provide an operating deficit guarantee of not less than one-fifth of the developer's fee approved by DHCR . The amount of the applicable operating deficit required by DHCR is $ .00 (the “Guarantee Amount”). [The operating deficit guarantee obligates the guarantor to pay all operating deficits of Recipient during the first thirty-six (36) months after the Project Placed in Service date, including, but not limited to debt service, accounts payable, and the funding of reserve accounts, up to a total of the Guarantee Amount. No withdrawals shall be made from the above reserve accounts unless the operating deficit guarantee obligation has been fulfilled.] [The operating deficit guarantee obligates the guarantor to pay all operating deficits of Recipient during the first thirty six (36) months, beginning on the date the first building in the Project places in services and ending thirty six (36) months from the date the last building in the Project placed in service, including, but not limited to debt service, accounts payable and the funding of reserve accounts, up to a total of the Guarantee Amount. No withdrawals shall be made from the above reserve accounts unless the operating deficit guarantee obligation has been fulfilled.]
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Related to Operating Deficit Guarantee

  • Possible Deficiency Insufficient cooling. Performance Standard – Builder will correct if the cooling system is not capable of maintaining a temperature of 78 degrees Fahrenheit under normal operating conditions. The temperature shall be measured in the center of the room, five feet above the floor. On extremely hot days where outside temperature exceeds 95 degrees Fahrenheit, a difference of 15 degrees from outside temperature will be maintained. All doors must remain open to ensure proper performance and rooms may vary by as much as four degrees and between floors the variance can be as much as 6 degrees. These conditions are specified in the ASHRAE handbook. Homes designed with open foyers, stairways, cathedral ceilings and bonus rooms over garages will usually cause abnormal variations from these standards. Any such variations are specifically excluded from this Warranty.

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  • Performance Deficiency The Department or Customer may, in its sole discretion, notify the Contractor of the deficiency to be corrected, which correction must be made within a time-frame specified by the Department or Customer. The Contractor must provide the Department or Customer with a corrective action plan describing how the Contractor will address all issues of contract non-performance, unacceptable performance, and failure to meet the minimum performance levels, deliverable deficiencies, or contract non-compliance.

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  • Revenue Sharing Agreement This Note is subject to the Company’s Revenue Sharing Agreement attached hereto as Exhibit B as if all the terms of the Revenue Sharing Agreement were set forth in this Note.

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