Common use of Operating Deficit Guarantee Clause in Contracts

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.

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 Project is Placed in Service DateService, 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.

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 Datedate, 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.

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 Project is Placed in Service DateService, 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.