Common use of Operating Deficit Guaranty Clause in Contracts

Operating Deficit Guaranty. Xxxx hereby guarantees Xxxx shall advance to or for the account of the Company amounts equal to all Operating Deficits, at such time as such Operating Deficits occur ("Operating Deficit Payments"). Xxxx shall make Operating Deficit Payments required of him by the date required to avoid a default under Company obligations, including without limitation the Construction Loan and obligations to trade creditors. In any event, all Operating Deficits shall be paid by Xxxx in full prior to the Final Closing Date. All Operating Deficit Payments made to the Company shall be non-reimbursable payments, except to the extent that, subsequent to the making of any such Operating Deficit Payment by Xxxx, there is sufficient Net Operating Income prior to the earliest of the Final Closing Date, the Outside Date or the date of the Removal of Xxxx by WPHC to reimburse Xxxx for the same. In no event, shall the Capital Account of Xxxx be affected by any Operating Deficit Payments made by Xxxx. Notwithstanding anything to the contrary herein, upon the Removal of Xxxx, Xxxx shall not have any obligation hereunder to fund Operating Deficits incurred after the date of his Removal.

Operating Deficit Guaranty. Xxxx Feld hereby guarantees Xxxx Feld shall advance to or for the account of the xxx Company amounts equal to equxx xo all Operating Deficits, at such time as such Operating Deficits occur ("Operating Deficit Payments"). Xxxx Feld shall make Operating Deficit Payments required of him by the date dxxx required to avoid a default under Company obligations, including without limitation the Construction Loan and obligations to trade creditors. In any event, all Operating Deficits shall be paid by Xxxx Feld in full prior to the Final Closing Date. All Operating Deficit Payments Deficix Xxyments made to the Company shall be non-reimbursable payments, except to the extent that, subsequent to the making of any such Operating Deficit Payment by XxxxFeld, there is sufficient Net Operating Income prior to the earliest of earliesx xx the Final Closing Date, the Outside Date or the date of the Removal of Xxxx Feld by WPHC to reimburse Xxxx Feld for the same. In no event, shall the Capital thx Xxpital Account of Xxxx be affected Feld xx xffected by any Operating Deficit Payments made by XxxxFeld. Notwithstanding Nxxxxthstanding anything to the contrary herein, upon the Removal Rexxxxl of XxxxFeld, Xxxx Feld shall not have any obligation hereunder to fund Operating Deficits Operatinx Xxfixxxx incurred after the date of his Removal.

Operating Deficit Guaranty. Xxxx Feld hereby guarantees Xxxx shall advance Feld shaxx xdvance to or for the account thx xxcount of the Company amounts equal to all Operating Deficits, at such time as such Operating Deficits occur ("Operating Deficit Payments"). Xxxx Feld shall make Operating Deficit Defixxx Payments required of him by the date required to avoid a default under Company obligations, including without limitation the Construction Loan and obligations to trade creditors. In any event, all Operating Deficits shall be paid by Xxxx Feld in full prior to the Final Finxx Closing Date. All Operating Deficit Payments made to the Company shall be non-reimbursable payments, except to the extent that, subsequent to the making of any such Operating Deficit Payment by XxxxFeld, there is sufficient Net Operating Oxxxxting Income prior to the earliest of the Final Closing Date, the Outside Date or the date of the Removal of Xxxx Feld by WPHC to reimburse Xxxx for Feld xxx the same. In no event, shall xxxll the Capital Account of Xxxx Feld be affected by any Operating Operatixx Deficit Payments made by XxxxFeld. Notwithstanding anything to xx the contrary herein, upon the Removal of XxxxFeld, Xxxx Feld shall not have any obligation oxxxxatxxx hereunder to fund Operating Deficits incurred after the date of his Removal.