Operating Deficits. Subject to the prior written consent of any Agency (if such consent shall be required under applicable Agency regulations), the General Partners shall be obligated from the later to occur of (i) Permanent Mortgage Commencement or (ii) the Admission Date to advance funds to meet operating expenses, debt service and the Replacement Reserve Fund of the Partnership which exceed operating income available for the payment thereof. For Purposes of this Section 6.10, "operating expenses" shall expressly include the Asset Management Fee. In the event that the General Partners shall fail to make any such advance as aforesaid, the Partnership shall utilize amounts (the "Applied Fees") otherwise payable to the General Partners or Affiliates thereof under Section 6.12 and/or Article X to meet the obligations of the General Partners pursuant to this Section 6.10. Such utilization of Applied Fees shall also constitute payment and satisfaction of the corresponding amounts payable to the General Partners or Affiliates thereof under Section 6.12 and/or Article X, with the proceeds thereof being applied to such obligations, and the obligation of the Partnership to make such installment payments to the General Partners or the Affiliates thereof pursuant to Section 6.12 and/or Article X being deemed satisfied to the extent thereof. For the purpose of this Section 6.10, all expenses shall be paid on a sixty (60)-day current basis. Moreover, the General Partners may in their sole discretion at any time advance funds to the Partnership to pay operating expenses and/or debt service of the Partnership in order to facilitate the Partnership's compliance with the Rent Restriction Test. All advances pursuant to this Section 6.10 (including any Applied Fees) shall be Subordinated Loans repayable without interest in accordance with the provisions of Article X. The form and provisions of all Subordinated Loans shall conform to applicable rules and regulations.
Operating Deficits. If Management Company should anticipate any Operating Loss for any Accounting Period, Management Company shall immediately so advise Owner in writing, setting forth the estimated amount of such deficiency and an explanation or justification therefor.
Operating Deficits. 41 6.11 Obligation to Complete the Rehabilitation of the Apartment Complex................ 42 6.12 Certain Payments to the General Partner and Others ............................. 44 6.13 Delegation of General Partner Authority .. 45 6.14
Operating Deficits. If Management Company should anticipate any Operating Loss for any Accounting Period, Management Company shall immediately so advise TRS in writing, setting forth the estimated amount of such deficiency and an explanation or justification therefor.
Operating Deficits. The costs of operating a Sub-Fund could exceed its income, requiring that the difference be paid out of the Sub-Fund's capital and thereby reducing the Sub-Fund's investments and potential future profitability. Operational Risk. Operational risk is the potential for loss caused by a deficiency in information, communication, transaction processing and settlement as well as accounting systems. Cyber Security Risk. The service providers to the UCITS are susceptible to operational and information security and related risks of cyber security incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber security attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber- attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make services unavailable to intended users). Cyber security incidents affecting the UCITS, the Management Company, the Asset Manager, the Administrator or the Depositary or other service providers have the ability to cause disruptions and impact
Operating Deficits. Obligation to Complete the Construction of the Apartment Complex ..............
Operating Deficits. The costs of operating a Sub-Fund could exceed its income, requiring that the difference be paid out of the Sub-Fund's capital and thereby reducing the Sub-Fund's investments and potential future profitability. Operational Risk. Operational risk is the potential for loss caused by a deficiency in information, communication, transaction processing and settlement as well as accounting systems. Cyber Security Risk. The service providers to the UCITS are susceptible to operational and information security and related risks of cyber security incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber security attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber- attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make services unavailable to intended users). Cyber security incidents affecting the UCITS, the Management Company, the Asset Manager, the Administrator or the Depositary or other service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the ability to calculate the Net Asset Value; impediments to trading for a Sub-Fund's portfolio; the inability of Unitholders to transact business with a Sub-Fund; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cyber security incidents affecting issuers of securities in which a Sub-Fund invests, counterparties with which the Management Company engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed which are designed to reduce the risks associated with cyber security, there are inherent limitations in any cyber security risk management systems or business continuity plans, including the pos...
Operating Deficits. Subject to the prior written consent of each FmHA (if such consent shall be required under applicable FmHA regulations), the General Partners shall be obligated from the later to occur of (i) Permanent Mortgage Commencement or (ii) the Admission Date to advance funds to meet operating expenses and debt service of the Partnership which exceed operating income available for the payment thereof. For purposes of this Section 6.10, "
Operating Deficits. Any operating deficit from the year prior shall be divided as follows. The values below shall be reviewed by the Parties and may be adjusted based on the financial condition of the Authority once every ten (10) years.
1. The Park District’s maximum annual cash contribution shall be $40,000. It shall be an equally prorated share of the first $80,000 of operating deficit from the prior year with the County. It is acknowledged that the Park District’s annual expense to maintain the Savanna has an inherent value more than the Park District’s annual cash contribution.
2. The County’s maximum annual cash contribution shall be $102,000. It shall be an equally prorated share of the first $80,000 of operating deficit from the prior year with the Park District plus the next $62,000 of operating deficit in year one of this Agreement. The County agrees to increase “its next $62,000” by $2,000 per year such that its maximum annual cash contribution will be $120,000 in the tenth year of this Agreement.
3. The City’s maximum annual contribution shall be all operating deficits not covered by the Park District or County.
Operating Deficits. In the event that the Management Committee determines that the Company requires additional funds to meet operating expenses or required capital improvements, or for any other proper Company purpose (in any such case, an "Operating Deficit"), the Management Committee, in its sole discretion, may either (1) request that the Members, pro rata in accordance with their then respective Participation Percentages, advance funds in the amount so required, but in no event will the Members be obligated to make such an advance or (2) obtain loans on such terms as the Management Committee deems reasonably satisfactory taking into consideration the circumstances of the Company and market conditions then prevailing, (3) if loans are not available on terms satisfactory to the Management Committee, and with the unanimous consent of the Members, obtain additional equity participation in the Company by the admission of additional Members and the pro rata reduction of the existing Members' Participation Percentages or (4) take such other actions, and explore and pursue such other financing options as the Management Committee may deem appropriate under the circumstances.
