Operating Obligations. From the date the first apartment unit in the Apartment Housing is available for its intended use until three consecutive months of Break-even Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be equal to one year's operating expenses (including debt and reserves) approved by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
Operating Obligations. From the date of this Agreement until three consecutive months of Break-even Operations, the General Partner will provide the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be equal to one year's operating expenses (including debt and reserves) approved by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
Operating Obligations. 17 Section 6.4 Other General Partner Loans.............................17 ARTICLE VII CAPITAL CONTRIBUTIONS OF LIMITED PARTNER AND SPECIAL LIMITED PARTNER.......................................................................18
Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use until three consecutive months of Break-even Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be equal to one year's operating expenses (including debt and reserves) approved by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
(b) In the event the General Partner is unable to obtain an extension of the expiring HAP Contract, the General Partner will fund any operating deficit exclusive of replacement reserves which may be required by Lender or Special Limited Partner, as a result of lost revenue associated with the expiration of the HAP Contract. Any funding under Section 6.3(b) of this Agreement shall be made in the form of a note and shall accrue interest at the same rate as the 5 year treasury note in effect at the time of the funding.
Operating Obligations. Except as otherwise permitted under this Agreement and the other Loan Documents, the Borrower shall not and shall not permit the Property Owner to enter into, assume or permit to exist, any obligations for the payment of rent for any property (real, personal or mixed, tangible or intangible) under Leases, subleases or similar arrangements as lessee other than operating leases, equipment leases and similar leases entered into in ordinary course of business for assets incidental to the management and operation of the Mortgaged Property.
Operating Obligations. From the date the first unit in the Project is available for its intended use until 3 consecutive months of Breakeven Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits as an Operating Loan pursuant to this Section 6.3, which funds shall be repayable, shall not change the Interest of any Partner and shall not be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $1,209,000, which is equal to one year's operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use until 3 consecutive months of Breakeven Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period, the General Partner will immediately provide Operating Loans to pay any Operating Deficits. Beginning in the sixth year of the Operating Deficit Guarantee Period, provided the General Partner has delivered to the Special Limited Partner audited financial statements evidencing the Partnership's achievement of a Debt Service Coverage 1.15 for the preceding three calendar years, the aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $2,105,000 (the "Operating Deficit Cap"). The Operating Deficit Cap shall not apply to limit General Partner's obligation to make Operating Loans: (i) during the first five years of the Operating Deficit Guarantee Period, or (ii) in any subsequent year of the Operating Deficit Guarantee Period, until the General Partner has delivered the audited financial statements evidencing Debt Service Coverage of 1.15 for the preceding three calendar years. The amount of any Operating Deficit that arises prior to the year in which the Operating Deficit Cap becomes effective shall not be counted toward the Operating Deficit Cap. Notwithstanding the foregoing, the Operating Deficit Cap shall not apply to limit the General Partner's obligation to make Operating Loans if the HAP Contract is terminated due to any action or omission of the General Partner in violation of the HAP Contract or Section 8 program requirements, other than a termination due to reasons beyond the reasonable control of the General Partner.
(b) Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
(c) The Partnership shall pay the Development Fee in accordance with the terms of the Amended and Restated Development Fee Agreement and Section 11.1 of this Agreement.
Operating Obligations. In addition to carrying out the Partnership Services in accordance with clause 3, the Partnership will: allow the Trust Manager to inspect all log books, voyage records and other relevant documents on request; not allow or bring cargo on board the Vessel except as reasonably required and approved by the Trust Manager; not to use, permit use, or keep anything on the Vessel that may affect insurance premiums in any way concerning any policy of insurance on the Vessel or property on board, except the carriage and disposal of fuel as required or approved by the Trust Manager; not use or permit to be used on the Vessel or permit anything to be done on the Vessel or keep anything on the Vessel other than permitted cargo that may in any way make void or voidable or lead to an increased rate of insurance premium being payable in respect of any policy or policies of insurance on the Vessel or on any property kept or carried on board save and except the carriage and disposal of fuel which is required or approved by the Trust Manager; supply at its own expense all necessary food, beverages and other provisions for personal consumption; handle any goods to be carried on board or adjacent to the Vessel with all due care and in accordance with Best Industry Practice, and in all other respects in such manner as is approved by the Trust Manager; and supply all necessary food, beverages and other provisions for personnel carried on the Vessel necessary for the proper victualling of the Vessel during all times of operation, and will also procure lubricants and necessary spares of a mechanical and/or engineering nature as may be required for the efficient operation of the Vessel.
Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use until 3 consecutive months of Breakeven Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $147,796, which is equal to six months' operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
(b) The Partnership shall pay the amount of the Development Fee set forth in Exhibit B to the Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Account.
Operating Obligations. 17 6.4 Other General Partner Loans..................... 17 VII. CAPITAL CONTRIBUTIONS OF LIMITED PARTNER............. 18
