Operational Shortfalls Sample Clauses

Operational Shortfalls. If an Operational Shortfall occurs at any time and a Deficit Loan is not made by one or both of the Partners pursuant to the provisions of Article VI hereof in an amount sufficient to cover such Operational Shortfall, then each Partner shall be obligated to contribute to the capital of the Partnership its Percentage Interest of the amount of funds needed to cover such Operational Shortfall.
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Operational Shortfalls. Subject to the provisions of Section 6.02 hereof, the following provisions shall apply: (a) If a Qualified Operational Shortfall occurs at any time, then the Managing Partner shall deliver a notice ("Qualified Shortfall Notice") to the Partners specifying the amount of funds needed to cover such Qualified Operational Shortfall and stating, that each Partner is obligated to contribute to the capital of the Partnership its Percentage Interest of the amount of funds needed to cover such Qualified Operational Shortfall. Following delivery of a Qualified Shortfall Notice to the Partners by the Managing Partner, each Partner shall be obligated to contribute to the capital of the Partnership, within fifteen (15) days following receipt of such Qualified Shortfall Notice, its respective Percentage Interest of the amount of funds needed to cover the Qualified Operational Shortfall as set forth in such Qualified Shortfall Notice. (b) As used herein, the term "Qualified Operational Shortfall" shall mean the occurrence or happening, at any time, in the Managing Partner's reasonable discretion, of the circumstance of the Partnership having an insufficient amount of cash to pay or cover the Qualified Liabilities (herein defined) of the Partnership as they become due.
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Operational Shortfalls. (a) If a Qualified Operational Shortfall (herein defined) occurs at any time, then the Managing Partner shall have the express right to deliver a notice ("Capital Call Notice") to the Partners specifying the amount of funds needed to cover such Qualified Operational Shortfall and stating that each Partner is obligated to contribute to the capital of the Partnership its Percentage Interest of the amount of funds needed to cover such Qualified Operational Shortfall. Following delivery of a Capital Call Notice to the Partners by the Managing Partner, each Partner shall be obligated to make on or before the Due Date (herein defined) for such Capital Call Notice a capital contribution to the Partnership in an amount equal to its respective Percentage Interest of the amount of funds needed to cover the Qualified Operational Shortfall as set forth in such Capital Call Notice. (b) If a Partner elects to extend a Deficit Loan to the Partnership following the sending of a Capital Call Notice in order to assist the Partnership in covering the Qualified Operational Shortfall referred to in such Capital Call Notice, then (i) the capital contribution obligation which accrued pursuant to Section 5.03(a) hereof as a result of the sending of such Capital Call Notice shall still be payable by both Partners on or before the Due Date for such Capital Call Notice and (ii) the proceeds of such capital contribution obligation shall be used first to discharge and pay any amounts still outstanding under such Deficit Loan at the time that such capital contribution obligation is fulfilled. (c) As used herein, the term "Qualified Operational Shortfall" shall mean the occurrence or happening, at any time, in the Managing Partner's reasonable discretion, of the circumstance of the Partnership having an insufficient amount of cash to pay or cover the Qualified Liabilities (herein defined) of the Partnership as they become due.
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Operational Shortfalls. Any items related to the reasonable operation of the Property and Business, whether identified by the Manager, the Operating Partnership, or the Contributor to comply with brand standards or industry standards when compared to similar select service hotel business. ​
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Operational Shortfalls. 33 4.13 Cost Overruns ............................................ 33 4.14 No Other Capital Contribution Obligations ................ 34 4.15
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Operational Shortfalls. If an Operational Shortfall occurs at any time, then the Manager shall deliver a notice to the Partners specifying that an Operational
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Operational Shortfalls. (a) If a Qualified Operational Shortfall (herein defined) occurs at any time, then the Managing Partner shall have the express right to deliver a notice ("Operating Expense Notice") to the Partners specifying the amount of funds needed to cover such Qualified Operational Shortfall and stating that each Partner is obligated to contribute to the capital of the Partnership its Percentage Interest of the amount of funds needed to cover such Qualified Operational Shortfall. Following delivery of an Operating Expense Notice to the Partners by the Managing Partner, each Partner shall be obligated to contribute to the capital of the Partnership its respective Percentage Interest of the amount of funds needed to cover the Qualified Operational Shortfall as set forth in such Operating Expense Notice on or before the due date determined in accordance with the following provisions: (1) The due date for all of Pavilion's required contributions pursuant to an Operating Expense Notice shall be twenty (20) days following receipt of such Operating Expense Notice. (2) Except as provided in clause (3), the due date for all of Cellar Door's required contributions pursuant to an Operating Expense Notice shall be twenty (20) days following receipt of such Operating Expense Notice. (3) To the extent, but only to the extent, that the aggregate capital contributions required to be made by Cellar Door pursuant to this Section 5.04(a) with respect to any Amphitheater Fiscal Year exceed $250,000, the due date for such contributions to the Partnership shall be one hundred twenty (120) days following receipt of the corresponding Operating Expense Notice. (b) As used herein, the term "Qualified Operational Shortfall" shall mean the occurrence or happening, at any time, in the Managing Partner's reasonable discretion, of the circumstance of the Partnership having an insufficient amount of cash to pay or cover the Qualified Liabilities (herein defined) of the Partnership as they become due.
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Related to Operational Shortfalls

  • Collateral Shortfalls In the event that amounts on deposit in the Collateral Fund at any time are insufficient to cover any withdrawals therefrom that the Company is then entitled to make hereunder, the Purchaser shall be obligated to pay such amounts to the Company immediately upon demand. Such obligation shall constitute a general corporate obligation of the Purchaser. The failure to pay such amounts within two Business Days of such demand (except for amounts to cover interest on a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an immediate termination of the Purchaser's right to make any Election to Delay Foreclosure or Election to Foreclose and the Company's obligations under this Agreement with respect to all Mortgage Loans to which such insufficiencies relate, without the necessity of any further notice or demand on the part of the Company.

  • National Shopping Goods estimated to cost less than $50,000 equivalent per contract, may be procured under contracts awarded on the basis of national shopping procedures in accordance with the provisions of paragraphs 3.5 and 3.6 of the Guidelines.

  • Shortfalls (i) If the amounts described in Section 2.3 are insufficient to pay the Class A Monthly Interest on any Distribution Date, payments of interest to the Class A Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Shortfall”. Interest shall accrue on the Class A Shortfall at the Class A Note Rate.

  • Finance Charge Each Receivable provides for the payment of a finance charge or shall yield interest calculated on the basis of an APR ranging from 0.50% to 22.24%.

  • Cash Shortages No employee may be required to make up cash register shortages unless he or she is given the privilege of checking the money and daily receipts upon starting and completing the work shift, and unless the employee has exclusive access to the cash register during the work shift and unless cash is balanced daily, except as specified below. No employee may be required to make up register shortages when Management exercises the right to open the register during the employee's work shift, unless the register is opened in the presence of the employee and the employee is given the opportunity to verify all withdrawals and/or deposits. No employee shall be held responsible for cash shortages unless he or she has exclusive access to his or her cash.

  • Excess Finance Charge Collections Series 2017-6 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series 2017-6 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2017-6 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series for such Distribution Date. The “Finance Charge Shortfall” for Series 2017-6 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and the full amount required to be paid, without duplication, pursuant to subsections 3.02(a)(iii) and 3.02(a)(iv) of the Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 2017-6 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement. On each Distribution Date, the Trustee shall deposit into the Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the Transfer Agreement on such date.

  • Allocations of Finance Charge Collections The Servicer shall allocate to the Series 1997-1 Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.

  • Available Funds $ 2,191,971.28 ---------------

  • Shared Principal Collections Subject to Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 2018-8 in an amount equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2018-8 Principal Shortfall for such Distribution Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The “Series 2018-8 Principal Shortfall” will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections).

  • Principal Repayment Series 2016-C [Insert columns for other Series]

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