Breakeven Operations definition

Breakeven Operations means at such time as the Partnership has Cash Receipts in excess of Cash Expenses, as determined by the Accountant and approved by the Special Limited Partner. For purposes of this definition; (a) any one-time up-front fee paid to the Partnership from any source shall not be included in Cash Receipts to calculate Breakeven Operations;
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Breakeven Operations means the receipt by the Partnership during a period of 24 consecutive calendar months after Final Closing of an amount of monthly rental income (solely from leases of dwelling units which meet the Rent Restriction Test and are occupied by Qualifying Individuals) which equals or exceeds all operating expenses incurred during such period including, but not limited to, maintenance expenses, management fees provided for in Article VI, required debt service payments, taxes, other assessments, insurance premiums and the required funding of any replacement reserve.
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Breakeven Operations means the date upon which (i) at least 95% of the Project’s rental Units have been occupied by tenants actually paying rents at monthly rates at least equal to those assumed in the Projections for a period of three consecutive months and (ii) the revenues from the normal operation of the Project received on a cash basis (including all public subsidy payments due and payable at such time but not yet received by the Partnership) for a period of three (3) consecutive months after the Construction Completion, equal or exceed all accrued operational costs of the Project (including, but not limited to, taxes, assessments, replacement reserve deposits) and debt service payments, and a ratable portion of the annual amount (as reasonably estimated by
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Examples of Breakeven Operations in a sentence

  • Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land.

  • 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.

  • 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.

  • Breakeven Operations did not occur by March 1, 2010, and Wells Fargo Bank initiated foreclosure proceedings on the Construction Loan on June 7, 2010.

  • From the date of this Agreement through 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.

  • Notwithstanding the foregoing, as part of its obligation to achieve Break-even Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land.

  • Breakeven Operations did not occur within 12 months of that date.

  • From Completion of Construction until three consecutive months of Break-even Operations, the General Partner will provide the necessary funds to pay any Operating Deficits which funds shall not change the Interest of any Partner and shall be considered a cost overrun and not be repayable.

  • The Operating Deficit Account may not be used to fund Operating Deficits during the first full three years following the achievement of Break-even Operations unless agreed to in writing by the General Partner and the Special Limited Partner.

  • From the date of this Agreement, until three consecutive months of Breakeven Operations after completion of all rehabilitation as approved in the Plans and Specifications or scope of work), 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.


More Definitions of Breakeven Operations

Breakeven Operations means at such time as the Partnership has Cash Receipts in excess of Cash Expenses, as determined by the Administrative General Partner, provided that the Special Limited Partner may review the Administrative General Partner’s analysis and reach a different determination in which case the determination of the Special Limited Partner will govern. For purposes of this definition; (a) any one-time up-front fee paid to the Partnership from any source shall not be included in Cash Receipts to calculate Breakeven Operations; (b) Cash Expenses shall include the amount of any outstanding Partnership obligations (other than property taxes if and to the extent such taxes are abated) and any management fee or portion thereof which is currently deferred and not paid; and (c) Cash Expenses shall include the amount of any reserve required to be funded in accordance with Article VIII that is currently deferred and not paid. In addition, Breakeven Operations shall not occur until the Partnership has sufficiently initially funded the Operating Deficit Account in accordance with the provisions of Section 8.5 hereof.
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Breakeven Operations means at such time as the Partnership has Cash Receipts in excess of Cash Expenses, as determined by the Accountant and approved by the Special Limited Partner. For purposes of this definition; (a) any one-time up-front fee paid to the Partnership from any source shall not be included in Cash Receipts to calculate Breakeven Operations; (b) Cash Expenses shall include any management fee or portion thereof which is currently deferred and not paid; and (c) Cash Expenses shall include the amount of any reserve required to be funded in accordance with Article VIII that is currently deferred and not paid.
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Breakeven Operations means the date upon which the aggregate of the rental and miscellaneous income from the normal operation of the Apartment Complex and payments received by the Partnership pursuant to the Interest Subsidy Contract, the Rent Supplement Contract and the Operating Subsidy Agreement, received on a cash basis for a period of six (6) consecutive calendar months after the Final Closing, equals or exceeds all accrued operational costs of the Apartment Complex, including but not limited to taxes, assessments, Reserve Fund for Replacements deposits, scheduled and required debt service payments, the Asset Management Fee, and a ratable portion of the annual amount (as reasonably estimated by the General Partner) of those seasonal and/or periodic expenses (such as utilities, maintenance expenses and real estate taxes) which might reasonably be expected to be incurred on an unequal basis during a full annual period of operation, for such period of six (6) consecutive calendar months, with each such calendar month taken individually.
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Breakeven Operations means, for any specified period, the Operating Revenues (based on actual Project operations rather than underwritten) equal or exceed Operating Expenses (based on actual Project operations rather than underwritten), mandatory Debt Service (including pro forma monthly principal and interest payments on the Permitted Loan if the month under consideration is prior to commencement of principal and amortization on the Permitted Loan or for any monthly period that the Partnership has agreed to a forbearance with any Lender), and any other obligation under any of the Project Documents (it being agreed that such calculation shall be evidenced by a certification of the Class B Limited Partner, with an accompanying unaudited balance sheet and operating statement of the Partnership examined by the Accountants and reasonably acceptable to the SLP, certifying that all trade payables have been satisfied or will be satisfied by cash held by the Partnership on the date of such certification).
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Breakeven Operations operations shall mean, a calendar month of operations prior to December 31, 2009, for which the Company’s shall not have suffered a loss from consolidated operations excluding (a) “extraordinary items” of gain or loss as that term shall be defined in generally accepted accounting principles; (b) any gains or profits realized from the sale of any assets in the outside the ordinary course of business; (c) executive bonuses, but including base salary of executives based on the rate of base compensation at the commencement of the calendar year 2009.
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Breakeven Operations. Breakeven Point means the first time at which, as certified by the General Partners, based upon three (3) consecutive full calendar months of operation occurring after Permanent Mortgage Commencement, with each month taken individually, the rental income (including government subsidies) of the Partnership actually received on a cash basis (excluding prepaid rent) shall have exceeded all the Partnership's expenses on an accrual basis (including the funding of any reserves required pursuant to the terms of this Agreement), except for depreciation, distributions of Cash Flow and Capital Transaction proceeds to the Partners and the fees payable pursuant to this Agreement. For purposes of the foregoing, expenses shall (i) include monthly payments of principal and interest in the amount specified in the Mortgage regardless of any forbearance thereof, (ii) include a ratable portion of the annual amount (as estimated by the General Partners) of those seasonal expenses (such as utilities and maintenance expense) which might reasonably be expected to be incurred on an unequal basis during a full annual period of operation, and (iii) be adjusted, if necessary, so that the expenses of real estate taxes and insurance are based on the General Partners' estimate of the full value of the Apartment Complex after completion of construction.
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Related to Breakeven Operations

  • Production Operations means all operations conducted for the purpose of producing Petroleum from the Development Area after the commencement of production from the Development Area including the operation and maintenance of all necessary facilities therefor.

  • Exploration Operations means any operations carried out for or in connection with the exploration for minerals, and includes -

  • Commercial Operations Upon satisfaction of the following conditions, the Facility shall be considered to have achieved Commercial Operations on the Day specified in Seller's written notice described below: (i) the Acceptance Test has been passed, (ii) all generating units have passed Control System Acceptance Tests, (iii) the Transfer Date has occurred, (iv) Seller has (1) provided to Company the Required Models (as defined in Section 6(a) (Seller's Obligation to Provide Models) of Attachment B (Facility Owned by Seller)) in the form of Source Code, (2) placed the current version of the Source Code for the Required Models with the Source Code Escrow Agent as required in Section 6(b)(i)(A) (Establishment of Source Code Escrow) of Attachment B (Facility Owned by Seller), or (3) if Seller is unable to arrange for the placement of the appropriate Source Code into the Source Code Escrow account, placed the required funds with the Monetary Escrow Agent as required in Section 6(b)(ii)(A) (Establishment of Monetary Escrow) of Attachment B (Facility Owned by Seller), and (v) Seller provides Company with written notice that (aa) Seller is ready to declare the Commercial Operations Date and (bb) the Commercial Operations Date will occur within 24 hours (i.e., the next Day).

  • Branch operations means any business operations of a branch captive insurance company in this State.

  • Salvage operation means any business, trade or industry engaged in whole or in part in salvaging or reclaiming any product or material, including but not limited to metals, chemicals, shipping containers or drums.

  • Mining Operations means obtaining or extracting any mineral by any mode or method or any purpose directly or indirectly connected therewith or incidental thereto, including—

  • Business operations means engaging in commerce in any form, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce.

  • In operation means engaged in activity related to the primary design function of the source.

  • Maintenance and Operations Revenue or “M&O Revenue” means (i) those revenues which the District receives from the levy of its annual ad valorem maintenance and operations tax pursuant to Section 45.002 of the TEXAS EDUCATION CODE, or other lawful authority, and Article VII § 3 of the TEXAS CONSTITUTION, plus (ii) all State revenues to which the District is or may be entitled under the applicable provisions of the TEXAS EDUCATION CODE or any other statutory provision as well as any amendment or successor statute to these provisions, as applicable, less

  • Gross Operating Revenues means, for any period of time for any Hotel Property, without duplication, all income and proceeds of sales of every kind (whether in cash or on credit and computed on an accrual basis) received by the owner (or, if such Hotel Property is ground leased, the ground lessee) of such Hotel Property or the applicable Operating Lessee or Manager for the use, occupancy or enjoyment of such Hotel Property or the sale of any goods, services or other items sold on or provided from such Hotel Property in the ordinary course of operation of such Hotel Property, including, without limitation, all income received from tenants, transient guests, lessees, licensees and concessionaires and other services to guests at such Hotel Property, and the proceeds from business interruption insurance, but excluding the following: (i) any excise, sales or use taxes or similar governmental charges collected directly from patrons or guests, or as a part of the sales price of any goods, services or displays, such as gross receipts, admission, cabaret or similar or equivalent taxes; (ii) receipts from condemnation awards or sales in lieu of or under threat of condemnation; (iii) proceeds of insurance (other than business interruption insurance); (iv) other allowances and deductions as provided by the Uniform System in determining the sum contemplated by this definition, by whatever name, it may be called; (v) proceeds of sales, whether dispositions of capital assets, FF&E or equipment (other than sales of Inventory in the ordinary course of business); (vi) gross receipts received by tenants, lessees (other than Operating Lessees), licensees or concessionaires of the owner (or, if such Hotel Property is ground leased, the ground lessee) of such Hotel Property; (vii) consideration received at such Hotel Property for hotel accommodations, goods and services to be provided at other hotels although arranged by, for or on behalf of, and paid over to, the applicable Manager; (viii) tips, service charges and gratuities collected for the benefit of employees; (ix) proceeds of any financing; (x) working capital provided by the Parent Guarantor or any Subsidiary of the Parent Guarantor or the applicable Operating Lessee; (xi) amounts collected from guests or patrons of such Hotel Property on behalf of tenants of such Hotel Property and other third parties; (xii) the value of any goods or services in excess of actual amounts paid (in cash or services) provided by the applicable Manager on a complimentary or discounted basis; and (xiii) other income or proceeds resulting other than from the use or occupancy of such Hotel Property, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from such Hotel Property in the ordinary course of business. Gross Operating Revenues shall be reduced by credits or refunds to guests at such Hotel Property.

  • Market Operations Center means the equipment, facilities and personnel used by or on behalf of a Market Participant to communicate and coordinate with the Office of the Interconnection in connection with transactions in the PJM Interchange Energy Market or the operation of the PJM Region.

  • Gross Operating Profit For any Fiscal Year, the excess of Gross Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year.

  • Operations Manager is defined in Section 4.8(a).

  • Supplier Operations means all assets, processes and systems (including information systems), data (including Customer data), personnel, and sites, used or processed by Supplier from time to time in the performance of this Agreement.

  • Farm operation means any activity conducted solely or primarily for the production of one or more agricultural products or commodities, including timber, for sale or home use, and customarily producing such products or commodities in sufficient quantity to be capable of contributing materially to the operator's support.

  • Development Operations means operations conducted in accordance with the Development Plan and shall include, but not be limited to the purchase, shipment or storage of equipment and materials used in developing Petroleum accumulations, the drilling, completion and testing of Development Xxxxx, the drilling and completion of Xxxxx for Gas or water injection, the laying of gathering lines, the installation of offshore platforms and installations, the installation of separators, tankages, pumps, artificial lift and other producing and injection facilities required to produce, process and transport Petroleum into main Oil storage or Gas processing facilities, either onshore or offshore, including the laying of pipelines within or outside the Contract Area, storage at Delivery Point(s), the installation of said storage or Gas processing facilities, the installation of export and loading facilities and other facilities required for the development and production of the said Petroleum accumulations and for the delivery of Crude Oil and/or Gas at the Delivery Point and also including incidental operations not specifically referred to herein but required for the most efficient and economic development and production of the said Petroleum accumulations in accordance with modern oilfield and petroleum industry practices.

  • Commercial Operation means the condition of operation in which the complete equipment covered under the Contract is officially declared by the Owner to be available for continuous operation at different loads up to and including rated capacity. Such declaration by the Owner, however, shall not relieve or prejudice the Contractor of any of his obligations under the Contract.

  • Joint Operations means all operations necessary or proper for the development, operation, protection and maintenance of the Joint Property.

  • Farming operation means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation.

  • Mining operation means any operations undertaken for the purpose of winning any mineral as defined in section 3 (d) of Mines and Minerals (Development and Regulation) Act, 1957.

  • Normal operation means all periods of operation except start-up and shutdown operations and maintenance of equipment;

  • Commercial Operations Date or "COD": The date on which Facility first achieves Commercial Operations.

  • Operating Period for any Element of the Project shall mean the period from (and including) the COD of such Element of the Project, up to (and including) the Expiry Date and for the Project, shall mean the period from (and including) the COD of the Project, up to (and including) the Expiry Date;

  • Gaming Operation means the business enterprise that offers and operates Gaming Activities, whether exclusively or otherwise.

  • Animal feeding operation (“AFO”) means a lot or facility (other than an aquatic animal production facility) where animals have been, are, or will be stabled or confined and fed or maintained for a total of 45 days or more in any 12-month period, and crops, vegetation, forage growth, or post-harvest residues are not sustained in the normal growing season over any portion of the lot or facility [40 CFR § 122.23(b)(1)].

  • Operating Revenues means, without duplication, all revenues and receipts of the Borrowers from operation of the Properties or otherwise arising in respect of the Properties which are properly allocable to the Properties for the applicable period in accordance with GAAP, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants and bars (including without limitation, service charges for employees and staff), mini-bars, meeting rooms, banquet rooms, apartments, parking and recreational facilities, health club membership fees, food and beverage wholesale and retail sales, service charges, convention services, special events, audio-visual services, boat cruises, travel agency fees, internet booking fees, telephone charges, laundry services, vending machines and otherwise, all rents, revenues and receipts now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the possession, use or occupancy of all or any portion of the Properties or personalty located thereon, or rendering of service by any of the Borrowers or any operator or manager of the hotel or commercial space (including, without limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores and deposits securing reservations of such space (only to the extent such deposits are not required to be returned or refunded to the depositor)), proceeds from rental or business interruption insurance relating to business interruption or loss of income for the period in question and any other items of revenue which would be included in operating revenues under the Uniform System; but excluding proceeds from the sale of FF&E, abatements, reductions or refunds of real estate or personal property taxes relating to the Properties, dividends on insurance policies relating to the Properties, condemnation proceeds arising from a temporary taking of all or a part of any Properties, security and other deposits until they are forfeited by the depositor, advance rentals until they are earned, proceeds from a sale, financing or other disposition of the Properties or any part thereof or interest therein and other non-recurring revenues as determined by Lender, insurance proceeds (other than proceeds from rental or business interruption insurance), other condemnation proceeds, capital contributions or loans to any of the Borrowers, disbursements to any of the Borrowers from the Reserves, sales, use and occupancy taxes collected from customers or patrons of the Properties to be remitted to the applicable taxing authorities, and gratuities or service charges collected on behalf of and remitted to employees or contractors of the Properties.