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 the amount of any outstanding Partnership obligations 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.
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.
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 the amount of any outstanding Partnership obligations 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: (a) sufficiently funded a tax and insurance reserve in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based upon improved land; and (b) deposited into the Operating Deficit Account an amount equal to one month's mandatory debt service payment and one month's operating expenses.
Examples of Breakeven Operations in a sentence
Rhinelander, Statement before the International Security, Prolifera- tion and Federal Services Subcommittee of the Senate Committee on Governmen- tal Affairs (April 28, 1999), http://www.senate.gov/~gov_affairs/042899_ rhinelander_testimony.htm.
The payment in full of all costs and expenses of the acquisition and construction of the Apartment Complex in excess of the proceeds of all the construction period sources of funds and any operating deficits prior to the achievement of Breakeven Operations.
To fund operating deficits for a five (5) year period (the “Operating Deficit Period”) from the later of Breakeven Operations or funding of the permanent mortgage loan up to a maximum amount of $375,000 (the “Operating Deficit Guaranty”) (sized as 6 months of underwritten operating expenses, debt service and replacement reserves).
Installment No. 3 will only be released upon the achievement of Breakeven Operations.
If the Management Agent is related to a General Partner, the payment of the Property Management Fee will be subordinated to the payment of operating deficits, if necessary, to maintain Breakeven Operations.
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 Accountant and approved by the Special Limited Partner which approval shall not be unreasonably withheld. 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 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: (a) sufficiently funded a tax and insurance reserve in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based upon improved land; and (b) deposited into the Operating Deficit Account an amount equal to one month's mandatory debt service payment and one month's operating expenses.
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 the amount of any outstanding Partnership obligations 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 funded a tax and insurance reserve in an amount equal to one year's property insurance premium and the next full installment of Real Estate Taxes based upon improved land and all other reserves that may be required pursuant to the terms of the documents governing the issuance of the Tax-Exempt Bonds.
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
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.
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
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).
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.