Development Deficits definition

Development Deficits means the positive amount, if any, by which (a) Development Costs exceed (b) the sum of the Capital Contributions of the Members required to be made at the Initial Closing, the Final Closing Capital Contribution and the Net Operating Income for the period prior to the Conversion Date.
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Development Deficits which appears in Section 1(ad) of the Operating Agreement is hereby deleted in its entirety and the following is substituted therefor:
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Development Deficits means all funds in excess of (a) the proceeds of the Mortgage Loan, (b) operating income of the Apartment Complex realized prior to funding of the Mortgage Loan, and (c) that portion or portions of the Investor Limited Partner Contribution payable at or prior to closing of the Mortgage Loan which are required to (i) complete the Construction, including paying all amounts due under and pursuant to the Construction Agreements, and any construction cost overruns and the cost of any change orders which have been approved by the Lender and which are not funded from proceeds of the Mortgage Loan, as applicable, but not including any portion of the Development Fee which may be deferred pursuant to the Development Services Agreement; (ii) achieve commencement of the Permanent Financing Phase, and satisfy any escrow deposit requirements which are conditions thereto, including, without limitation, any amounts necessary for local taxes, utilities, mortgage insurance premiums, casualty and liability insurance premiums and any additional reserves or insurance required under this Agreement, and any other amounts which are required pursuant to the Mortgage Loan; (iii) pay any applicable loan assessment fees, discounts or other expenses incurred by the Partnership as a result of the commencement of the Permanent Financing Phase; and (iv) pay any Operating Deficits incurred by the Partnership prior to Rental Achievement.
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Examples of Development Deficits in a sentence

  • In any event, all Development Deficits shall be paid by Xxxx in full prior to the Final Closing Date.

  • Without limiting the generality of the foregoing, Xxxx shall not be entitled to reimburse himself for any Development Deficits.

  • Xxxx hereby guarantees Xxxx shall advance to or for the account of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments").

  • In any event, all Development Deficits shall be paid by Feld in full prior to the Final Closing Date.

  • Without the prior written consent of WPHC, the funds reserved as Budgeted Construction Loan Interest will be used for the sole purpose of debt service expenses on the Construction Loan and for no other purpose (including, without limitation, the payment of Development Deficits).

  • Feld hereby guarantees Feld shaxx xdvance to or for thx xxcount of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments").

  • All fees payable to Xxxx shall be subject to a right of offset in favor of the Company and WPHC with respect to any claims or damages they may have against Xxxx and for any Development Deficits and Operating Deficits.

  • Without limiting the genexxxxty of the foregoing, Feld shall not be entitled to rxxxxurse himself for any Development Deficits.

  • The challenges we have before us will not be tackled overnight – or over a few months.

  • Without limiting the xxxxrality of the foregoing, Feld shall not be entitled to rxxxxurse himself for any Development Deficits.

Related to Development Deficits

  • Development Phase means the period before a vehicle type is type approved.

  • Research Budget has the meaning set forth in Section 2.2.

  • Development Report means a written account of Licensee’s progress under the Development Plan having at least the information specified on Appendix B to this Agreement, and shall be sent to the address specified on Appendix B.

  • Development Activity means any activity defined as Development which will necessitate a Floodplain Development Permit. This includes buildings, structures, and non-structural items, including (but not limited to) fill, bulkheads, piers, pools, docks, landings, ramps, and erosion control/stabilization measures.

  • Development Project means a project for the development of land within a project area.

  • Development means any man-made change to improved or unimproved real estate, including, but not limited to, buildings or other structures, mining, dredging, filling, grading, paving, excavation or drilling operations, or storage of equipment or materials.

  • Development Budget has the meaning set forth in Section 3.1.

  • Development Site means any parcel or lot on which exists or which is intended for building development other than the following:

  • Development Data means all non-clinical, clinical, technical, chemical, safety, and scientific data and information and other results, including relevant laboratory notebook information, screening data, and synthesis schemes, including descriptions in any form, data and other information, in each case, that is generated by or resulting from or in connection with the conduct of Development of Products.

  • Development Activities means those activities which are normally undertaken for the development, construction, repair, renovation, rehabilitation or conversion of buildings for residential purposes, including the acquisition of property;

  • Development Period means the period from the date of this Agreement until the Appointed Date;

  • Development Program means the implementation of the development plan.

  • Development Plans means a coherent set of operations defined and financed exclusively by the OCTs in the framework of their own policies and strategies of development, and those agreed upon between an OCT and the Member State to which it is linked;

  • Redevelopment Plan means the “Lincoln Center Redevelopment Plan” passed, adopted and approved by the City pursuant to the Resolution, and shall include any amendment of said Redevelopment Plan heretofore or hereafter made by the City pursuant to law.

  • Development Plan has the meaning set forth in Section 3.2.

  • Development Fees means fees imposed to offset capital costs of providing public infrastructure, public safety or other public services to a development and authorized pursuant to A.R.S. Section 9-463.05, A.R.S. Section 11-1102 or A.R.S. Title 48 regardless of the jurisdiction to which the fees are paid.

  • Development Schedule shall have the meaning set forth in Section 1.1.

  • Economic development project means land and existing or planned improvements suitable for use by an industrial or commercial enterprise, or housing development, or the protection of the environment, including, but not limited to, groundwater or surface water. Economic development project includes necessary buildings, improvements, or structures suitable for and intended for or incidental to use as an industrial or commercial enterprise or housing development; and includes industrial park or industrial site improvements and port improvements or housing development incidental to an industrial or commercial enterprise; and includes the machinery, furnishings, and equipment necessary, suitable, intended for, or incidental to a commercial, industrial, or residential use in connection with the buildings or structures.

  • Redevelopment project means a specific construction project

  • Phase III means human clinical trials, the principal purpose of which is to establish substantial evidence of both safety and efficacy in patients with the disease or condition being studied, as more fully defined in 21 C.F.R. §312.21(c) or similar clinical study in a country other than the United States. Phase III shall also include any other human clinical trial intended to serve as a pivotal trial to support the submission of an application for regulatory approval.

  • Phase I Study means a study in humans which provides for the first introduction into humans of a product, conducted in healthy volunteers or patients to obtain information on product safety, tolerability, pharmacological activity or pharmacokinetics, as more fully defined in 21 C.F.R. § 312.21(a) (or the non-United States equivalent thereof).

  • Distributed generation facility means a facility owned and operated by a member of the Cooperative for the production of electrical energy that:

  • Phase II Clinical Study means a human clinical study of a product initiated to determine the safety and efficacy in the target patient population, as described 21 C.F.R. 312.21(b).

  • Phase II Study means a human clinical trial, for which the primary endpoints include a determination of dose ranges and/or a preliminary determination of efficacy in patients being studied as described in 21 C.F.R. § 312.21(b) (FDCA), as amended from time to time, and the foreign equivalent thereof.

  • Phase IIb Clinical Trial means a clinical trial of a Product on sufficient numbers of patients that is designed to provide a preliminary determination of safety and efficacy of such Product in the target patient population over a range of doses and dose regimens.

  • Basic research means any original investigation for the advancement of scientific or technological knowledge that will enhance the research capacity of this state in a way that increases the ability to attract to or develop companies, jobs, researchers, or students in this state.