Operating Deficit Guarantee Period definition
Operating Deficit Guarantee Period means the period commencing with the date of this Agreement and ending three years following three consecutive months of Break-even Operations, provided the Partnership has achieved Completion of Construction of the Apartment Housing.
Operating Deficit Guarantee Period means the period commencing the date the first apartment unit in the Apartment Housing is available for its intended use and ending three years following the achievement of three consecutive months of Breakeven Operations. The Operating Deficit Guarantee Period will not expire unless the Partnership has achieved Completion of Construction of the Apartment Housing.
Operating Deficit Guarantee Period means the period commencing the date of this Agreement and ending three years following the achievement of three consecutive months of Breakeven Operations. The Operating Deficit Guarantee Period will not expire unless the Partnership has achieved Completion of Construction of the Apartment Housing.
Examples of Operating Deficit Guarantee Period in a sentence
The General Partner shall not be reimbursed if the Administrative General Partner is obligated to pay the same as an Operating Deficit during the Operating Deficit Guarantee Period, or by operation of law in accordance with the Act, or in accordance with this Agreement, or subject to the limitations on the reimbursement of such expenses set forth herein in which case the Administrative General Partner shall be responsible for payment of the expense.
If there is an Affiliated Management Agent and there is an Operating Deficit following the termination of the Operating Deficit Guarantee Period or the depletion of the maximum Operating Deficit amount pursuant to Section 6.3, whichever occurs first, then 40% of the Management Fee will be deferred (“Deferred Management Fees”).
More Definitions of Operating Deficit Guarantee Period
Operating Deficit Guarantee Period means the period commencing from the date of this Agreement through five years following Break-even Operations.
Operating Deficit Guarantee Period means the period commencing the date the first apartment unit in the Apartment Housing is available for its intended use (for properties being rehabilitated with tenants in residence, the period commences with the signing of this Agreement). The period ends three years following the achievement of three consecutive months of Breakeven Operations (for properties being rehabilitated with tenants in residence, the Operating Deficit Guarantee Period ends following three consecutive months of Breakeven Operations after completion of all the rehabilitation as approved in the Plans and Specifications or scope of work). The Operating Deficit Guarantee Period will not expire unless the Partnership has achieved Completion of Construction of the Apartment Housing.
Operating Deficit Guarantee Period means the period commencing with the date of this Agreement and ending on December 31, 2002.
Operating Deficit Guarantee Period means the period commencing the date the first unit in the Project is available for its intended use and ending three years following the achievement of three consecutive months of Breakeven Operations. The Operating Deficit Guarantee Period will not expire unless the Partnership has achieved Completion of Construction of the Project.
Operating Deficit Guarantee Period means the period commencing on the date of this Partnership Agreement and ending at the end of the Compliance Period.
Operating Deficit Guarantee Period means the period commencing the date the first apartment unit in the Apartment Housing is available for its intended use and ending five years following the later of (i) Permanent Mortgage Commencement and (ii) achievement of three consecutive months of a minimum Debt Service Coverage of 1.15, provided however, the Operating Deficit Guarantee Period shall not expire unless and until the Apartment Housing has achieved a minimum Debt Service Coverage of 1.10 for the most recent period of 12 consecutive months based on an audit. The Operating Deficit Guarantee Period will not expire unless Completion of Construction has occurred and all reserves required by Article VIII have been initially fully funded.
Operating Deficit Guarantee Period means the period commencing with the Completion of Construction and ending two years following three consecutive months of Break-even Operations, context of a Section of this Agreement may specifically require, the definition may refer to either Autumn Ridge, Pontiac or ▇▇▇▇▇▇▇.