Operating Deficit Guarantee Period definition

Operating Deficit Guarantee Period means the period commencing with the date of this Agreement and ending in three years following the three consecutive months of Break-even Operation.

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

• After expiration of the Operating Deficit Guarantee Period, with the Consent of the Special Limited Partner, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it.

• For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits.

• Reimbursements to the General Partner, or any of its Affiliates, by the Partnership shall be allowed only for the Partnership's Cash Expenses unless the General Partner is obligated to pay the same as an Operating Deficit during the Operating Deficit Guarantee Period, and subject to the limitations on the reimbursement of such expenses set forth herein.

• If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Apartment Housing has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee").

• For the balance of the Operating Deficit Guarantee Period the General Partner will provide Operating Loans to pay any Operating Deficits.

More Definitions of Operating Deficit Guarantee Period

Operating Deficit Guarantee Period means the period commencing with the execution of the 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 with the date of this Agreement and ending on December 31, 2002.

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 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.