Operating Deficit Guaranty definition

Operating Deficit Guaranty. The Operating Deficit Guaranty dated the date hereof made by Guarantor in favor of Agent, for the ratable benefit of the Lenders.
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Operating Deficit Guaranty has the meaning set forth in Section 6.9(b) of this Agreement. "Operating Deficit Loan" has the meaning set forth in Section 6.9(b) of this Agreement. "Operating Reserve" has the meaning set forth in Section 6.15(a) of this Agreement. "Owner's Title Policy" has the meaning set forth in Section 4.1(d) of this Agreement. "Partner" means any General Partner and any Limited Partner.
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Operating Deficit Guaranty means the Operating Deficit Guaranty, dated as of the date hereof, from Guarantor for the benefit of Xxxxxxx Mac, as amended, supplemented or restated.
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Examples of Operating Deficit Guaranty in a sentence

  • Annual operating deficits shall be funded by the Key Principals under the Operating Deficit Guaranty on or before the date on which annual audited financial statements for the Project are due to IHFA.

  • Notwithstanding the foregoing, accrued Deferred Developer Fees, advances made under the Operating Deficit Guaranty (see Operating Deficit and Operating Deficit Guaranty below), or any other operating advances to the property by the borrower or affiliates of the borrower may only be repaid from the borrower’s share of positive Surplus Cash.

  • The form of the Operating Deficit Guaranty is attached hereto as Exhibit B-3-Operating Deficit Guaranty.

  • Each Guarantor hereby covenants and agrees solidarily to advance, on the terms set forth below, the funds required to fund any and all Operating Deficits incurred by the Borrower during the Operating Deficit Guaranty Period, within 120 days following the end of each fiscal year during the Operating Deficit Guaranty Period.

  • The annual operating deficit shall be fully paid and funded by the Guarantor(s) under the Operating Deficit Guaranty on or before the date on which annual audited financial statements for the Project are due to Grantee under the Loan Agreement.

  • The foregoing guaranty is referred to herein as the "Operating Deficit Guaranty".

  • Provided, however, if a Key Principal is an organization exempt from payment of federal income tax under Section 501(a) of the Internal Revenue Code of 1986, as amended (“Code”), as an entity organized under Section 501(c)(3) of the Code, the Key Principal’s obligations under any Operating Deficit Guaranty shall (i) not extend more than five (5) years from the date that the Project first achieves “break-even operations”, and (ii) be capped at an amount equal to “six (6) months” of operating expenses.

  • Notwithstanding the foregoing, if a Guarantor is an organization exempt from payment of federal income tax under Section 501(a) of the Internal Revenue Code of 1986, as amended (“Code”), as an entity organized under Section 501(c)(3) of the Code, the Guarantor(s)’s obligations under the Operating Deficit Guaranty shall (A) not extend more than five (5) years from the date that the Project first achieves “break-even operations”, and (B) be capped at an amount equal to “six (6) months” of operating expenses.

  • With the Consent of AHF, the Wichita GP may make withdrawals from the Operating Reserve solely for the purpose of paying Operating Deficits incurred by the Partnership after the Wichita GP has satisfied all of its obligations under the Operating Deficit Guaranty and the ODG Cap has been met.

  • In this case, we believe that even if Bolivia had completed its truth commission process, the state would be unlikely to experience a return to authoritarianism.


More Definitions of Operating Deficit Guaranty

Operating Deficit Guaranty means that certain Operating Deficit Guaranty of even date herewith executed by Guarantor for the benefit of Borrower and assigned to Lender, as amended from time to time.
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Operating Deficit Guaranty. The General Partner shall be obligated for a period of five years beginning on Permanent Mortgage Commencement to advance funds necessary to meet cash operating expenses which exceed cash operating income.
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Operating Deficit Guaranty means the Absolute and Unconditional Guaranty of Operating Deficits (2023A), dated as of December 1, 2023, from the Issuer Guarantors, jointly and severally, to the Issuer and the Trustee.
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Operating Deficit Guaranty shall have the meaning given in Section 3.2(b) hereof.
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Operating Deficit Guaranty. The General Partners shall be obligated to make Subordinated Loans to the Partner- ship to cover debt service, operating expenses and the Replacement Reserve Fund to the extent these exceed available operating income.
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Related to Operating Deficit Guaranty

  • Operating Deficit means that, at the end of the fiscal year, the unassigned fund balance in the General Fund is less than zero.

  • Accumulated Funding Deficiency has the meaning ascribed to that term in Section 302 of ERISA.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Funding Default as defined in Section 2.22.

  • Reporting Default means a Default described in Section 6.01(d).

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Performing Note Deficiency means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes are Performing Equipment Notes.

  • Significant deficiency means a shortcoming in the system that materially affects the ability of officials of the Department of Defense to rely upon information produced by the system that is needed for management purposes.

  • Gas Supply Deficiency means any occurrence relating to Sellers gas supply which causes Seller to deliver less than the total requirements of its system, including failures of suppliers to deliver gas for any reason, requirement of gas for system storage, conservation of gas for future delivery, or any other occurrence which is not enumerated herein which affects Sellers gas supply.

  • ERISA Affiliate Plan means each Employee Benefit Plan sponsored or maintained or required to be sponsored or maintained at any time by any ERISA Affiliate, or to which such ERISA Affiliate makes or has made, or has or has had an obligation to make, contributions at any time, or with respect to which such ERISA Affiliate has any liability or obligation.

  • Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

  • Insurance Agreement Event of Default means an "Event of Default" as defined in the Insurance Agreement.

  • Multiemployer Plan means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

  • Company ERISA Affiliate means all employers (whether or not incorporated) that would be treated together with the Company or any of its Subsidiaries as a “single employer” within the meaning of Section 414 of the Code.

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Reportable Event means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

  • Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any member of the Controlled Group may have any liability.

  • Parent ERISA Affiliate means any corporation or trade or business (whether or not incorporated) which is (or at any relevant time was) treated with Parent or any of its Subsidiaries as a single employer within the meaning of Section 414 of the Code.

  • Existing Defaults means, collectively, the Events of Default identified on Exhibit A hereto.

  • Reportable Compliance Event means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Mental deficiency means mental deficiency as defined by appropriate clinical authorities to such extent that a person so afflicted is incapable of managing himself and his affairs, but shall not include mental illness as defined herein.

  • Reserve Account Deficiency shall have, for any Distribution Date, the meaning specified for such Distribution Date in Section 4.6(b) of the Sale and Servicing Agreement.

  • Act of Insolvency means any act as such as defined by the Presidency Towns Insolvency Act or in Provincial Insolvency act or any amending status.

  • Spread Account Deficiency means the excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).