Operating Shortfall definition

Operating Shortfall shall have the meaning set forth in Section 3.3(a) of this Agreement. 1.84
Sample 1Sample 2Sample 3
Operating Shortfall means, as of any measurement date (including, without limitation, a Put/Call Measurement Date or a termination of employment), the amount, if any, by which the actual operating expenses of the LLC exceeded the Operating Cash Flow of the LLC (including previously reserved Operating Cash Flow) during the twelve (12) months ending on the last day of the calendar quarter in which the measurement date occurs.
Sample 1Sample 2Sample 3
Operating Shortfall has the meaning given to such term in Section 9.18(d).
Sample 1Sample 2Sample 3

Examples of Operating Shortfall in a sentence

  • If Administrative Agent approves the Reconciliation Report delivered by Borrowers pursuant to the terms of Section 3.8.1(A), then on the first Disbursement Date after Administrative Agent’s approval of such Reconciliation Report, any Borrower Funded Operating Shortfall shall be disbursed to the Borrowers’ Operating Account out of Cash Flow available for disbursement (if any) pursuant to Section 3.4.2.

  • Ms. Thomas noted that it is anticipated the MHA will have access to the second increment of Operating Shortfall Funds in the amount of approximately $92,000 to help offset the decrease in net cash flow, however this is dependent upon HUD approving an Action Plan.

  • The Operating Shortfall shall be paid as contemplated in Section 2.2.

  • In the event that either Owner or Operator funds any Operating Shortfall under this subsection, such party shall thereafter be reimbursed from subsequent amounts collected by the Operator from Condominium Unit Owners pursuant to the enforcement of remedies contained in the Declaration.

  • Frisbie reviewed the following summary of the 2020-2021 Budget.Total Estimated Revenues‐January$44,972,905Total Estimated Expenditures$48,468,049Estimated Operating Shortfall (before millage increase)$(3,495,144)Millage Increase to Index (0.4320 mills)$713,000Millage Increase‐Act 1 Exceptions (0.1737 mills)$287,000Revised Operating Shortfall‐January$($2,495,144)L.

  • Any such Operating Shortfall shall not, for the avoidance of doubt, be payable from the assets of the Sub-Fund.NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2019 (continued)7.

  • Funds held in the Operating Shortfall Reserve Account shall be used only for the following purposes and in the following order of priority: (i) to fund any Working Capital Shortfalls (including, without limitation, any shortfalls on debt service payments required under the Loan); and (ii) to supplement Distributable Cash from Operations to the extent necessary for CWI Member to receive its eight and five-tenths percent (8.5%) preferred return as provided for in Section 8.1(b)(i).

  • A.1. Operating Shortfall of the City-Run Child Care Centres‌3% of Toronto's child care spaces are in the 52 City-run child care centresChildren's Services directly operates 52 child care centres with a licensed capacity for 2,921 spaces, representing about three per cent of the total 83,587 licensed child care spaces in the City.

  • The CW Initial Contribution shall be used by the Company in strict accordance with the statement of sources and uses attached hereto as Schedule 1, which includes a copy of the approved construction and renovation budget for the Hotel (the “Renovation Budget”) which includes all “hard” and “soft” construction costs together with a line item for (a) contingency costs required in connection therewith; (b) the Operating Shortfall Reserve Account; and (c) working capital reserves.

  • The next section will, therefore, explain Corporate Social Responsibility (CSR) and why it is important that organizations take their responsibility in certain ways.


More Definitions of Operating Shortfall

Operating Shortfall means as of the last day of any calendar month ending after the Closing Date the amount, if any, by which unpaid Operating Expenses for such calendar month exceed the Distributable Cash on the last day of such calendar month.
Sample 1Sample 2
Operating Shortfall shall have the meaning given to such term in Section 4.7(d).
Sample 1
Operating Shortfall means the extent to which, for any Operating Year, Expenses and any other expenditures which are normal and customary in connection with a hotel or condohotel operation other than those explicitly excluded under the definition of "Expenses", exceed Gross Revenues.
Sample 1

Related to Operating Shortfall

  • Accumulation Shortfall shall initially mean zero and shall thereafter mean, with respect to any Monthly Period during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Monthly Period over the amount deposited into the Principal Funding Account pursuant to subsection 4.9(c)(i) with respect to the Certificates for the previous Monthly Period.

  • Class A-P Collection Shortfall With respect to the Cash Liquidation or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount described in Section 4.02(b)(i)(C)(2).

  • Available Funds Shortfall As defined in Section 3.03(b)(ii)(A).

  • Working Capital Shortfall means the amount, if any, by which Working Capital is less than the Working Capital Target.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Capitalization Reimbursement Shortfall Amount With respect to any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan Group, the amount, if any, by which the amount of Advances or Servicing Advances that were added to the Stated Principal Balance of all Mortgage Loans (or, if the Mortgage Pool is comprised of two or more Loan Groups, on the Mortgage Loans in the related Loan Group) during the preceding calendar month exceeds the amount of principal payments on the Mortgage Loans included in the Available Distribution Amount (or, if the Mortgage Pool is comprised of two or more Loan Groups, Available Distribution Amount for the related Loan Group) for that Distribution Date.

  • Finance Charge Shortfall shall have the meaning specified in Section 4.09.

  • Excess Cash Flow Payment Date means the date occurring 90 days after the last day of a fiscal year of the Parent (commencing with its fiscal year ending December 31, 2000).

  • Principal Shortfall For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding Distribution Date exceeds (ii) the aggregate amount actually distributed with respect to principal on the Non-Vertically Retained Principal Balance Certificates on such preceding Distribution Date in respect of such Principal Distribution Amount.

  • Collateral Shortfall Amount is defined in Section 8.1.

  • Net Interest Shortfall With respect to any Distribution Date, the Interest Shortfall, if any, for such Distribution Date net of Compensating Interest Payments made with respect to such Distribution Date.

  • Curtailment Shortfall For any Distribution Date and for any Curtailment received in the Prior Period, an amount equal to one month’s interest on such Curtailment at the Pass-Through Rate for the applicable Mortgage Loan.

  • Excess Cash Flow Payment Period means, with respect to the repayment required on each Excess Cash Flow Payment Date, the immediately preceding fiscal year of the Borrower.

  • Excess Cash Amount means, as of any Excess Cash Measurement Date, (a) the total amount of Unrestricted Cash, less (b) the sum of (i) the applicable Minimum Cash Threshold hereto corresponding to such Excess Cash Measurement Date, (ii) the total amount of scheduled payments due by OEC and its Subsidiaries, taken as a whole, under (x) the New Notes and (y) any other Permitted Indebtedness in each case in the subsequent twelve (12) month period, (iii) projected expenses for the Issuer to conduct its operations during the subsequent twelve (12) month period, including any foreign currency conversion expenses and (iv) for any Excess Cash Measurement Date through (and including) December 31, 2024, any Fines due by OEC and its Subsidiaries for the subsequent twelve (12) month period; less (c) an amount equal to the Required Gross-Up; provided that any items already deducted from cash and short-term investments of OEC and its Subsidiaries for purposes of determining Unrestricted Cash shall not be deducted again for purposes of determining the Excess Cash Amount.

  • Substitution Shortfall Amount As defined in Section 2.03(d).

  • Net Simple Interest Shortfall With respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest at the weighted average (by principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Due Period, as determined by the Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Remittance Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months, over (b) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of such Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees.

  • Daily Principal Shortfall means, on any date of determination, the excess of the Group One Monthly Principal Payment for the Monthly Period relating to such date over the month to date amount of Collections processed in respect of Principal Receivables for such Monthly Period allocable to investor certificates of all outstanding Series in Group One, not subject to reallocation, which are on deposit or to be deposited in the Principal Account on such date.

  • Net Monthly Excess Cash Flow For any Distribution Date the amount remaining for distribution pursuant to subsection 4.02(a)(iii) (before giving effect to distributions pursuant to such subsection).

  • Note Interest Shortfall means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the prior Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the prior Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

  • Class B Interest Shortfall shall have the meaning specified in subsection 4.02(b).

  • Series Principal Shortfall means with respect to any Transfer Date, the excess, if any, of (a) (i) with respect to any Transfer Date relating to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date, and (ii) with respect to any Transfer Date during the Rapid Amortization Period, the Adjusted Investor Interest over (b) the Investor Principal Collections minus the Reallocated Principal Collections for such Transfer Date.

  • Interest Shortfall With respect to any Distribution Date and each Mortgage Loan that during the related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows:

  • Principal Deficiency Amount For any Distribution Date and for any Undercollateralized Group, the excess, if any, of the aggregate Class Certificate Principal Balance of such Undercollateralized Group immediately prior to such Distribution Date over the sum of the Principal Balances of the Mortgage Loans in the related Loan Group immediately prior to such Distribution Date.

  • Deficiency Amount shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Class B Note Principal Shortfall means, as of the close of any distribution date, the excess of: • the Class B Noteholders’ Principal Distribution Amount on that distribution date, over • the amount of principal actually distributed to the class B noteholders on that distribution date.

  • Class A Interest Shortfall shall have the meaning specified in subsection 4.02(a).