Project Shortfall definition

Project Shortfall means any means any and all cash required to satisfy any actual or projected financial requirements of the Company (not including, however, payment of Unpaid Preferred Return or any other obligations of the Company to the Members), as determined by the Management Committee.
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Project Shortfall means any and all cash necessary, as determined by the Management Committee, to provide sufficient funds for payment of any of the following: (i) repairs resulting from any uninsured casualty or damage or destruction to the Project, (ii) operating deficits of the Project, and (iii) any amounts required to be paid to MIREF Governor Finance, LLC (or its successor or assign), the mortgage lender for the Project, to reduce the principal amount of its mortgage loan so as to enable the Company to satisfy the conditions for the exercise of any option to extend the term of such mortgage loan pursuant to the provisions of such mortgage loan.
Sample 1
Project Shortfall is defined in Section 2.8(l) hereof “Prohibited Person” is defined in Section 3.18 hereof. “Prohibited Transfer” is defined in Section 6.3(a) hereof.
Sample 1

Examples of Project Shortfall in a sentence

  • If the Project Shortfall Percentage is 20% or less, there shall be no Community Recovery Payment due.

  • An illustration of the calculation of the Project Shortfall Percentage is attached hereto on Schedule 4.6.5. The Project Shortfall Percentage shall be stated in the Annual Report.

  • If an Annual Report shows that, for the immediately preceding Annual Report Year, there is a Project Shortfall Percentage that is greater than 20%, then, the Company, in such Annual Report, shall calculate the amount of the “Recovery Payment” as described in Schedule 4, and shall pay the same at the time the Annual Report is filed, all pursuant to and as defined in the Goals Schedule.

  • If the Project Shortfall Percentage is 10% or less, there shall be no Community Recovery Payment due.

  • If an Annual Report shows that, for the immediately preceding Annual Report Year, there is a Project Shortfall Percentage, then, the Company, in such Annual Report, shall calculate the amount of the “Community Recovery Payments,” and shall pay the same, all pursuant to and as defined in the Incentives Schedule.

  • If an Annual Report shows that, for the immediately preceding Annual Report Year, there is a Project Shortfall Percentage, then, the Company, in such Annual Report, shall calculate the amount of the “Community Recovery Payments,” and shall pay the same, all pursuant to and as defined in the Community Incentives Schedule.

  • For the avoidance of doubt, if the Project Shortfall Percentage is 20% or less, there shall be no Community Recovery Payment due.

  • If the Project Percentage is less than 100%, then the Project Percentage shall be subtracted from 100% and the remainder shall be the Project Shortfall Percentage.

  • If an Annual Report shows that, for the immediately preceding Annual Report Year, there is a Project Shortfall Percentage greater than 20%, then, the Company, in such Annual Report, shall calculate the amount of the “ Community Recovery Payments,” and shall pay the same with respect to the incentives set forth in the Incentives Table, all pursuant to and as defined in the Community Incentives Schedule.

  • If the Project Percentage is less than 100% for any year during the Performance Period, then the Project Percentage shall be subtracted from 100% and the remainder shall be the Project Shortfall Percentage.


More Definitions of Project Shortfall

Project Shortfall has the meaning given to such term in Section 2.10.
Sample 1
Project Shortfall means any means any and all cash necessary, as determined by the Management Committee, to provide sufficient to funds for payment of any of the following: (i) repairs resulting from any uninsured casualty or damage or destruction to the Project, (ii) operating deficits of the Project, (iii) the Threshold Return to Paladin, and (iv) any amounts required to be paid to MIREF Governor Finance, LLC (or its successor or assign), the mortgage lender for the Project, to reduce the principal amount of its mortgage loan so as to enable the Company to satisfy the conditions for the exercise of any option to extend the term of such mortgage loan pursuant to the provisions of such mortgage loan.
Sample 1

Related to Project Shortfall

  • 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:

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

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

  • Class Interest Shortfall As to any Distribution Date and Class, the amount by which the amount described in clause (i) of the definition of Class Optimal Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date pursuant to such clause (i).

  • 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.

  • 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.

  • 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.

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

  • Class A Note Interest Shortfall means, for any distribution date, the excess of: • the Class A Noteholders’ Interest Distribution Amount on the preceding distribution date, over • the amount of interest actually distributed to the class A noteholders on that preceding distribution date, plus interest on the amount of that excess, to the extent permitted by law, at the interest rate applicable for each related class of notes from that preceding distribution date to the current distribution date.

  • Class B Note Interest Shortfall means, for any distribution date, the excess of: • the Class B Noteholders’ Interest Distribution Amount on the preceding distribution date, over • the amount of interest actually distributed to the class B noteholders on that preceding distribution date, plus interest on the amount of that excess, to the extent permitted by law, at the class B note interest rate from that preceding distribution date to the current distribution date.

  • Uncompensated Interest Shortfall With respect to a Loan Group, for any Distribution Date, the sum of (i) the aggregate Relief Act Shortfall for such Distribution Date with respect to the Mortgage Loans in such Loan Group, (ii) aggregate Curtailment Shortfall for such Distribution Date with respect to the Mortgage Loans in such Loan Group and (iii) the excess, if any, of (a) aggregate Uncollected Interest for such Distribution Date with respect to the Mortgage Loans in such Loan Group over (b) Compensating Interest for such Distribution Date with respect to the Mortgage Loans in such Loan Group. Uncompensated Interest Shortfall for Loan Group I shall be allocated to the Group I-L Regular Interests and the portions of the Group C-B-L Regular Interests that derive their Interest Distribution Amounts from the Group I Loans, pro rata according to the amount of interest accrued but unpaid on each such Class or portion thereof, in reduction thereof. Uncompensated Interest Shortfall for Loan Group II shall be allocated to the Group II-L Regular Interests and the portions of the Group C-B-L Regular Interests that derive their Interest Distribution Amounts from the Group II Loans, pro rata according to the amount of interest accrued but unpaid on each such Class or portion thereof, in reduction thereof. Uncompensated Interest Shortfall for Loan Group I shall be allocated to the Class I-X-M, Class C-Y-1 and Class C-Z-1 Regular Interests, pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof. Uncompensated Interest Shortfall for Loan Group II shall be allocated to the Class II-X-M, Class C-Y-2 and Class C-Z-2 Regular Interests, pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof.

  • Relief Act Shortfall With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest or principal collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

  • 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.

  • Collateral Interest Shortfall shall have the meaning specified in subsection 4.02(c).