Operating Deficit. Operating Deficit" shall mean, with respect to any given period of time, an excess of Expenses over Gross Revenue, determined, subject to this Agreement, in accordance with Generally Accepted Accounting Principles.
Operating Deficit. The Partnership shall deposit $22,402 into a fund controlled by MHDC to be used for initial Operating Deficits. At stabilized occupancy as defined by MHDC in the Mortgage, any remaining funds in excess of normal cash requirements will be released to the Partnership and paid to the General Partner as an Operating Deficit Guarantee Fee.
Operating Deficit. If in any Operating Year a deficit is projected or realized in excess of the budget approved by Council in accordance with this Agreement, the Association shall prepare and submit a written report at the time it submits its Annual Budget to East Hants or within 30 days of projecting the deficit, whichever is sooner, outlining the magnitude of the projected or realized deficit, the reasons, and the recommendations for dealing with it in the current or coming year.
Operating Deficit. If at any time or from time to time after the opening of the Restaurants, the Restaurant Costs and all other expenses of owning and operating the Restaurants, including, without limitation, debt service on all indebtedness (including lease payments on all leases), and Capital Expenditures to the extent that the same exceed amounts available in the Capital Expenditure Reserve, shall exceed the Restaurant Revenues (herein a "Revenue Shortfall"), then CNL and Main St. shall each be responsible for its proportionate share of such excess, based upon their respective Percentages (as defined under Section 3.b.iii.(5) above), and CNL shall obtain and Main St. shall make or cause to be made, within thirty (30) days after notice of the amount of the Revenue Shortfall, unsecured non-recourse CNL Loans and Manager Loans, respectively (herein "Matching Loans"), to CNL in pro rata shares (proportionately to their respective Percentages) totaling the Revenue Shortfall.
Operating Deficit. If the operating cash requirements of the Company exceed available cash from Company operations, the Managing Member shall first seek third party financing for the shortfall ("Operating Deficit"), on commercially reasonable terms and at competitive rates. If available at commercially reasonable terms and at competitive rates, the Company shall take out a loan to finance the Operating Deficit. If the Managing Member is unable to obtain a loan on commercially reasonable terms and at competitive rates, which rates shall not exceed an annual rate of 3% plus the Prime Rate, the Managing Member shall notify each Member of the need to contribute each Member's prorata share of the Operating Deficit, based on each Member's Percentage Interest in the Company. Each Member's share of the Operating Deficit as hereinabove calculated shall be referred to as the "Member Operating Deficit Share". If any Member does not contribute to the Company all or any part of its Member Operating Deficit Share (the "Default Amount"), the nondefaulting Member shall have the option to contribute the Default Amount to the Company and each Member's Percentage Interest shall be adjusted accordingly; provided, however, that for purposes of computing such adjustment, DezCon's initial capital contribution shall be deemed to be $300,000.00, and the initial total capital contribution of the Members shall be deemed to be $1,000,000.00. By way of example, if the Operating Deficit is $50,000.00, Advantage's Member Operating Deficit Share is $35,000.00 (70% times $50,000.00) and DezCon's Member Operating Deficit Share is $15,000.00 (30% times $50,000.00). If DezCon only contributes to the Company $2,000.00 of its Member Operating Deficit Share and this is the first time that the Company has required additional capital contributions from the Members pursuant to this Section 3.3, the Default Amount is $13,000.00 ($15,000.00 minus $2,000.00). Assuming that Advantage contributes to the capital of the Company both its Member Operating Deficit Share and the Default Amount, Advantage's and DezCon's Percentage Interests in the Company shall be adjusted as follows: DezCon's Percentage Initial Capital Contribution Interest = Value + Section .3.3 Deficit Contributions 1,000,000.00 + Aggregate Section .3.4 Deficit Contributions = $300,000.00 + $2,000 ----------------------- $1,000,000.00 + $50,000 = 28.76% Advantage's Percentage $700,000.00 + $48,000.00 ------------------------ Interest = $1,000,000.00 + $50,00...