Operating Deficit Sample Clauses

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. [Abbreviated Society Name] will be responsible for any operating shortfalls or extraordinary expenses. Any Operating Deficit will not be the responsibility of BC Housing.
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...
Operating Deficit. The District will not end a fiscal year with an operating deficit in any fund unless both of the following occur:

Related to Operating Deficit

Waiver; Deficiency Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-112 of the New York UCC. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.
Capital Account Deficits Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit in such Partner’s Capital Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain. Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the General Partner in accordance with this Section 5.01(e), to the extent permitted by Regulations Section 1.704-1(b), Profit first shall be allocated to the General Partner in an amount necessary to offset the Loss previously allocated to the General Partner under this Section 5.01(e).
Anti-Deficiency Act Pursuant to 31 U.S.C. §1341 nothing contained in this Agreement shall be construed as binding the NPS to expend in any one fiscal year any sum in excess of appropriations made by Congress, for the purposes of this Agreement for that fiscal year, or other obligation for the further expenditure of money in excess of such appropriations.
Liability for Deficiency If any sale or other disposition of Collateral by Secured Party or any other action of Secured Party hereunder results in reduction of the Obligations, such action will not release Debtor from its liability to Secured Party for any unpaid Obligations, including costs, charges and expenses incurred in the liquidation of Collateral, together with interest thereon, and the same shall be immediately due and payable to Secured Party at Secured Party's address set forth in the opening paragraph hereof.
Excess Nonrecourse Liability Safe Harbor Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Partner’s proportionate share of the “excess nonrecourse liabilities” of the Partnership (as defined in Section 1.752-3(a)(3) of the Regulations), the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). If there is an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall be allocated to each Partner.
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts In the event the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article XII to the Partners who have positive Capital Accounts in compliance with Regulations Section 1.704- 1(b)(2)(ii)(b)(2). If any Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all Allocation Years, including the Allocation Year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever.
Existing Definitions (i) The definition of “Applicable Premium” in Section 1.01 of the Financing Agreement is hereby amended and restated its entirety to read as follows:
ERISA Compliance; Excess Parachute Payments The Parent does not, and since its inception never has, maintained, or contributed to any “employee pension benefit plans” (as defined in Section 3(2) of ERISA), “employee welfare benefit plans” (as defined in Section 3(1) of ERISA) or any other Parent Benefit Plan for the benefit of any current or former employees, consultants, officers or directors of Parent.
No Existing Default No Default or Event of Default shall have occurred and be continuing (i) on the borrowing, continuation or conversion date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date or (ii) on the issuance or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such Letter of Credit on such date.
Plan Assets; Prohibited Transactions The Borrower is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.