Breakeven means 'Producer's Gross Receipts' less the deductions set forth in clauses (), (i), (iii) and (v) of paragraph B.l(a) above; and the deductions set forth in paragraph B.I(aXiv) which are paid or accrue prior to Breakeven.
Breakeven means a business's revenues equal its expenses. The term, however, has a slightly different significance for cooperatives than for for-profits. For-profits generally start with losses and strive to increase revenues to a breakeven basis in the course of their attempts to exceed breakeven revenue levels and achieve profitability and increasing levels thereof. Cooperatives, however, operate on cost-based pricing. They are not allowed to earn "profits" over the long run (except to finance capital costs). Instead, coops charge prices sufficient to recover their costs. The prices cannot be higher or lower than necessary to recover their costs. As a result, the cooperative's goal is generally to operate at a breakeven level of revenues.
Breakeven means that, for each such month, physical and economic occupancy is at least 95.0% and that Property income (with rents not to exceed maximum allowed tax credit rents net of the applicable utility allowances for the rent-restricted units) after adjusting for any concessions and the lesser of actual other income or underwritten other income, exceeds the greater of underwritten expenses or actual expenses, including replacement reserves, reassessed taxes, and permanent loan debt service (calculated on a stabilized and accrual basis) and generates debt service coverage of not less than 1.15x on all mandatory debt assuming the greater of actual or a 5% vacancy rate applied to both rental revenue and other income. Revenue shall not include non-recurring revenue nor tenant-based voucher income exceeding maximum Housing Credit rents.
Examples of Breakeven in a sentence
From the date the first apartment unit in the Apartment Housing is available for its intended use until three consecutive months of Break-even Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns.
Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land.
For example, the Breakeven Calculator does not account for vesting.
From the date of this Agreement until three consecutive months of Break-even Operations, the General Partner will provide the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns.
In addition, this Breakeven Calculator does not take into consideration the difference in taxation between RSUs and stock options.
More Definitions of Breakeven
Breakeven means the first day following a specified period of consecutive calendar months commencing on or after Final Closing during each of which, as determined by the Accountants, the Project has produced income (other than rental subsidies) actually received by the Partnership on a cash basis from normal operations plus rental subsidies on an accrual basis at least equal to all cash requirements of the Project on an accrual basis (not including distributions or payments to Partners out of Cash Flow but including all debt service at the greater of actual levels or the levels in effect following Permanent Mortgage Commencement, whether or not Permanent Mortgage Commencement shall have occurred, real estate taxes assuming full assessment and reserve requirements imposed upon the Project by the Project Documents or this Agreement) and, on an annualized basis, all projected expenditures, including those of a seasonal nature, which might reasonably be expected to be incurred on an unequal basis during a full annual period of operation. If free rent or other rental concessions shall have been granted to tenants, the calculation of income pursuant to the preceding sentence shall be adjusted so that the effect of such concessions is amortized equally over the term of all leases (excluding renewal periods) to which it applies. The determination of the Accountants that Breakeven has occurred, in the form attached hereto as Exhibit F, shall be subject to confirmation by the Investor Limited Partner pursuant to a physical inspection of the Property to determine, among other things, that there is no deferred maintenance of the Project; provided, however, that in the event that the Investor Limited Partner does not make such physical inspection of the Property within fifteen (15) business days after having received the
Breakeven. Any month wherein the Gross Revenues generated from operations at a Facility equal or exceed the expenses incurred at such Facility during such period; provided, that, all expenses are accounted for on an accrual basis. Budgets: Collectively, the Naples Budget, the Carmel Budget, the Dublin Budget, the Germantown Budget, the Birmingham Budget, the Overland Park Budget, the Hockessin Budget, the Blue Xxxx Budget, the Richmond Budget, the Xxxxxxxxxx Budget and the West Bloomfield Hills Budget.
Breakeven shall be defined in reference to the criterion outlined in Section 3.1 (i) and (ii). as the point at which cumulative Revenues equals the cumulated Expense items allocated to West as outlined in Schedule A with the exception of loan loss reserve. The loan loss reserve expense allocated to West for determining Breakeven status shall equal the loss reserve formula used for determining all other Bank and/or APFN loan loss reserves for loans delinquent 30 days or greater and for loans that were originated over 179 days before the date of calculation. A loan loss reserve will not be applied for loans less than 180 days old that are also less than 30 days past due.
Breakeven means positive cash flow from operating activities, less: (i) the sum of cash used in investing activities; and (ii) payments under capital lease obligations, as such items are reflected on a statement of cash flows prepared in accordance with U.S. generally accepted accounting principles (such terms having the meanings given in U.S. generally accepted accounting principles). The Joint Entities shall be deemed to have reached Breakeven on the last day of the fourth fiscal quarter if the foregoing definition is satisfied for each of four (4) full consecutive fiscal quarters for all Joint Entities on a consolidated basis even if all Joint Entities do not independently attain Breakeven (whether or not such period constitutes a calendar or fiscal year).
Breakeven means no real change in the Unallocated Reserve of the Corporate Budget after any transfers to or from this reserve.
Breakeven means the first day following a period of three (3) consecutive calendar months during each of which, as determined by the Auditors, the Apartment Complex has produced income (other than rental subsidies) actually received by the Partnership on a cash basis from normal operations plus rental subsidies on an accrual basis at least equal to all cash requirements of the Apartment Complex on an accrual basis (not including fees and distributions to Partners payable out of Cash Flow (including, without limitation, the Asset Management Fee, the Partnership Management Fee and the Incentive Management Fee) but including all debt service, real estate taxes, assuming full assessment and reserve requirements imposed upon the Apartment Complex by the Project or this Agreement) and, on an annualized basis, all projected expenditures, including those of a seasonal nature, which might reasonably be expected to be incurred on an unequal basis during a full annual period of operation. If free rent or other rental concessions shall have been granted to tenants, the calculation of income pursuant to the preceding sentence shall be adjusted so that the effect of such concessions is amortized equally over the term of all leases (excluding renewal periods) to which it applies. The determination of the Auditors that Breakeven has occurred shall be subject to confirmation by the Special Limited Partner; provided, however, that in the event that the Investor Limited Partner does not dispute the Auditor's determination within ten (10) days after having received the Auditors' determination letter, then Breakeven shall be deemed to have occurred.
Breakeven means, with respect to any Borrowing Base Development Property, as calculated from time to time, when such Property generates Net Operating Income (on an annualized basis) equal to or greater than the sum of all payments of interest that would be required to annually service the accrued interest only on a loan in the Maximum Loan Amount for such Property with an interest rate equal to the sum of three month LIBOR on the date Breakeven is calculated plus 3.00%.