Credit Shortfall definition

Credit Shortfall shall have the meaning set forth in Section 5.1(g).

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Credit Shortfall has the meaning given to it in Section 5.1(f). Disposition (including the forms Dispose and Disposing) means, as to a Limited Partner, the assignment, sale, transfer, exchange or other disposition of all or any part of its Interest.

Credit Shortfall means the amount by which the Actual Credit is less than the Projected Credit (or Revised Projected Credit) for any year or portion thereof.

Examples of Credit Shortfall in a sentence

In the event a Sale or Refinancing of the Apartment Housing occurs prior to repayment in full of the Annual Credit Shortfall then the excess will be paid in accordance with Section 11.2(b).
If the Annual Credit Shortfall is greater than the Limited Partner's remaining Capital Contributions then the General Partner shall pay to the Limited Partner the excess of the Annual Credit Shortfall over the remaining Capital Contributions.
The General Partner shall have sixty days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Special Limited Partner.
If the Annual Credit Shortfall is greater than the Limited Partner's remaining Capital Contributions, then the General Partner shall pay to the Limited Partner the excess of the Annual Credit Shortfall over the remaining Capital Contributions.
In the event there are not sufficient funds to pay the full Annual Credit Shortfall to the Limited Partner at the time of the next Distribution of Net Operating Income, then the unpaid Annual Credit Shortfall shall be repaid in the next year in which sufficient monies are available from the General Partner's share of Net Operating Income.
In the event there are not sufficient funds to pay the full Annual Credit Shortfall to the Limited Partner at the time of the next Distribution of Net Operating Income, then the unpaid Annual Credit Shortfall shall be repaid in the next year in which sufficient monies are available from the General Partner's Net Operating Income.
The General Partner shall have 60 days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Special Limited Partner.
Payments into the Trust Account corresponding to the amount of the Credit Shortfall Breach as determined under this subparagraph shall be deemed fully to mitigate the emissions consequences of a Credit Shortfall Breach.
The General Partner shall have ninety days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Limited Partner.
Except as provided below with regard to a GHG Credit Shortfall Breach, breaches of this Settlement Agreement shall be enforced in accordance with applicable contract law, including the availability of injunctive relief.

More Definitions of Credit Shortfall

Credit Shortfall means the amount by which the Actual Credit is less than the Projected Credit (or Revised Projected Credit) for any year or portion thereof. "Debt Service" means scheduled principal and interest payments on indebtedness under the Mortgage Loan, determined on an annual basis for each year of Partnership operations. "Developer" means jointly, First Atlantic and American Housing, or their respective designees. "Deferred Development Fee" means any portion of the Development Fee not actually paid to and received by the Developer from the Installments, the payment of which is deferred and payable only in accordance with Sections 5.01(a), 11.03(A)(b) and 11.04(A)(c) hereof. "Development Fee" means the fee payable by the Partnership to the Developer pursuant to Section 8.10 of this Agreement. "Development Sources" means the aggregate of: (a) the proceeds of the Mortgage Loan; (b) the Capital Contributions of the General Partner, as set forth in Section 5.01(a) of this Agreement; (c) not more than $199,951, less the amount of the non-DeferredDevelopment Fee of the Capital Contributions of the Investment Partnership to the Partnership; and (d) any rental income of the Partnership for the period prior to Final Closing. "Distributable Proceeds from Capital Transactions" means the excess of all cash receipts and other consideration arising from the sale or other disposition of all or any portion of the Apartment Complex or any proceeds realized from condemnation,casualty, or title defect, but excluding proceeds, if any, from rental interruption insurance or a temporary condemnation in the nature of a lease, over the sum of the following, to the extent paid out of such cash receipts or other consideration: (i) the amount of cash disbursed or to be disbursed in connection with or as an expense of such sale or other disposition, (ii) the amount necessary for the payment of all debts and obligations of the Partnership arising from or otherwise related to such sale or other disposition or to which the Apartment Complex is subject and which are otherwise then due (other than debts and obligations owed to the Partners and their Affiliates, which shall be satisfied in the order set forth in Section 11.04), and (iii) any amounts set aside by the General Partner for reserves which the General Partner deems reasonably necessary for contingent, unmatured or unforeseen liabilities of the Partnership. "Distributable Proceeds from Refinancings" means the excess of the gross proceeds ...

Credit Shortfall means the amount by which the Actual Credit is less than the Projected Credit (or Revised Projected Credit) for any year or portion thereof. "Debt Service" means scheduled principal and interest payments on indebtedness under the Loans determined on an annual basis for each year of Partnership operations, but excluding (i) principal and interest due on acceleration of the Loans upon occurrence of an event of default and (ii) balloon payments of principal and interest due upon expiration of the term of the Loans. "Debt Service Coverage Ratio" means the ratio of (i) rental and miscellaneous income of the Partnership from the operation of the Apartment Complex in the ordinary course of business and all other income of the Partnership including unrestricted earnings on reserve or escrow funds other than proceeds of any loans to the Partnership and investment earnings on funds on deposit in the Reserve Fund for Replacements and/or Operating Deficit Reserve ("Gross Income") minus all accrued operational costs of the Apartment Complex; including, but not limited to taxes, assessments, Reserve Fund for Replacements deposits, maintenance and repairs, fees due and payable (other than the Incentive Partnership Management Fee, the Asset Management Fee and the Deferred Development Fee), and a ratable portion of the annual amount (as reasonably estimated by the General Partner) of those seasonal or periodic expenses (such as utilities, maintenance expenses and real estate taxes) which might reasonably be expected to be incurred on an unequal basis during a full annual period of operations, but excluding amounts due under Subordinated Loans to (ii) Debt Service. "Developer" means Balanced Housing Development Corp. "Deferred Development Fee" means any portion of the Development Fee not actually paid to and received by the Developer from the Installments, the payment of which is deferred and payable only in accordance with Sections 5.01(a), 11.03(A)(c) and 11.04(A)(b)(i) hereof. "Development Fee" means the fee payable by the Partnership to the Developer pursuant to Section 8.10 of this Agreement. "Development Sources" means the aggregate of: (a) the proceeds of the Loans; (b) the Capital Contributions of the General Partner, as set forth in Section 5.01(a) of this Agreement; (c) not more than $3,101,576 ($3,748,125-$636,549 Development Fee paid from equity) of the Capital Contributions of the Investment Partnership to the Partnership; and (d) any rental income of the Partn...

Credit Shortfall means the Class A Limited Partner's Credit Shortfall, the Class B Limited Partner's Credit Shortfall, the Class C Limited Partner's Credit Shortfall and the Class D Limited Partner's Credit Shortfall, each as more fully described in Section 5.1(c)(i)-(iv). Disposition (including the forms Dispose and Disposing) means, as to a Limited Partner, the assignment, sale, transfer, exchange or other disposition of all or any part of its Interest.