Deficit Year definition

Deficit Year means a one year period commencing on the first day of the calendar month immediately succeeding the Closing Date or the first or second anniversaries of the Closing Date, and ending on the day prior to the anniversary of such date of commencement; (c) “NOI Deficit” means the means the difference between $1,560,000 and the sum of (i) the Net Operating Income that would be generated for the Project assuming all rents under the ▇▇▇▇▇ Agreement (as defined below) and showroom leases in place on the date hereof are paid in accordance with their terms; and (ii) any additional Net Operating Income that would be generated by leases of currently vacant space in the Building entered into by Subsidiary; and (iii) any additional Net Operating Income that would have been generated by leases proposed by Contributor in accordance with following sentence but not entered into by Subsidiary; (d) “Net Operating Income” shall mean all gross rents and other income generated by the Project in any period less the Operating Expenses of the Project; and (e) “Operating Expenses” shall have the meaning defined in the ▇▇▇▇▇ Agreement (as defined below). In addition, Subsidiary hereby grants to Contributor the right to market for lease and lease any vacant space in the Building so long as such lease does not conflict with the terms of the ▇▇▇▇▇ Agreement (as defined below), such lease is on market terms and rates, and such lease is with a creditworthy tenant. Subsidiary shall have the right to decline any bona fide offer to lease all or any portion of the vacant space upon the terms set forth in the immediately preceding sentence but the gross rent that would have been generated by such lease shall be included in calculating Net Operating Income under this Section. At the Closing, Contributor shall execute for the benefit of Subsidiary an operating deficit guaranty (the “NOI Guaranty”) in the form attached hereto as EXHIBIT K-1 and a pledge agreement pledging Contributor’s interest in the Acquiror (the “Pledge Agreement”) in the form attached hereto as EXHIBIT K-2 in form and substance acceptable to Subsidiary and Acquiror as security for Contributor’s obligations to fund the NOI Deficit. In the event that Contributor desires to sell any of the Collateral (as defined in the Pledge Agreement) in any Deficit Year, Contributor shall provide to Subsidiary a replacement guarantor reasonably acceptable to Subsidairy to provide a replacement guaranty or pledge agreement in form and substanc...
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Examples of Deficit Year in a sentence

  • The number of shares to be transferred to LF or its designee in the Deficit Year shall be recalculated at the conclusion of any year in which there was an excess and sales beyond the Sales Target and Escrow Agent shall transfer the shares based on the recalculated sales to LF or its designee.

  • If Subsidiary shall determine, in its reasonable discretion, that there will be a NOI Deficit with respect to the applicable Deficit Year, then Subsidiary may send Obligor a notice (a “NOI Payment Notice”) specifying the amount of the NOI Deficit with respect to such Deficit Quarter and the applicable Deficit Year.

  • Likewise, in the event that LF or Consultant shall have exceeded the Sales Target(s) and there shall have been no prior Deficit Year, then the excess sales should be added to the next subsequent year to determine net sales.

Related to Deficit Year

  • Deficit Amount has the meaning set forth in Section 2.06(e).

  • Principal Deficit Amount means, as of any date of determination, the excess, if any, of (i) the Series 2014-2 Invested Amount on such date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (ii) the Series 2014-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such date; provided, however that the Principal Deficit Amount on any date occurring during the period commencing on and including the date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to Loan Interest required to be made under the AESOP I Operating Lease, shall mean the excess, if any, of (x) the Series 2014-2 Invested Amount on such date (after giving effect to the distribution of Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (y) the sum of (1) the Series 2014-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such date and (2) the lesser of (a) the Series 2014-2 Liquidity Amount on such date and (b) the Series 2014-2 Required Liquidity Amount on such date.

  • relevant year means a year commencing at 00:00 hours on 1 April and ending at 23:59 hours on the following 31 March;

  • Excess Cash Flow Payment Period means, with respect to any Excess Cash Flow Payment Date, the immediately preceding fiscal year of the Borrower.

  • Fiscal Period means any interim accounting period within a Taxable Year established by the Manager and which is permitted or required by Section 706 of the Code.