Operating Deficit means, for the applicable period, insufficient funds to pay operating costs when Cash Expenses exceed Cash Receipts, as determined by the Accountant and approved by the Special Limited Partner.
Operating Deficit means that, at the end of the fiscal year, the unassigned fund balance in the General Fund is less than zero.
Operating Deficit means at any time when the Partnership does not have Net Operating Income as determined by the Accountant and approved by the Special Limited Partner.
Examples of Operating Deficit in a sentence
Examples of reserves which can be considered part of the operating deficit reserve for this calculation are provided in the Operating Deficit Reserve portion of the Funding section in the RFA.
Notwithstanding the above, the Operating Deficit Guaranty shall not terminate earlier than three (3) years following the final certificate of occupancy.
After expiration of the Operating Deficit Guarantee Period, with the Consent of the Special Limited Partner, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it.
Operating Deficit Reserves (ODR) of any kind are not to be included in C.
Reimbursements to the General Partner, or any of its Affiliates, by the Partnership shall be allowed only for the Partnership's Cash Expenses unless the General Partner is obligated to pay the same as an Operating Deficit during the Operating Deficit Guarantee Period, and subject to the limitations on the reimbursement of such expenses set forth herein.
More Definitions of Operating Deficit
Operating Deficit means the amount by which the total operating expenses incurred in the operation of an urban mass transit system exceeds the amount of operating revenue derived therefrom.
Operating Deficit means, for any specified period of time, the amount by which the Cash Receipts of the Partnership are less than the amount necessary to pay all Cash Expenditures of the Partnership.
Operating Deficit means the amount by which the aggregate operating costs of the programs exceeds the aggre- gated receipts and revenue directly generated by the pro- grams in the fiscal year, plus any transfers of reserves that were originally generated directly by the athletic department account.
Operating Deficit means the shortfall of revenue compared to expenses as dictated by the approved Operating Budget and/or approved by BC Housing.
Operating Deficit for any relevant period, the excess of Operating Expenses (or a portion thereof) plus the payment of principal and interest due and payable on the Gap Financing Loan over the Borrower’s cash revenues of every kind from the operation of the Project for such fiscal period (excluding loans made to Borrower for payment of an Operating Deficit, extraordinary cash proceeds and capital contributions, and excluding amounts drawn from a reserve account).
Operating Deficit means the amount by which (i) the income of the Partnership from rental payments made by tenants of the Apartment Complex 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, the Tenant Transition Fund and the Supplemental Replacement Reserve) for a particular period of time, is exceeded by (ii) the sum of all the operating expenses, including all Debt Service payments, operating and maintenance expenses, deposits into the Reserve Fund for Replacements and the Supplemental Replacement Reserve, any Lender fee payments, and all other Partnership obligations or expenditures, excluding payments for rehabilitation of the Apartment Complex and fees and other expenses and obligations of the Partnership to be paid from the Capital Contributions of the Investment Partnership to the Partnership pursuant to this Agreement, during the same period of time. For the purposes of this definition, all expenses shall be paid on a sixty (60) day current basis.
Operating Deficit means, with respect to any fiscal period, the excess, if any, of (i) all cash disbursed in the operations of the Partnership during such period, including cash used to pay, or establish reasonable reserves for, operating expenses, fees, commissions, debt service and loan repayments, improvements, repairs, replacements, contingencies and anticipated obligations, but without regard to amortization and depreciation over (ii) all cash funds derived from the operations of the Partnership during such period, including the yield from the Interim Investments and excess cash reserves deemed distributable by the General Partners pursuant to Section 3.3E hereof, but excluding Net Proceeds of Sale or Refinancing. "Organization and Start-Up Fee" means the fee equal to 5.0% of Gross Proceeds of the Offering paid to the Administrative General Partner for services to the Partnership in preparing the structure of the Partnership, consulting with various professionals regarding the organization of the Partnership, and supervising and reviewing the preparation of all documents, filings and other instruments related to the Partnership; payable at the time the Unitholders are recognized as such on the books of the Partnership.