Operating Deficit Reserve definition

Operating Deficit Reserve means the operating deficit reserve account established pursuant to the provisions of Section 8.18(b) of this Agreement.
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Operating Deficit Reserve. The General Partner(s) shall cause the Partnership to deposit $50,000 from the proceeds of the Second Installment and $50,000 from the proceeds of the Fourth Installment into a segregated reserve account for operating expenses.
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Examples of Operating Deficit Reserve in a sentence

  • All interest earnings on funds on deposit in the Operating Deficit Reserve shall be retained therein for the aforesaid purposes.

  • The amount initially disbursed from the ODR will be the annual projected budget deficit as shown on Attachment A to the Agreement Regarding Operating Deficit Reserve.

  • In the event that the development experiences an operating deficit that is greater than that projected in Attachment A to the Agreement Regarding Operating Deficit Reserve, the Mortgagor may request that the Authority increase the amount drawn from the ODR.

  • Disbursements from the ODR may begin at the request of the Mortgagor, in the first year in which the projected budget deficit is shown on the cash flow analysis on Attachment A to the Agreement Regarding Operating Deficit Reserve.

  • Funds in the Operating Deficit Reserve are intended to be employed solely for the payment of Operating Deficits.

  • At or prior to mortgage loan closing the mortgagor must enter into an agreement to establish an Operating Deficit Reserve (ODR) with the Authority in the initial amount of $*** .

  • Withdrawals from the Operating Deficit Reserve shall be made only with the Consent, or upon the direction, of the General Partner and BCTC 94, Inc.

  • The Operating Deficit Reserve shall remain under joint control of the General Partner and BCTC 94, Inc.

  • Borrower may only request a disbursement from the Operating Deficit Reserve to the extent that Project Revenues are insufficient to pay operating expenses of the Property.

  • Initial deposits to the Operating Deficit Reserve must be funded through development costs of the Project (and will not be considered an Operating Expense).

Related to Operating Deficit Reserve

  • 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.

  • Accumulated Funding Deficiency as defined in Section 302 of ERISA.

  • Reserve Account Deficiency shall have, for any Distribution Date, the meaning specified for such Distribution Date in Section 4.6(b) of the Sale and Servicing Agreement.

  • Significant deficiency means a shortcoming in the system that materially affects the ability of officials of the Department of Defense to rely upon information produced by the system that is needed for management purposes.

  • Lease Deficit Disbursement means an amount drawn under a Multi-Series Letter of Credit pursuant to a Certificate of Lease Deficit Demand.