Operating Shortfall definition

Operating Shortfall shall have the meaning set forth in Section 3.3(a) of this Agreement. 1.84
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Operating Shortfall means, as of any measurement date (including, without limitation, a Put/Call Measurement Date or a termination of employment), the amount, if any, by which the actual operating expenses of the LLC exceeded the Operating Cash Flow of the LLC (including previously reserved Operating Cash Flow) during the twelve (12) months ending on the last day of the calendar quarter in which the measurement date occurs.
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Operating Shortfall has the meaning given to such term in Section 9.18(d).
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Examples of Operating Shortfall in a sentence

  • If Administrative Agent approves the Reconciliation Report delivered by Borrowers pursuant to the terms of Section 3.8.1(A), then on the first Disbursement Date after Administrative Agent’s approval of such Reconciliation Report, any Borrower Funded Operating Shortfall shall be disbursed to the Borrowers’ Operating Account out of Cash Flow available for disbursement (if any) pursuant to Section 3.4.2.

  • If the Operating Shortfall Amount as calculated pursuant to Section 2.2(c) and (d) is less than the Estimated Operating Shortfall Amount, then Seller shall pay Purchaser an amount equal to the difference.

  • In the event that either Owner or Operator funds any Operating Shortfall under this subsection, such party shall thereafter be reimbursed from subsequent amounts collected by the Operator from Condominium Unit Owners pursuant to the enforcement of remedies contained in the Declaration.

  • Funds held in the Operating Shortfall Reserve Account shall be used only for the following purposes and in the following order of priority: (i) to fund any Working Capital Shortfalls (including, without limitation, any shortfalls on debt service payments required under the Loan); and (ii) to supplement Distributable Cash from Operations to the extent necessary for CWI Member to receive its eight and five-tenths percent (8.5%) preferred return as provided for in Section 8.1(b)(i).

  • Purchaser agrees to pay to Seller an amount equal to all Operating Expenses less the gross revenue of Seller for the period beginning on July 1, 2007, and ending on the Business Day prior to the Closing Date (the “Operating Shortfall Amount”), provided, that under no circumstances shall the Operating Shortfall Amount exceed One Hundred Thousand Dollars ($100,000.00).

  • The CW Initial Contribution shall be used by the Company in strict accordance with the statement of sources and uses attached hereto as Schedule 1, which includes a copy of the approved construction and renovation budget for the Hotel (the “Renovation Budget”) which includes all “hard” and “soft” construction costs together with a line item for (a) contingency costs required in connection therewith; (b) the Operating Shortfall Reserve Account; and (c) working capital reserves.

  • The Operating Shortfall shall be paid as contemplated in Section 2.2.

  • In addition, on the Closing Date, Purchaser shall pay or cause to be paid to Seller an aggregate amount equal to the Estimated Operating Shortfall Amount plus the Estimated Termination Amount (collectively, with the Purchase Price, the “Closing Payment”).

  • Such funds shall only be used to pay such Operating Shortfall and for no other purpose.

  • The parties shall give each other and their respective accountants and other appropriate personnel such assistance and access to the assets and books and records and relevant personnel of the Parent, the Seller and Purchaser as they may reasonably request during normal business hours in order to enable them to review and confirm the respective calculations of the Operating Shortfall Amount and Termination Amount.


More Definitions of Operating Shortfall

Operating Shortfall means as of the last day of any calendar month ending after the Closing Date the amount, if any, by which unpaid Operating Expenses for such calendar month exceed the Distributable Cash on the last day of such calendar month.
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Operating Shortfall shall have the meaning given to such term in Section 4.7(d).
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Operating Shortfall means the extent to which, for any Operating Year, Expenses and any other expenditures which are normal and customary in connection with a hotel or condohotel operation other than those explicitly excluded under the definition of "Expenses", exceed Gross Revenues.
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Related to Operating Shortfall

  • Accumulation Shortfall shall initially mean zero and shall thereafter mean, with respect to any Monthly Period during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Monthly Period over the amount deposited into the Principal Funding Account pursuant to subsection 4.9(c)(i) with respect to the Certificates for the previous Monthly Period.

  • Class A-P Collection Shortfall With respect to the Cash Liquidation or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount described in Section 4.02(b)(i)(C)(2).

  • Available Funds Shortfall means, for any Payment Date and the related Collection Period, the positive difference, if any, of (i) the amount necessary to make all distributions required to be made pursuant to clauses (i) through (iii) of Section 2.08 over (ii) Collections on deposit in the Collection Account, to the extent received during or in respect of such Collection Period.

  • Working Capital Shortfall means the amount (if any) by which the Actual Working Capital Amount is less than the June Working Capital Amount.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.