Common use of Operating Deficit Guaranty Clause in Contracts

Operating Deficit Guaranty. ▇▇▇▇ hereby guarantees ▇▇▇▇ shall advance to or for the account of the Company amounts equal to all Operating Deficits, at such time as such Operating Deficits occur ("Operating Deficit Payments"). ▇▇▇▇ shall make Operating Deficit Payments required of him by the date required to avoid a default under Company obligations, including without limitation the Construction Loan and obligations to trade creditors. In any event, all Operating Deficits shall be paid by ▇▇▇▇ in full prior to the Final Closing Date. All Operating Deficit Payments made to the Company shall be non-reimbursable payments, except to the extent that, subsequent to the making of any such Operating Deficit Payment by ▇▇▇▇, there is sufficient Net Operating Income prior to the earliest of the Final Closing Date, the Outside Date or the date of the Removal of ▇▇▇▇ by WPHC to reimburse ▇▇▇▇ for the same. In no event, shall the Capital Account of ▇▇▇▇ be affected by any Operating Deficit Payments made by ▇▇▇▇. Notwithstanding anything to the contrary herein, upon the Removal of ▇▇▇▇, ▇▇▇▇ shall not have any obligation hereunder to fund Operating Deficits incurred after the date of his Removal.