Common use of Operating Obligations Clause in Contracts

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use until 3 consecutive months of Breakeven Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $147,796, which is equal to six months' operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (b) The Partnership shall pay the amount of the Development Fee set forth in Exhibit B to the Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Account.

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use until 3 consecutive months of Breakeven Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $147,796183,000, which is equal to six months' one year's operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (b) The Partnership shall pay the amount of the Development Fee set forth in Exhibit B to the Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Account.

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use until 3 consecutive months of Breakeven Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $147,79692,616, which is equal to six months' one year's operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (b) The Partnership shall pay the amount of the Development Fee set forth in Exhibit B to the Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Account.