Common use of Annual Operating Budget Clause in Contracts

Annual Operating Budget. a. For the Initial Operating Year, Borrower shall operate the Development and expend Operating Income in accordance with the initial operating budget approved by and on file with the Department. Such budget shall show all anticipated Operating Income, debt service, Operating Expenses and amount payable to reserves for the Initial Operating Year.

Annual Operating Budget. a. For the Initial Operating Year, Borrower shall operate the Development and expend Operating Income operating income in accordance with the initial operating budget approved by and on file with the Department, for the Initial Operating Year. Such budget shall show all anticipated Operating Incomeincome, debt service, Operating Expenses expenses for management, operations and amount maintenance and amounts payable to reserves for the Initial Operating Year.

Annual Operating Budget. a. For the Initial Operating Year, Borrower shall operate the Development and expend Operating Income in accordance with the initial most recent operating budget approved by and on file with the Department. Such budget shall show all anticipated Operating Income, debt service, Operating Expenses and amount payable to reserves for the Initial Operating Year.