Common use of Operating Budget Clause in Contracts

Operating Budget. (a) Commencing January 1, 2017, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.

Operating Budget. (a) Commencing January 1, 201720 , not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th 15 of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums. (c) If for any reason the Borrower shall not have adopted the Operating Budget for a Fiscal Year before the first day of such Fiscal Year, the Operating Budget for the preceding year, with each line item thereof increased by 3%, shall be deemed to have been adopted and be in effect for such Fiscal Year until the Operating Budget for such Fiscal Year is adopted and a copy thereof filed with the Trustee and the Financial Monitor. (d) [Reserved]. (e) [Reserved]. Section 5.11. [Reserved]. Section 5.12. [Reserved].

Operating Budget. (a) Commencing January 1, 2017, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums. (c) If for any reason the Borrower shall not have adopted the Operating Budget for a Fiscal Year before the first day of such Fiscal Year, the Operating Budget for the preceding year, with each line item thereof increased by 3%, shall be deemed to have been adopted and be in effect for such Fiscal Year until the Operating Budget for such Fiscal Year is adopted and a copy thereof filed with the Trustee and the Financial Monitor. (d) [Reserved]. (e) [Reserved]. Section 5.11. [Reserved]. Section 5.12. [Reserved].

Operating Budget. (a) Commencing January 1, 2017, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums. (c) If for any reason the Borrower shall not have adopted the Operating Budget for a Fiscal Year before the first day of such Fiscal Year, the Operating Budget for the preceding year, with each line item thereof increased by 3%, shall be deemed to have been adopted and be in effect for such Fiscal Year until the Operating Budget for such Fiscal Year is adopted and a copy thereof filed with the Trustee and the Financial Monitor. (d) [Reserved]. (e) [Reserved].

Operating Budget. (a) Commencing January 1, 20172018, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.

Operating Budget. (a) Commencing January February 1, 2017, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.

Operating Budget. ‌ (a) Commencing January 1, 20172019, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.

Operating Budget. (a) Commencing [January 1, 2017], not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.

Operating Budget. (a) Commencing January 1, 20172016, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.