Common use of Operating Budgets Clause in Contracts

Operating Budgets. On or before the anticipated Commercial Operation Date, deliver to the Lender an annual operating budget, certified by the Project Engineer as being a reasonable estimate of projected costs, expenses and revenues of the Borrower, for the period commencing on the anticipated Commercial Operation Date, and continuing until the end of the first full calendar year thereafter, in substantially the same form as the initial annual operating budget. In advance of each calendar year thereafter, the Borrower shall adopt and deliver to the Lender an annual operating budget, certified by the Project Engineer as being a reasonable estimate of projected costs, expenses and revenues of the Borrower, for the ensuing calendar year.