Initial Operating Year definition

Initial Operating Year means the initial period of operation of the Rental Housing Development, beginning at the time of the initial occupancy of the completed Project and ending on the last day of the fiscal year for the development.
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Initial Operating Year means the initial period of operation of the Development, beginning at the time of the initial occupancy of the competed Development and ending on the last day of that Fiscal Year.
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Initial Operating Year means initial period of operation of the Development under the Loan beginning at the time of recordation of this Agreement and ending the last day of the Fiscal Year for the Development.
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Examples of Initial Operating Year in a sentence

  • Such budget shall show all anticipated Operating Income, debt service, Operating Expenses and amount payable to reserves for the Initial Operating Year.

  • During the Initial Operating Year, Borrower shall submit to the Department such periodic reports as deemed necessary by the Department to monitor the Borrower's compliance with this Agreement.

  • After the Initial Operating Year, Rents for Assisted Units may be adjusted no more often than every twelve (12) months.

  • For the Initial Operating Year, Borrower shall charge Rents for the Assisted Units in the Development in accordance with Exhibit B hereto.

  • 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.

  • Payments in the amount of forty-two hundredths of one percent (.42%) per annum on the unpaid principal balance of the loan shall be payable to the Department commencing on the last day of the Initial Operating Year (the “Interest Payment Date”) and continuing annually thereafter up to and including the twenty-ninth (29th) anniversary of the Interest Payment Date.

  • For the Initial Operating Year, Borrower shall operate the Development in accordance with the initial operating budget and Schedule of Rental Income (SRI), which were approved by the Department prior to loan closing.

  • If, after the Initial Operating Year, the Department determines that such periodic reports continue to be necessary, the Department shall so notify the Borrower as part of the annual budget approval process.

  • Partial interest payments in the amount of forty-two hundredths of one percent (0.42%) per annum on the unpaid principal balance of this Note shall be due and payable to the Department commencing on the last day of the Initial Operating Year (the “Interest Payment Date”) and on each anniversary thereof up to and including the twenty-ninth (29th) anniversary of the Interest Payment Date.

  • After the Initial Operating Year, Rents may be increased in accordance with paragraph 10 of this Agreement.


More Definitions of Initial Operating Year

Initial Operating Year means the first year of operations, or portion thereof, of the rehabilitated or newly constructed rental housing development beginning at the time of initial occupancy of an Assisted Unit and ending on the last day of the fiscal year of the Development.
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Related to Initial Operating Year

  • Operating Year means the calendar year commencing January 1st of each year (including the calendar year within which the Commencement Date occurs) during the Term.

  • Initial Operation means the first integral operation of the complete equipment covered under the Contract with the sub-system and supporting equipment in service or available for service.

  • Annual Operating Expenses for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). Very truly yours, ROYCE & ASSOCIATES, LP By: /s/ Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx Chief Financial Officer THE ROYCE FUND By: /s/ Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx Treasurer April 29, 2024 The Royce Fund 000 Xxxxx Xxxxxx New York, NY 10151 Gentlemen: Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of Xxxxx Total Return Fund (the “Series”), and Royce & Associates, LP (the “Adviser”). Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period. The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.

  • Annual Operating Budget as defined in Section 6.2(c).

  • Annual Operating Plan has the meaning ascribed to it in Section 15.3(b)(i).

  • Project Year means the twelve-month period beginning from the Effective Date and ending twelve months thereafter (the First Project Year), and any twelve-month period beginning at the end of the First Project Year, or the end of subsequent Project Years;

  • Commercial Operation Date means the date on which a Material Project is substantially complete and commercially operable.

  • Operating Period for any Element of the Project shall mean the period from (and including) the COD of such Element of the Project, up to (and including) the Expiry Date and for the Project, shall mean the period from (and including) the COD of the Project, up to (and including) the Expiry Date;

  • Total Operating Expenses means all costs and expenses paid or incurred by the Company, as determined under generally accepted accounting principles, that are in any way related to the operation of the Company or to Company business, including advisory fees, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Properties, (viii) Financing Coordination Fees and (ix) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property).

  • Scheduled Commercial Operation Date shall have the meaning ascribed to it in Clause 5.4.1;

  • Completion Period means the period starting from the date of issue of "Order" and required to complete the work in all respect.

  • Reporting Year means a twelve-month compliance reporting period required under the Applicable Program.

  • Incremental Operating Costs means the incremental expenses incurred by the Recipient’s implementing agencies on account of Project implementation, management, and monitoring, including office space rental, utilities, and supplies, bank charges, communications, advertising, vehicle operation, maintenance, and insurance, building and equipment maintenance costs, travel and supervision costs, and salaries of supporting staff, but excluding salaries of officials of the Recipient’s civil service.

  • Funding Year means in the case of the first Funding Year, the period commencing on the Effective Date and ending on the following March 31, and in the case of Funding Years subsequent to the first Funding Year, the period commencing on the date that is April 1 following the end of the previous Funding Year and ending on the following March 31;

  • Commercial Operations Date or "COD": The date on which Facility first achieves Commercial Operations.

  • Commercial Operation means the condition of operation in which the complete equipment covered under the Contract is officially declared by the Owner to be available for continuous operation at different loads up to and including rated capacity. Such declaration by the Owner, however, shall not relieve or prejudice the Contractor of any of his obligations under the Contract.

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Building Operating Expenses means the portion of “Operating Expenses,” as that term is defined in Section 4.2.7 below, allocated to the tenants of the Building pursuant to the terms of Section 4.3.1 below.

  • project completion period means the period of sixty (60) months commencing from and expiring on for the construction and obtaining of Temporary Occupation Permit or Permits for the whole of the Development as provided in clause 3.3;

  • Construction Period means the period commencing from the Appointed Date and ending on the date of the Completion Certificate;

  • Project Start Date means the first Milestone Start Date specified in Schedule B;

  • Preceding year means a period of 12 consecutive months fixed by the division

  • Date of Commercial Operation means the date on which the (nuclear or non-nuclear) power plant has successfully passed all performance and operational tests required by the end customer for commercial operation. In all other cases the warranty shall apply for twenty-four (24) months from delivery of the goods or performance of the services, or such longer period of time as customarily provided by Supplier, plus delays such as those due to non-conforming goods and services. The warranties shall apply to Buyer, its successors, assigns and the users of goods and services covered by this Order.

  • Commercial Operation Date (COD) means the date certified by the DISCOM’s committee upon successful commissioning (as per provisions of the PPA) of the project when all equipments as per rated capacity have been installed and energy has flown into the grid.

  • Operation Period means the period commencing from COD and ending on the Transfer Date;

  • Qualifying year means the calendar year to which the qualifying certificate applies.