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.
Sample 1Sample 2Sample 3
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.
Sample 1

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.

  • 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.

  • 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.

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

  • The Borrower shall make monthly deposits from project income to the replacement reserve account in amounts [as specified in the approved Initial Operating Year budget and subsequent annual budgets] or [equal to $_______ per month].

  • During the Initial Operating Year: Borrower shall charge rents for Assisted Units and Market Restricted Units in accordance with the following schedule; and Borrower shall charge rents for units other than Assisted Units in amounts not less than the amounts shown herein.

  • The parties will then determine the operating level of Wenatchee Works for such Operating Year or Initial Operating Year, as the case may be (the respective “Operating Level”), based on the lowest three consecutive months of average MW usage at Wenatchee Works, using the table below.

  • And/or [The Borrower shall make monthly deposits from operating income to the operating reserve account in amounts as specified in the Initial Operating Year budget and subsequent approved annual operating budget.] Borrower may transfer funds from this account only to cover actual operating expenses in excess of the approved budget amount, or to compensate for vacancy and bad debt losses in the approved budget amount.

Related to Initial Operating Year

  • 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 Budget has the meaning set forth in Section 4.11.

  • 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.

  • 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;

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