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.

  • 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.

  • 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 may be increased in accordance with paragraph 10 of this Agreement.

  • The Initial Operating Year ends at the end of the initial Fiscal Year, which is: _________________,200_.

  • 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].


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.

  • 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, LLC By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Chief Operating Officer THE ROYCE FUND By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Vice President December 31, 2012 The Royce Fund ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Re: Fee Waiver and Expense Reimbursement - Royce Micro-Cap Discovery Fund (Service Class) Gentlemen: Reference is made to the Investment Advisory Agreement dated October 1, 2003 (the “Agreement”) by and between The Royce Fund (the “Fund”) on behalf of Royce Discovery Fund (the “Series”) and Royce & Associates, LLC (the “Adviser”). Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services provided by it under the Agreement for the period beginning May 1, 2013 and ending April 30, 2014 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to the Class in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for its Service Class of shares (the “Class”) are not more than 1.49% of the Class’ average net assets for the Period. The Adviser hereby also waives compensation for services provided by it under the Agreement to the Series with respect to the Class, and/or agrees to reimburse expenses to the Series with respect to the Class for each subsequent annual period through the annual period ending April 30, 2023 (but not for any annual period thereafter) in an amount, if any, necessary so that the Series’ Annual Operating Expenses for the Class are not more than 1.99% of the Class’ average net assets for such annual 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).