Examples of Operating Year in a sentence
Manager may permit the NHL Team to use the Arena for up to five (5) event days per Operating Year (plus set-up time as reasonable required) at no rental charge, provided that all out-of-pocket costs, including any amounts due under a Food and Beverage Concessions Contract (or otherwise for the provision of Food and Beverage Services by Manager) for such use and parking fees, shall be the sole responsibility of the NHL Team.
Not later than August 31 of each year, Manager shall prepare and provide to Owner for its review and approval a proposed business plan, rate schedule, necessary Reserves, operating budget and five-year capital improvement plan for the Arena during the Operating Year which commenced on the prior July 1 and will end on the following June 30, containing projections of estimated income and expenses and estimated Arena profit on a monthly and yearly basis (the “Annual Budget”).
However, if Owner and Manager determine that, in any Operating Year, earthquake and/or flood insurance is not available on a commercially reasonable basis, then Owner (subject to any other insurance requirements under the 2023 Facility Financing Documents) may forgo the purchase of earthquake and/or flood insurance in such Operating Year until such insurance can be obtained on a commercially reasonable basis.
As soon as available and in any event within ninety (90) days after the end of each Operating Year, Manager shall provide Owner an opinion of a nationally known independent certified public accountant selected by Manager and accepted by Owner as to such Financial Statements.
With respect to any or all of the payments due under this Section 2.4, payment of the same shall be deferred until the Accounting Date following the final Operating Year of the Term (meaning the Accounting Date following such termination) under this Agreement.