PIC Expenses Amount definition
PIC Expenses Amount means for each calendar year commencing with 1997, an amount equal to $300,000 (Inflated annually commencing January 1, 1997 and adjusted as of January of each year ratably for each partial calendar year in which Bonds shall be Outstanding); provided, however, that this amount may be increased by delivery by PIC to the Trustee of an Officer's Certificate requesting such increase, provided further that such increase during any calendar year shall not exceed 40% of the amount in effect on January 1 of such calendar year..