Common use of Operating Funding Clause in Contracts

Operating Funding. The Authority and the Manager, as the Authority’s agent, shall pay all Direct Operating Costs in the Annual Budget. Such funds shall be provided to Manager starting on the Commencement Date and daily thereafter, based upon the then current balance in the Operating Account. The Authority shall advance to Manager as Working Capital an amount sufficient to make the aggregate balance in the Operating Account equal to but not more than $2,000,000 (said amount to be adjusted annually by the Authority and Manager in connection with the Annual Budget review process); provided, however, that in no event shall said balance be less than $1,000,000 subject to annual adjustment by CPI). Manager shall provide notice to the Authority five business days prior to the date on which any individual disbursement or the aggregate amount of multiple disbursements from the Operating Account are anticipated to exceed $2,000,000 and such notice shall set forth the expected disbursements, including the amount and payees for such disbursements, as well as the date, or range of dates, on which such disbursements are expected to be paid from the Operating Account.

Operating Funding. The Authority and the Manager, as the Authority’s agent, shall pay all Direct Operating Costs Expenses set forth in the Annual Budget. Such funds shall be provided to Manager starting on the Commencement Date and daily thereafter, based upon the then current balance in the Operating Account. The Authority shall advance to Manager as Working Capital an amount sufficient to make the aggregate balance in the Operating Account equal to but not more than $2,000,000 (said amount to may be adjusted annually by the Authority and Manager in connection with the Annual Budget review process); provided, however, that in no event shall said balance be less than $1,000,000 subject to annual adjustment by CPI). Manager shall provide notice to the Authority five business days prior to the date on which any individual disbursement or the aggregate amount of multiple disbursements from the Operating Account are anticipated to exceed $2,000,000 and such notice shall set forth the expected disbursements, including the amount and payees for such disbursements, as well as the date, or range of dates, on which such disbursements are expected to be paid from the Operating Account.