Common use of Project Operation and Maintenance Clause in Contracts

Project Operation and Maintenance. (1) The Borrower shall pay all expenses of the operation and maintenance of the Project, including but without limitation adequate insurance thereon and insurance against all liability for injury to Persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the Project and payable during the Term of Loan Agreement and further described in this Article 5. (2) At the request of the Trustee or the Underwriter, the Borrower shall prepare and deliver to the Trustee and to the Underwriter, on January 1, 2037, and on every fifth anniversary thereafter, a needs assessment for the ensuing five (5) year period with respect to the Project (the “Capital Needs Assessment”). The Capital Needs Assessment will include the projected costs of the required capital expenditures for such period identified in the Capital Needs Assessment.