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ARTICLE I <br />Definitions <br />Section 1.1. Definitions. Unless the context otherwise requires, or as otherwise <br />defined herein, capitalized terms used herein shall, for all purposes of this Agreement, have <br />the meanings specified in the Indenture. The following terms shall have the following <br />meanings when used herein: <br />Issuer Pledge: in any year, the lesser of (i) actual proceeds of the Issuer levy <br />within the City for such year, net of the Issuer's general operating expenses allocated <br />to such City for such year, or (ii) the amount by which actual or projected Revenues <br />of the Project for such year less actual or projected Operating Costs of the Project for <br />such year is less than 110 % of regularly scheduled debt service on the allocable <br />Bonds in such year; <br />Net Revenues Available for Payment of Operating Costs: an amount equal to <br />the Issuer Pledge and Revenues of the Project in a Fiscal Year less debt service <br />allocable to the Project for the same Fiscal Year; <br />Operating Costs: with respect to a specific period, costs incurred by the Issuer <br />for the operation, repair and maintenance of the Project during such period including: <br />(i) current maintenance and repairs necessary to maintain the <br />Project in adequate operating condition; <br />(ii) labor and costs of materials, services, and supplies used for such <br />current operation, maintenance and repairs; <br />(iii) costs of insurance of the Project incurred in the period, whether <br />or not actually paid in such period; <br />(iv) management fees and financing fees payable by the Issuer; with <br />respect to the Project, but not including the Issuer's Administrative Fee; <br />(v) special assessments, taxes and payment in lieu of taxes incurred <br />in the period, whether or not actually paid in such period; <br />(vi) current utility charges; and <br />(vii) the Issuer's Administrative Fee; <br />Operating Deficit Amount: the amount of the deficiency in the Ramsey <br />Project Account of the Operating Fund, as certified by the Trustee in accordance with <br />Exhibit A; <br />OPERATING DEFICIT AGREEMENT <br />CITY OF RAMSEY <br />—79— <br />