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life usefulness estimated to be in excess of five <br />years, payments made for Annual Requirements and <br />other payments required to be made by the Indenture <br />or any supplement thereto into the Debt Service <br />Reserve Fund and Surplus Fund. <br /> <br /> 'Projected Annual Income' shall mean one half <br />of the difference resulting by subtracting from <br />the aggregate gross income to be received by the <br />operator of the Hospital Facilities from the <br />operation of the hospital Facilities during the <br />two complete fiscal years of such operator immedi- <br />ately following the completion of the acquisition <br />or construction to be financed from the proceeds <br />of the Parity Obligations proposed to be issued, <br />the aggregate current expenses of operating the <br />Hospital Facilities during such two years, exclud- <br />ing from such current expenses payments to be made <br />for interest on the Bonds including the Parity <br />Obligations theretofore issued to finance such <br />acquisition or construction, any allowance for <br />depreciation, moneys to be expended fo~ improve- <br />ments having a life usefulness estimated to be in <br />excess of five years, payments made for Projected <br />Annual Requirements and other payments required to <br />be made by the Indenture or any supplement thereto <br />into the Debt Service Reserve Fund of Surplus <br />Fund. <br /> <br /> 'Annual'Requirements' as used in this secticn, <br />shall mean one half of the aggregate maximum <br />amount required to be paid into the Debt Service <br />Fund in the two complete fiscal years of the <br />operator of the Hospital Facilities immediately <br />preceding the date of the issuance of the Parity <br />Obligations for the payment of principal of (whe- <br />ther at maturity or by mandatory sinking fund <br />retirement) and any premium or interest on the <br />Bonds ~ncluding any then outstanding Parity <br />Obligations. <br /> <br /> 'Projected Annual Requirements' shall mean <br />the aggregate maximum amount required to be paid <br />into the Debt Service Fund in any fiscal year of <br />the then operator of the Hospital Facilities <br />following the projected date for the issuance of <br />the proposed Parity Obligations for the payment of <br />principal of (whether at maturity or by mandatory <br />sinking fund retirement) and any premium or inter- <br />est on the Bonds including any then outstanding <br />Parity Obligations and the Parity Obligations <br />proposed to be issued. <br /> <br /> 'Debt Service Coverage' shalt mean that Net <br />Annual Income is 150% of Annual Requirements and <br />Projected Annual Income is i35~ of Projected <br />Annual Requirements. <br /> <br /> Before the Trustee shall authenticate any Parity <br />Obligati OhS or execute any supplemental indenture <br />securing Parity Obligations, it shall have received <br />from the Issuer and ¥;ithout cost to the Trustee the <br />fol ].o'¥;i ng: <br /> <br />-23 - <br /> <br /> <br />