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(3) <br /> <br />(4) <br /> <br />issuance of the Parity Obligations, the <br />aggregate current expenses of operating <br />the Hospital Facilities during such two <br />years excluding from such current ex- <br />penses payments made for interest on the <br />Bonds including any then outstanding <br />Parity Obligations, any allowance for <br />depreciation, moneys expended for im- <br />provements having a life usefulness <br />estimated to be in excess of five years, <br />payments made for Annual Requirements <br />and other payments required to be ma~e <br />by the Indenture or any supplement <br />thereto into the Debt Service Reserve <br />Fund and Surplus Fund. <br /> <br />'Projected Annual Income' shall mean one <br />half of the difference resulting by <br />subtracting from the aggregate gross <br />income to be received by the operator of <br />the Hospital Facilities from the opera- <br />tion of the hospital Facilities during <br />the two complete fiscal years of such <br />operator immediately following the <br />completion of the acquisition or con- <br />struction to be financed from the pro- <br />ceeds of the Parity Obligations proposed <br />to be issued, the aggregate current <br />expenses of operating the Hospital <br />Facilities during such two years, exclud- <br />ing from such current expenses payments <br />to be made for interest on the Bonds <br />including the Parity Obligations there- <br />tofore issued to finance such acquisi- <br />tion or construction, any allowance for <br />depreciation, moneys to be expended for <br />improvements having a life usefulness <br />estimated to be in excess of five years, <br />payments made for Projected Annual <br />Requirements and other payments required <br />to be made by the Indenture or any <br />supplement thereto into the Debt Service <br />Reserve Fund of Surplus Fund. <br /> <br />'Annual Requirements' as used in this <br />section, shall mean one half of the <br />aggregate maximum amount required to be <br />paid into the Debt Service Fund in the <br />two complete fiscal years of the opera- <br />tor of the Hospital Facilities immediate- <br />ly preceding the date of the issuance of <br />the Parity Obligations for the payment <br />of principal of (whether at maturity or <br />by mandatory sinking fund retirement) <br />and any premium or interest on the Bonds <br />including any then outstanding Parity <br />©bligations. <br /> <br />'Projected Annual Requirements' shall <br />mean the aggregate maximum amount re- <br />quired to be paid into the Debt Service <br />Fund in any fiscal year of the then <br />operator of the Hospital Facilities <br />following the projected date for the <br /> <br />-28- <br /> <br /> <br />