Annual Budget Approval Sample Clauses

Annual Budget Approval. The annual operating and maintenance budget of the UICOA, as prepared by the Director, is subject to the approval and appropriation by the Towns.
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Annual Budget Approval. (a) An Annual Budget shall be prepared in respect of each year of operation of the JV. The Shareholders shall use all reasonable efforts to agree to and adopt an initial Annual Budget in respect of the Financial Year of the JV ending December 31, 2011 (the “Initial Budget”) promptly following the date of this Agreement. For each Financial Year of the JV subsequent to that ending December 31, 2011, the Chief Executive Officer and Chief Financial Officer of JVCO shall submit to the Board of Directors at least 60 days prior to the start of such Financial Year of the JV a proposed Annual Budget for such ensuing Financial Year (the “Proposed Annual Budget”), in substantially the same form and containing substantially all of the information contained in the Initial Budget. After its submission to the Board of Directors, the Proposed Annual Budget shall be reviewed at the next scheduled meeting or meetings (as may be required) of the Board of Directors, and amended in whole or in part in any manner deemed appropriate by the Board of Directors. The Proposed Annual Budget for any Financial Year of the JV (as it may be so amended) shall then be submitted to the vote of the Board of Directors as provided in Section 3.05, after which it shall become, if approved by a Supermajority Vote, the Annual Budget for such Financial Year. (b) If by the first day of any Financial Year that commences after the Financial Year ended December 31, 2011, a Proposed Annual Budget for such Financial Year shall not have 21 been approved by the Board of Directors, then the Annual Budget in effect for the preceding Financial Year, as reasonably adjusted by the Chief Executive Officer and Chief Financial Officer to reflect required increases of disbursement and expense items by not more than 10% in the aggregate, shall become the Annual Budget (and shall be deemed to be the approved Annual Budget) until a Proposed Annual Budget for such Financial Year shall have been approved by the Board of Directors as provided herein; provided, however that such deemed adoption shall not preclude a dispute with respect to an Annual Budget from being a Special Deadlock Matter. (c) The Board of Directors may ratify by a Supermajority Vote any Annual Budget deemed to be in effect pursuant to Section 3.10(b). Section 3.11
Sample 1
Annual Budget Approval. During the term of the Agreement, Operator shall work with the City to develop and agree upon an Annual Budget for the operation of the Marina pursuant to the Agreement, for approval by the City no later than December 1 of each year. City shall provide Operator with a written confirmation to acknowledge approval of the Annual Budget.
Sample 1
Annual Budget Approval. 1 Prior to the beginning of each fiscal year, an annual budget for the year, including proposed housing and associated charges, is presented by the Board of Directors to the general membership for approval.
Sample 1
Annual Budget Approval. Issuers will not submit any budget to its board of directors (or similar governing body) for approval or implement any Annual Budget unless such budget is first presented to Purchaser for review or, if following an Event of Default and for so long as such Event of Default is continuing, for approval, as set forth in Section 4.1(l). If there shall be an Event of Default in existence and continuing as of the commencement of any fiscal year, Purchaser will have absolute approval rights with respect to such upcoming Annual Budget and Issuers will not submit any budget to its board of directors (or similar governing body) for approval or implement any Annual Budget unless Purchaser has approved said budget in writing; and
Sample 1
Annual Budget Approval. So long as any of the principal amount under the Notes remains outstanding, the Company will not submit any budget to its board of managers (or similar governing body) for approval or implement any Annual Budget unless such budget is first presented to the Purchasers for approval as set forth in Section 5.1(h) and approved by the Purchasers (an “Approved Annual Budget”), which approval by Purchaser shall not be unreasonably withheld or delayed. Notwithstanding anything to the contrary contained herein, if there shall be an Event of Default in existence as of the commencement of any fiscal year, the Purchasers will have absolute approval rights with respect to such upcoming Annual Budget and the Company will not submit any budget to its board of managers (or similar governing body) for approval or implement any Annual Budget unless the Purchasers have approved said budget in writing.
Sample 1
Annual Budget Approval. (a) An Annual Budget shall be prepared in respect of each year of operation of the JV. The Shareholders shall use all reasonable efforts to agree to and adopt an initial Annual Budget in respect of the Financial Year of the JV ending December 31, 2011 (the “Initial Budget”) promptly following the date of this Agreement. For each Financial Year of the JV subsequent to that ending December 31, 2011, the Chief Executive Officer and Chief Financial Officer of JVCO shall submit to the Board of Directors at least 60 days prior to the start of such Financial Year of the JV a proposed Annual Budget for such ensuing Financial Year (the “Proposed Annual Budget”), in substantially the same form and containing substantially all of the information contained in the Initial Budget. After its submission to the Board of Directors, the Proposed Annual Budget shall be reviewed at the next scheduled meeting or meetings (as may be required) of the Board of Directors, and amended in whole or in part in any manner deemed appropriate by the Board of Directors. The Proposed Annual Budget for any Financial Year of the JV (as it may be so amended) shall then be submitted to the vote of the Board of Directors as provided in Section 3.05, after which it shall become, if approved by a Supermajority Vote, the Annual Budget for such Financial Year.
Sample 1
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Related to Annual Budget Approval

  • Annual Budget Borrowers' Designee (on behalf of Borrowers) shall prepare and submit (or shall cause Manager to prepare and submit) to Lender within 30 days after a Cash Trap Period and by December 15th of each year thereafter during the Term until such Cash Trap Period has ended, for approval by Lender, which approval shall not be unreasonably withheld or delayed, a proposed pro forma budget for the Property for the succeeding calendar year (the "ANNUAL BUDGET", and each Annual Budget approved by Lender is referred to herein as the "APPROVED ANNUAL BUDGET")), and, promptly after preparation thereof, any revisions to such Annual Budget. The Annual Budget shall consist of (i) an operating expense budget showing, on a month-by-month basis, in reasonable detail, each line item of Borrowers' anticipated operating income and operating expenses (on a cash and accrual basis), including amounts required to establish, maintain and/or increase any monthly payments required hereunder (and once such Annual Budget has been approved by Lender, such operating expense budget shall be referred to herein as the "APPROVED OPERATING BUDGET"), and (ii) a Capital Expense budget showing, on a month-by-month basis, in reasonable detail, each line item of anticipated Capital Expenses (and once such Annual Budget has been approved by Lender, such Capital Expense budget shall be referred to herein as the "APPROVED CAPITAL BUDGET"). Until such time that any Annual Budget has been approved by Lender, the prior Approved Annual Budget shall apply for all purposes hereunder (with such adjustments as reasonably determined by Lender (including increases for any non-discretionary expenses)).

  • Budget Consulting Engineer/Architect shall advise City if, in its opinion, the amount budgeted for construction is not sufficient to adequately design and construct the improvement as requested.

  • Prior Approval The Engineer shall not assign, subcontract or transfer any portion of professional services related to the work under this contract without prior written approval from the State.

  • Capital Budget Any amendment that is mutually agreed upon shall be set forth in writing and signed by both parties. It is acknowledged by Owner that capital expenditures required as a result of an emergency situation shall not reduce amounts available pursuant to the Capital Budget or otherwise hereunder, other than to the extent a Capital Budget item is subsumed within the capital expenditures required as a result of the occurrence of the emergency;

  • Board Approval No reimbursement shall be paid to the Investment Adviser pursuant to this provision in any fiscal year, unless the Trust's Board of Trustees has determined that the payment of such reimbursement is appropriate in light of the terms of this Agreement. The Trust's Board of Trustees shall determine quarterly in advance whether any portion of the Reimbursement Amount may be paid to the Investment Adviser in such quarter.

  • Annual Operating Budget Manager shall, on or before December 20 in each calendar year during the Term, deliver to SNH TRS for SNH TRS’s approval, an annual operating budget for the Facility for the next calendar year (the “Annual Operating Budget”) which shall include separate line items for Capital Replacements and set forth an estimate, on a monthly basis, of Gross Revenues and Facility Expenses, together with an explanation of anticipated changes to Resident charges, payroll rates and positions, non-wage cost increases, the proposed methodology and formula employed by Manager in allocating shared Facility Expenses, and all other factors differing from the then current calendar year. The Annual Operating Budget shall be accompanied by a narrative description of operating objectives and assumptions. If SNH TRS does not approve an Annual Operating Budget or any portion thereof, it shall do so, to the extent practicable, on a line item basis. Manager and SNH TRS shall cooperate to resolve disputed items, provided if the Annual Operating Budget is not approved by SNH TRS within thirty (30) days of SNH TRS’s receipt, Manager shall operate under the expired Annual Operating Budget until a new Annual Operating Budget is approved, provided that line items for Impositions, insurance premiums and utilities shall be the amounts actually incurred for such items. If agreement on the Annual Operating Budget cannot be reached within forty-five (45) days of SNH TRS’s receipt (which time may be extended upon mutual agreement of the parties), the matter shall be resolved by arbitration. The Annual Operating Budget as approved by SNH TRS, or as resolved by arbitration, will be the “Approved Budget” for the applicable calendar year. Manager will obtain SNH TRS’s prior approval for any expenditure which will, or is reasonably expected to, result in a variance of five percent (5%) or more of any Approved Budget. For that portion of the Term ending December 31, [2017], except as otherwise agreed by SNH TRS and Manager, the Approved Budget will be the budget of the prior manager of the Facility, a copy of which has been previously provided to Manager.

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