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).
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

Related to Annual Budget Approval

  • Annual Budget Prior to the Closing Date, Borrower has submitted and Lender has approved an Annual Budget for the 2014 calendar year (the “Approved Initial Budget”). Borrower shall submit to Lender by November 1 of each year the Annual Budget relating to the Properties for the succeeding calendar year. During the continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing). An Annual Budget approved by Lender during a Cash Sweep Period or any Annual Budget submitted prior to the commencement of a Cash Sweep Period, shall each hereinafter be referred to as an “Approved Annual Budget”. In the event of a Transfer of any Property the Approved Annual Budget shall be reduced as reasonably determined by Lender in consultation with Borrower in order to reflect the removal of such Property and the Operating Expenses associated therewith; provided, further, that no such reduction shall be made in the event such Transfer is made in connection with a substitution under Section 2.4.2(a). If Lender has the right to approve an Annual Budget pursuant to this Section 4.3.2, neither Borrower nor Manager shall change or modify the Annual Budget that has been approved by Lender without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default is continuing). The “Monthly Budgeted Amount” for each Payment Date shall mean the monthly amount set forth in the Approved Annual Budget for Operating Expenses for the Interest Period related to such Payment Date, but excluding management fees, Property Taxes that are required to be deposited into the Tax Subaccount pursuant to Section 6.1 and Insurance Premiums that are required to be deposited into the Insurance Subaccount pursuant to Section 6.2. If during any Cash Sweep Period, Borrower has submitted an Annual Budget and such Annual Budget has not been approved prior to the commencement of the calendar year to which such budget relates then the previous Approved Annual Budget shall continue to be deemed to be the Approved Annual Budget for that calendar year.

  • New Project Approval Consultant and District recognize that Consultant’s Services may include working on various projects for District. Consultant shall obtain the approval of District prior to the commencement of a new project.

  • Annual Budgets The School shall adopt a budget for each fiscal year, prior to the beginning of the fiscal year. The budget shall be in the Idaho Financial Accounting Reporting Management Systems (IFARMS) format and any other format as may be reasonably requested by the Authorizer.

  • Project Approval The County may issue a Job Order Authorization for the Work, to include the firm-fixed-price of the Job Order and the project duration. Contractor agrees that all clauses of this Contract are applicable to any Job Order issued hereunder. The County reserves the right to reject a Contractor’s Quote based on unjustifiable quantities and/or methods, performance periods, inadequate documentation, or other inconsistencies or deficiencies on the Contractor’s part in the sole opinion of the County. The County reserves the right to issue a unilateral Job Order authorization for the Work if a Quote price cannot be mutually agreed upon. This is based upon unjustifiable quantities in the sole opinion of the County. The County also reserves the right to not issue a Job Order Authorization if the County’s requirement is no longer valid or the project is not funded. In these instances, the Contractor has no right of claim to recover Quote expenses. The County may pursue continuing valid requirements by other means where Contract was not reached with the Contractor.

  • Course Approval Approval for dual credit shall be by the LEA and POSTSECONDARY INSTITUTION representatives on a course-by-course basis each semester based on the student’s prior coursework, career pathway, and/or academic readiness. There is no state limit to the number of credits a student may earn through dual credit in an academic term; however, the student must meet eligibility requirements.

  • 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.

  • HSR Approval The applicable waiting period under the HSR Act shall have expired or been terminated.

  • Approved Budget (a) On the last Thursday of each month after the Second Amendment Effective Time, on or before 12:00 pm (New York City time) on such Thursday, Administrative Borrower shall prepare and deliver to the Administrative Agent, for review and approval by the Required DDTL Approving Lenders, an updated week-by-week operating budget for the then subsequent month (each a “Budget” and, once approved as set forth below, the “Approved Budget”), which shall reflect Administrative Borrower’s good faith projection, for the Borrowers and their respective Restricted Subsidiaries, of (a) all weekly receipts (including from asset sales) and expenditures (including ordinary course operating expenses and any other fees and expenses related to the Loan Documents) in connection with the operation of their businesses, (b) weekly disbursements, and (c) net cash flow, in each case, for such month. The Budget delivered during the week of March 4, 2024 shall be the Approved Budget for March 2024. Together with delivery of the Budget, Administrative Borrower shall provide the Administrative Agent (for subsequent delivery to the Lenders) a variance report (“Variance Report”) in a form and substance reasonably acceptable to the Required DDTL Approving Lenders, comparing the actual receipts, disbursements, and net cash flow for such month through the immediately preceding week compared to the Approved Budget, both in dollar ($) and percentage (%) figures and an explanation of the variance. Each week promptly after the delivery of the Variance Report, the Borrower’s senior management and financial professionals shall review the Variance Report in detail during a telephonic conference with the Lenders. If the proposed Budget was timely delivered and contains the requisite information, the Lenders shall have until 2:00 p.m. (New York City Time) on the first Business Day of the following week to review any Budget after which time such Budget shall become an Approved Budget for all purposes hereunder; provided, no such Budget shall become an Approved Budget if reasonably objected to in writing (which may include e-mail) during the review period by the Administrative Agent (at the direction of the Required DDTL Approving Lenders) or Required DDTL Approving Lenders. (b) In the event that an event or circumstance occurs in between the monthly dates on which the Budgets are otherwise due pursuant to Section 6.24(a) which would make the then current Budget materially inaccurate, within two (2) Business Days of becoming aware of such event or circumstance, the Administrative Borrower shall provide notice of such event or circumstance to the Administrative Agent and the Lenders and promptly deliver a revised Budget reflecting the impact thereof. Without limiting the foregoing, the Budget shall be updated, modified or supplemented by the Administrative Borrower with the written consent of the Administrative Agent (at the direction of the Required DDTL Approving Lenders), and upon the request of the Administrative Agent (at the direction of the Required DDTL Approving Lenders) from time to time. (c) Each Budget delivered to the Administrative Agent and the Lenders shall be accompanied by such supporting documentation as reasonably requested by the Administrative Agent (at the direction of the Required DDTL Approving Lenders) and shall be prepared in good faith, with due care and based upon assumptions the Borrower believe to be reasonable. (d) Within one (1) Business Day of any Loan Party having knowledge of their occurrence or existence, Administrative Borrower shall provide the Administrative Agent and Lenders with written notice of any event or condition which is reasonably likely to entail expenditures of more than $100,000 which is not included in the Approved Budget (including, but not limited, on account of an accident, environmental event or other unanticipated occurrence) or which would otherwise be reasonably likely to have a negative impact on the value of the Loan Parties’ and their Subsidiaries’ assets or future business prospects or a similar event.

  • FERC Approval Notwithstanding any other provision of this Appendix 2, no termination hereunder shall become effective until the Interconnected Entities and/or Transmission Provider have complied with all Applicable Laws and Regulations applicable to such termination, including the filing with the FERC of a notice of termination of the Interconnection Service Agreement, and acceptance of such notice for filing by the FERC.

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