Annual Budget Approval Sample Clauses

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
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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.
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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.
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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
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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
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.
Sample 1
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Related to Annual Budget Approval

  • Annual Budget Prior to the date hereof, Borrower has submitted and Lender has approved an Annual Budget for the 2015 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 Fiscal Year. During the continuance of a Trigger Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably conditioned, delayed or withheld so long as no Event of Default is continuing). An Annual Budget approved by Lender during a Trigger Period or any Annual Budget submitted prior to the commencement of a Trigger 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 2.4.3(a). If Lender has the right to approve an Annual Budget pursuant to this Section 6.8.3, 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 Monthly Payment Date shall mean the monthly amount set forth in the Approved Annual Budget for Operating Expenses and Capital Expenditures for the Interest Period related to such Monthly Payment Date. If during any Trigger 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, except that the line item for Capital Expenditures shall not exceed the Capital Expenditures set forth in the Approved Initial Budget.

  • Budget The System Agency allocated share by State Fiscal Year is as follows:

  • 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.

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