Annual Capital Budget. Tenant shall furnish to Landlord, for informational purposes only, a copy of the annual capital budget for the Facility for each Fiscal Year, in each case (x) contemporaneously with Other Tenant’s delivery to the applicable landlord of the applicable annual capital budget for such Fiscal Year pursuant to the Other Lease, and (y) not later than fifty-five (55) days following the commencement of the Fiscal Year to which such annual capital budget relates. For the avoidance of doubt, without limitation of Tenant’s Capital Expenditure requirements pursuant to Section 10.5(a), Tenant shall not be required to comply with such annual capital budget and it shall not be a breach or default by Tenant hereunder in the event Tenant deviates from such annual capital budget.
Annual Capital Budget. (a) In Fiscal Year 1999 and in each Fiscal Year thereafter, the Executive Officers of the Company shall timely prepare or cause to be prepared a draft capital budget (the “Draft Annual Capital Budget”) for such Fiscal Year, which shall set forth in reasonable line item detail the proposed Acquisition Expenditures, Capital Expenditures and the Ordinary Course Lease Expenditures of the Company and its subsidiaries for such Fiscal Year, including all Ordinary Course Lease Expenditures and all Capital Expenditures of the Company and its subsidiaries directly associated with the Garyville Propylene Upgrade Project. In addition, to the extent that information can reasonably be obtained on the nature of assets rented or financed by operating leases, such information shall be presented along with the Annual Capital Budget. Copies of the Draft Annual Capital Budget shall be provided to each Member (at the same time) and to the Board of Managers. No later than the last regular meeting of the Board of Managers for a Fiscal Year, the Executive Officers shall present to the Board of Managers the Draft Annual Capital Budget for the following Fiscal Year for the Board of Managers’ review, consideration and approval, with such additions, deletions and changes thereto as the Board of Managers shall deem necessary. Upon its approval by the Board of Managers (and taking into account any additions, deletions or other changes deemed necessary by the Board of Managers) the Draft Annual Capital Budget for a Fiscal Year shall become the “Annual Capital Budget” for such Fiscal Year.
(b) If the Board of Managers shall fail to approve an Annual Capital Budget for any Fiscal Year, the total expenditures provided for in the Annual Capital Budget for such Fiscal Year shall be in an amount equal to the Normal Annual Capital Budget Amount for such Fiscal Year.
(c) No later than August 30 of each Fiscal Year, the Board of Managers shall review the Annual Capital Budget for such Fiscal Year and shall make such additions, deletions and changes thereto as the Board of Managers shall deem necessary.
Annual Capital Budget. Tenant shall furnish to Landlord, for informational purposes only, a copy of the annual capital budget for the Facility for each Fiscal Year, in each case not later than fifty-five (55) days following the commencement of the Fiscal Year to which such annual capital budget relates. For the avoidance of doubt, without limitation of Tenant’s Capital Expenditure requirements pursuant to Section 10.5(a), Tenant shall not be required to comply with such annual capital budget and it shall not be a breach or default by Tenant hereunder in the event Tenant deviates from such annual capital budget.
Annual Capital Budget. In addition to the provisions set forth above, the Annual Capital Budget shall describe the estimated useful life and estimated replacement costs for the ensuing full or partial year, as the case may be, for the physical plant, furnishings, equipment, and ordinary capital replacement items, all of which are defined to be any items, the cost of which is capitalized and depreciated, rather than expensed, using GAAP ( “Capital Replacements”) as shall be required to operate the Enterprise in accordance with sound business practices.
Annual Capital Budget. Capital Assets included in an Annual Capital Budget or any modification of that budget approved by the Operating Committee shall be paid for or reimbursed in accordance with this Article 8. Notwithstanding anything to the contrary in this Agreement or in any other Operative Document, Big Rivers shall have no obligation to (a) authorize the acquisition or construction of or pay for any Capital Assets unless such Capital Assets are necessary, consistent with Prudent Utility Practice, to maintain the Capacity of the Facilities that is physically available and can be legally utilized at [REDACTED] net MW or to comply with any requirement of applicable Laws or administrative or judicial interpretation of an applicable Law (including without limitation, Environmental Laws) or any regulatory authority (including for the avoidance of doubt, and without regard for the actual time for the enactment or implementation of the same, without limitation, the Proposed SIP Call and any Laws that may be enacted or implemented pursuant thereto or in connection therewith), in which case Big Rivers shall be obligated to so authorize the acquisition or construction of and pay for such Capital Assets in accordance with the terms of this Article 8, (b) make any expenditure for Capital Assets which would not be capitalized pursuant to the Accounting Practices (as interpreted, modified or supplemented by the Capitalization Guidelines), or (c) make any expenditure in connection with any personal property or other asset which does not constitute a Capital Asset (other than such expenditures as may be required by Big Rivers as a result of any breach or default by Big Rivers under any of the Operative Documents, or pursuant to any indemnification or hold harmless covenant of Big Rivers under any of the Operative Documents) (unless such expenditure for such personal property or other asset is part of Incremental Environmental O&M, in which case the provisions of Section 2.3.3 shall govern, or unless such expenditure involves Big Rivers' repurchase of personal property on the Termination Date pursuant to Section 9.3 of the Participation Agreement). Big Rivers shall not be required to make any expenditure for Capital Assets which does not meet the foregoing criteria, including, without limitation, any expenditures for Capital Assets, the principal purpose of which is to increase Capacity above [REDACTED] net MW or to improve the efficiency of any Facility. WKEC shall provide written notice...
Annual Capital Budget. 61 SECTION 8.10. Business Plan.............................................62 SECTION 8.11. Requirements as to Affiliate Transactions.................62 SECTION 8.12. Review of Certain Affiliate Transactions Related to Crude Oil Purchases and Shared Services....................................64 SECTION 8.13.
Annual Capital Budget. Within thirty (30) days after Closing, Borrower shall prepare and submit to Arrangers an annual capital budget (the "Budget") applicable to the activities of Borrower and Guarantors to be conducted: (a) through the projected completion date of all capital expenditures to be made on the Cedar Hills Project, and (b) through the fiscal quarter ending March 31, 2003, with respect to all activities of Borrower and Guarantors other than the Cedar Hills Project, such Budget to be in form and substance satisfactory to Arrangers, and which shall be sufficient to demonstrate to Arrangers' satisfaction that Borrower and Guarantors will remain in compliance with this Agreement and the other Loan Documents during the period covered by the Budget. Thereafter, an updated Budget shall be submitted to Arrangers within fifteen (15) days after the close of each fiscal quarter beginning with the quarter ending June 30, 2002, so that the portion of the Budget applicable to the Cedar Hills Project activities always covers the period through the projected completion of all planned capital expenditures on the Cedar Hills Project, and through the ensuing four (4) calendar quarters with respect to all activities of Borrower and Guarantors other than the Cedar Hills Project. Each updated Budget submitted to the Arrangers within fifteen (15) days after the close of each fiscal quarter shall also include a comparison of Borrower's and Guarantors' actual capital expenditures during such preceding quarter compared to the expenditures forecast for such quarter on the most recent Budget that had been submitted to Arrangers with respect thereto. Such comparison shall separate the expenditures made on the Cedar Hills Project from expenditures made in connection with all other activities of Borrower and Guarantors. Borrower shall conduct, or shall cause Guarantors to conduct, as applicable, the activities contemplated by the capital expenditures forecast in each current Budget, substantially as and when contemplated in such Budget.
Annual Capital Budget. For Incremental Capital Assets after completion of the original construction of the Xxxxxxx County Unit 2 Project, the Companies shall prepare and submit to the Coordination Committee an annual Xxxxxxx County Unit 2 Project capital budget (the “Annual Capital Budget”) no later than August 1 of each year for the subsequent year. The Coordination Committee must approve the Annual Capital Budget submitted by the Companies with such changes as the Coordination Committee deems necessary or appropriate, after which the Companies will be authorized to expend the amounts contained therein. After approval of the Annual Capital Budget, no further review by the Coordination Committee is required unless the actual, total capital expenditures are anticipated to exceed the approved Annual Capital Budget by fifteen percent (15%) or more. In this event, the Companies will submit a revised Annual Capital Budget to the Coordination Committee for its approval or disapproval on a quarterly basis. The Companies are not authorized to expend construction funds in excess of one hundred fifteen percent (115%) of the total amount approved by the Coordination Committee in the Annual Capital Budget (as revised) except in the event of an Emergency. In the event an Emergency requires expenditure of funds in excess of the approved Annual Capital Budget, the Companies shall advise the Coordination Committee immediately and request timely approval or disapproval. Such approval or disapproval may be obtained via a telephone or electronic meeting to be confirmed later in writing. In the absence of timely approval, the Companies shall take whatever actions they deem necessary to support the continued safe and efficient operation of Xxxxxxx County Unit 2.
Annual Capital Budget. On or before ninety (90) days prior to the expiration of the then current fiscal year, ARC shall deliver to SHP, along with the proposed Annual Operating Budget for each Project, a proposed Annual Capital Budget for each Project for the upcoming fiscal year. Approval of the annual capital budget (the “Annual Capital Budget”) must be made by the unanimous consent of the Committee. If the Committee cannot unanimously agree upon the Annual Capital Budget for a particular Project for any year, there shall be no Annual Capital Budget for such Project for such year and the provisions of Section 4.5(a) shall govern capital improvements to such Project during such year. To the extent that funds are reserved for items set forth in the Annual Capital Budget for a particular Project and are not spent in a given year for which the Annual Capital Budget for such Project relates, the funds will be carried over into a separate reserve account for future use on items included within a future Approved Capital Budget for such Project, but may not be used for any other purpose. This separate reserve account will be held by, or on behalf of, SHP for the benefit of the applicable Subsidiary.
Annual Capital Budget. The Managers shall have equal approval rights with respect to the annual capital budget. Any annual capital budget as approved pursuant to this Section 6.2(b) is referred to as the “Annual Capital Budget”. To the extent the Annual Capital Budget is not approved prior to the commencement of the fiscal year to which such budget is to relate, the Annual Capital Budget for the prior fiscal year shall continue to apply, subject to the elimination (or reduction) of amounts with respect to any items from such prior year’s budget that were non-recurring items and that were completed in the prior year.
