Common use of Approval of Annual Budget Clause in Contracts

Approval of Annual Budget. Not later than November 30 of each fiscal year, the General Partner shall deliver to the iStar Representative and the BREDS Representative a copy of the proposed budget for the General Partner and its Component Entities for the next succeeding fiscal year, including estimated operating costs, capital expenditures, material Indebtedness proposed to be incurred, estimated Required Reserves, material asset dispositions and acquisitions and other material transactions. The General Partner will promptly respond to any questions from the holders of the Series D Preferred Partnership Units with regard to the proposed budget. The iStar Representative and the BREDS Representative will have 15 Business Days from the date of their receipt of the draft budget to approve such draft budget, in their reasonable discretion, by the written consent of both the iStar Representative and the BREDS Representative. Failure to deliver such written consent within the period specified above shall be deemed a rejection of such draft budget. If the budget is approved, it will be the Approved Budget for the next succeeding fiscal year. If the budget is rejected, the General Partner, the iStar Representative and the BREDS Representative will work in good faith to resolve the objections, but until such objections are resolved, the General Partner shall continue to operate in accordance with the Approved Budget then in effect for the prior fiscal year and such budget shall remain the Approved Budget for all purposes hereunder; provided, however, that the General Partner shall be authorized to continue to operate in the ordinary course and meet its contractual obligations as they come due, subject to the provisions of Section 8(b).

Approval of Annual Budget. Not later than November 30 of each fiscal year, the General Partner Company shall deliver to the iStar Representative and the BREDS Representative a copy of the proposed budget for the General Partner Company and its Component Entities for the next succeeding fiscal year, including estimated operating costs, capital expenditures, material Indebtedness proposed to be incurred, estimated Required Reserves, material asset dispositions and acquisitions and other material transactions. The General Partner Company will promptly respond to any questions from the holders of the Series D Preferred Partnership Units Stock with regard to the proposed budget. The iStar Representative and the BREDS Representative will have 15 Business Days from the date of their receipt of the draft budget to approve such draft budget, in their reasonable discretion, by the written consent of both the iStar Representative and the BREDS Representative. Failure to deliver such written consent within the period specified above shall be deemed a rejection of such draft budget. If the budget is approved, it will be the “Approved Budget Budget” for the next succeeding fiscal year. If the budget is rejected, the General PartnerCompany, the iStar Representative and the BREDS Representative will work in good faith to resolve the objections, but until such objections are resolved, the General Partner Company shall continue to operate in accordance with the Approved Budget then in effect for the prior fiscal year and such budget shall remain the “Approved Budget Budget” for all purposes hereunder; provided, however, that the General Partner Company shall be authorized to continue to operate in the ordinary course and meet its contractual obligations as they come due, subject to the provisions of Section 8(b)2(a) hereof and Section 8(c) of the Articles Supplementary.

Approval of Annual Budget. Not later than November 30 of each fiscal year, the General Partner shall deliver to the iStar Representative and the BREDS Representative a copy of the proposed budget for the General Partner and its Component Entities for the next succeeding fiscal year, including estimated operating costs, capital expenditures, material Indebtedness proposed to be incurred, estimated Required Reserves, material asset dispositions and acquisitions and other material transactions. The General Partner will promptly respond to any questions from the holders of the Series D E Preferred Partnership Units with regard to the proposed budget. The iStar Representative and the BREDS Representative will have 15 Business Days from the date of their receipt of the draft budget to approve such draft budget, in their reasonable discretion, by the written consent of both the iStar Representative and the BREDS Representative. Failure to deliver such written consent within the period specified above shall be deemed a rejection of such draft budget. If the budget is approved, it will be the Approved Budget for the next succeeding fiscal year. If the budget is rejected, the General Partner, the iStar Representative and the BREDS Representative will work in good faith to resolve the objections, but until such objections are resolved, the General Partner shall continue to operate in accordance with the Approved Budget then in effect for the prior fiscal year and such budget shall remain the Approved Budget for all purposes hereunder; provided, however, that the General Partner shall be authorized to continue to operate in the ordinary course and meet its contractual obligations as they come due, subject to the provisions of Section 8(b).

Approval of Annual Budget. Not later than November 30 of each fiscal year, the General Partner Company shall deliver to the iStar Series E Representative and the BREDS Series E Representative a copy of the proposed budget for the General Partner Company and its Component Entities for the next succeeding fiscal year, including estimated operating costs, capital expenditures, material Indebtedness proposed to be incurred, estimated Required Reserves, material asset dispositions and acquisitions and other material transactions. The General Partner Company will promptly respond to any questions from the holders of the Series D E Preferred Partnership Units Stock with regard to the proposed budget. The iStar Series E Representative and the BREDS Series E Representative will have 15 Business Days from the date of their receipt of the draft budget to approve such draft budget, in their reasonable discretion, by the written consent of both the iStar Series E Representative and the BREDS Series E Representative. Failure to deliver such written consent within the period specified above shall be deemed a rejection of such draft budget. If the budget is approved, it will be the “Approved Budget Budget” for the next succeeding fiscal year. If the budget is rejected, the General PartnerCompany, the iStar Series E Representative and the BREDS Series E Representative will work in good faith to resolve the objections, but until such objections are resolved, the General Partner Company shall continue to operate in accordance with the Approved Budget then in effect for the prior fiscal year and such budget shall remain the “Approved Budget Budget” for all purposes hereunder; provided, however, that the General Partner Company shall be authorized to continue to operate in the ordinary course and meet its contractual obligations as they come due, subject to the provisions of Section 8(b)2(a) hereof and Section 8(c) of the Series E Articles Supplementary.