Common use of Approval of Annual Budget Clause in Contracts

Approval of Annual Budget. Not later than November 30 of each fiscal year, the Company shall deliver to the iStar Series E Representative and the BREDS Series E Representative a copy of the proposed budget for the 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 Company will promptly respond to any questions from the holders of the Series E Preferred 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” for the next succeeding fiscal year. If the budget is rejected, the Company, 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 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” for all purposes hereunder; provided, however, that the 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 2(a) hereof and Section 8(c) of the Series E Articles Supplementary.

Approval of Annual Budget. Not later than November 30 of each fiscal year, the Company shall deliver to the iStar Series E Representative and the BREDS Series E Representative a copy of the proposed budget for the 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 Company will promptly respond to any questions from the holders of the Series E D Preferred 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” for the next succeeding fiscal year. If the budget is rejected, the Company, 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 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” for all purposes hereunder; provided, however, that the 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 2(a) hereof and Section 8(c) of the Series E Articles Supplementary.

Approval of Annual Budget. Not later than November 30 of each fiscal year, the Company General Partner shall deliver to the iStar Series E Representative and the BREDS Series E Representative a copy of the proposed budget for the Company 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 Company General Partner will promptly respond to any questions from the holders of the Series E Preferred Stock Partnership Units 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 CompanyGeneral Partner, 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 Company 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” Budget for all purposes hereunder; provided, however, that the Company 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 2(a) hereof and Section 8(c) of the Series E Articles Supplementary8(b).

Approval of Annual Budget. Not later than November 30 of each fiscal year, the Company General Partner shall deliver to the iStar Series E Representative and the BREDS Series E Representative a copy of the proposed budget for the Company 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 Company General Partner will promptly respond to any questions from the holders of the Series E D Preferred Stock Partnership Units 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 CompanyGeneral Partner, 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 Company 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” Budget for all purposes hereunder; provided, however, that the Company 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 2(a) hereof and Section 8(c) of the Series E Articles Supplementary8(b).