Approval of Budgets. The Operating Budgets and the Capital Renewals Budget shall be subject to the approval of Lessee, which shall not be unreasonably withheld or delayed, it being contemplated that each such Operating Budgets and Capital Renewals Budget shall be agreed upon by the parties within thirty (30) days after the submission of the same by Manager to Lessee. If Lessee shall fail to approve any Operating Budgets or Capital Renewals Budget within thirty (30) days after its submittal by Manager, or to submit its written objections thereof to Manager within such period, in case of a dispute with regard to any Operating Budgets, then pending the settlement thereof, or until such dispute is resolved in accordance with Section 12.04, Manager shall be entitled to continue to operate the Hotel in accordance with the standards set forth herein and shall be entitled to make expenditures which are consistent with the Operating Budget for the immediately preceding Operating Year; provided that, subject to the standards of performance described in Subsection 4.02.4 below, the maximum approved amount of such expenditures shall be equal to (a) the aggregate of all items set forth in the Operating Budget which are not disputed by Lessee, plus (b) with respect to all items in the Operating Budget which are disputed or objected to by Lessee, the amount allocated to such item(s) in the Operating Budget for the immediately preceding Operating Year increased by the greater of (i) five percent (5%), or (ii) the difference between the Consumer Price Index (All Cities - All Items) (1982-84 = 100) (the "CPI"), on January 1 of the Operating Year immediately preceding the Operating Year in question and the CPI on January 1 of the Operating Year in question.
Approval of Budgets. (A) Each budget shall be approved by Partnership Governance Committee Action. Prior to November 15 of each fiscal year, the CEO shall prepare and submit to the Partnership Governance Committee for approval each of the budgets for the ensuing fiscal year (and, as appropriate, for subsequent periods), and on or before December 1, the Partnership Governance Committee shall by Partnership Governance Committee Action approve, with such modifications as it considers appropriate, each such budget.
(B) If the Partnership Governance Committee does not approve the Operating Budget for the next fiscal year by December 1, pending approval of such budget by Partnership Governance Committee Action, the preceding fiscal year's Operating Budget shall, to the extent practicable, guide the operation of the Partnership. The failure to approve an Operating Budget shall in no way limit or restrain the authority of the Partnership or its officers to conduct operations.
(C) The Partnership Governance Committee may, by Partnership Governance Committee Action, amend or supplement any previously approved budget at any time.
Approval of Budgets. The Joint Policy Board shall have the ------------------- responsibility for and authority to approve each Pod Budget. PQC shall submit each Pod Budget to the Joint Policy Board for approval on a timely basis. Once approved in accordance with this Section 3.8(b), all of PQC, Pod and Pod Physicians shall be bound by the terms of the approved Pod Budget for the following twelve (12) month period or such lesser period as may be provided for in the Budget Guidelines, subject only to any modifications suggested by PQC and/or Pod Physicians and approved by the Joint Policy Board. At any point during a Fiscal Period, including for example if the actual Physician Pod Practice Revenues less actual Physician Pod Practice Expenses is below budgeted levels for such Physician Pod or if there is an actual or projected negative Net Margin the Joint Policy Board may review the budgets for such Physician Pod and make such changes to such budgets, including the aggregate Pod Distributions (as defined in Section 3 of Appendix A to the Employment Agreements), as the Joint Policy Board deems to be appropriate. All capital and operating budgets, and changes thereto, also shall be subject to the approval of PQC. The Joint Policy Board shall not unreasonably withhold its approval of a Pod Budget but if such approval is not forthcoming, the following process shall prevail so that the Pod may remain open to treat patients:
(i) If, prior to the commencement of any budget period, the Joint Policy Board has not yet approved the Pod Budget, then PQC and Medical Group will work diligently in good faith to obtain such approval. Until such approval is obtained, the following procedures shall apply:
(A) as to any disputed line items, the immediately preceding budget period's Pod Budget shall be controlling until such time, if any, as agreement is reached on the amounts to be allocated to such disputed line items, except that:
(1) non-recurring extraordinary items shall not be continued from the Pod Budget for the immediately preceding budget period;
(2) if items such as lease payments or payroll taxes are subject to an automatic increase, such increases shall be effective at the increased rate; and
(3) for items such as personnel salaries, the total salary number shall be adjusted to take into account changes in the number and classifications of personnel members employed or contracted; and
(B) as to any line items which are not in dispute, the new Pod Budget submitted by PQC shall be effe...
Approval of Budgets. Manager shall, at least thirty (30) days prior to the scheduled Commencement Date, submit to the Board, for its approval, a proposed Operating Budget and Capital Expense Budget for the remainder of the current fiscal year. Thereafter, Manager shall, not less than thirty (30) days prior to the commencement of each full or partial fiscal year, submit to the Board, for its approval, proposed Budgets for the ensuing full or partial fiscal year, as the case may be. Manager shall meet with the Board to discuss the proposed Budgets and the Board’s approval of the Budgets shall not be unreasonably withheld.
Approval of Budgets. The Company shall prepare and submit to the Investor Group for approval, an annual operating and capital budget, and shall not permit, without the prior written consent of the Investor Group, any variation by more than 5% from the amounts set forth in such budgets for indebtedness, capital expenditures, fixed costs and the ratio of total liabilities to total assets, provided that the Investor Group shall exercise such approval right in what it in good faith believes to be in the best interests of the Company and its stockholders.
Approval of Budgets. The Management Committee may (a) approve a proposed Operating Budget or Capital Expense Budget, (b) approve a portion of the proposed Operating Budget or Capital Expense Budget and reject the other portions of the proposed Operating Budget or Capital Expense Budget, or (c) reject the proposed Operating Budget or Capital Expense Budget. The O&M Arrangements will require that the Operator, in the event the Management Committee rejects all or a portion of a proposed Operating Budget or Capital Expense Budget, within not more than ten (10) days after rejection, shall prepare and submit a revised Operating Budget or Capital Expense Budget, as applicable, to the Management Committee for approval at a meeting called for such purpose as soon as practicable upon due notice in accordance with Section 4.3.4.
Approval of Budgets. Lender and the Borrower's Board of Directors will jointly approve the fiscal year 2000 monthly operating budgets for the San Diego "Flash" and the Riverside "Elite" soccer teams.
Approval of Budgets. If Operator submits a timely budget recommendation, and Owner does not disapprove it in writing before July 1, Operator’s proposed budget is deemed approved. If an annual budget has not been approved by that date, Operator shall continue to operate the Property under the approved budget for the previous year until Operator and Owner can agree on the new budget or the termination of this Agreement.
Approval of Budgets. Owner agrees that if objection to the proposed Annual Budget is not given within thirty (30) days after Owner’s receipt of the proposed Annual Budget, Agent may assume approval and operate within the proposed Annual Budget until notified otherwise by Owner in writing. To the extent reasonable, Agent shall eliminate or revise any item or amount in the Annual Budgets which is disapproved by Owner to the extent necessary to obtain Owner’s approval.
Approval of Budgets. The Management Committee may, by a Majority Vote, (a) approve a proposed Operating Budget or Capital Expense Budget, or (b) approve a portion of the proposed Operating Budget or Capital Expense Budget. The Management Committee shall cause Operating Expenses and Capital Expenses to be incurred consistent with the approved Operating Budget or Capital Expense Budget, as applicable, and the changes and exceptions permitted under this Agreement.
