Approval of the Budget. On or prior to the date that is 30 days before the end of each calendar year, the Chief Executive Officer shall present to the Board an annual operating budget for the following calendar year. The budget as presented by the Chief Executive Officer shall become the budget (the “Budget”) for such calendar year only when approved in accordance with Section 3.3. If the Budget is not approved for any calendar year prior to March 1 of such year in accordance with Section 3.3, then the Budget for that calendar year shall be the Budget from the prior calendar year (excluding the prior year’s extraordinary and nonrecurring items, but including any contractually obligated or legally required commitments or expenditures for the prior year in the plan) adjusted (i) by a 5% increase in all fixed expenses and (ii) for all variable expenses, such as utilities and insurance, in accordance with the projected variances in their bases and contractual commitments in accordance with their terms.

Approval of the Budget. The Stockholders hereby agree that the budget of the Company and its Subsidiaries, covering the period from the date of this Agreement until December 31, 2001, will be based on the business plans currently in place for Telemundo Holdings, Inc. and Network Group and their Subsidiaries. On or prior to the date which is thirty (30) days before the end of each calendar year, commencing with the calendar year ending December 31, 2001, the chief executive officer of the Company shall present to the Board and Stockholders a budget for the following calendar year. The budget as presented by the chief executive officer of the Company shall become the budget (the "Budget") for such calendar year only when approved by 2/3 of the members of the Board and, if required by the provisions of this Section 2.7.3, approved by the Stockholders and shall not be effective or be implemented until such approval is obtained. If, prior to the consummation of an IPO, the Board and, if applicable, the Stockholders, do not approve the Budget for any calendar year prior to March 1 of such year, then the Budget for that calendar year shall be the Budget from the prior calendar year (excluding the prior year's extraordinary and nonrecurring items, but including any contractually obligated or legally required commitments or expenditures for the prior year in the Business Plan), adjusted by a five percent (5%) increase in all fixed expenses together with an adjustment of all variable expenses, such as utilities and insurance, in accordance with the projected variances in their bases and contractual commitments in accordance with their terms and excluding any extraordinary expenses with respect to station acquisitions (a "Rollover Budget"). Each Budget shall be approved by 2/3 of the members of the Board and shall not require the approval of the Stockholders except if, during the 12 month period immediately preceding the date of submission of such Budget for approval, Telemundo Group, Inc. has been in non-compliance (without giving effect to any waivers or modifications within such 12 month period) under one or more of the material financial covenants contained in the Senior Credit Facility (unless Telemundo Group, Inc. shall have been in compliance with such covenants (without giving effect to any waivers or modifications to such covenants within such 12 month period) for the two fiscal quarters immediately preceding the submission of such Budget for approval).

Approval of the Budget. Approve the annual operating plan or the annual budget of the Company and its Subsidiaries or, in each case, any material modification thereto.

Approval of the Budget. All operations of the Lebanon County Area Vocational-Technical School, also known as the Lebanon County Career and Technology Center, shall be within the limits of the budget adopted by the Lebanon County Area Vocational-Technical Board. Budget approval shall be by mail ballot, or convention, provided that approval of each budget shall require an affirmative vote of two-thirds (2/3) of the member School Districts and a majority vote of all of the School Directors of all of the Member Boards, provided that the vote of any Member Board shall be determined by a majority of all its members.

Approval of the Budget and amendments thereto;

Approval of the Budget of a Subsidiary If, after thirty (30) days from the submission to the Company Board by the Subsidiary Managing Director of a proposed budget for the ensuing year, the Company Board has not agreed to a final budget, then the budget for such ensuing year shall be the prior year's budget for that Subsidiary plus the average rate of inflation in the country in which it operates within the Territory for the prior year plus five per centum (5.00%) for the prior year's budget (hereinafter referred to as the "Budget Formula"). If the budget for three (3) successive years has resulted each year in resort to the Budget Formula and the Shareholders again cannot agree on the budget for the ensuing year, a Shareholder may revert to the Deadlock Provisions.

Related to Approval of the Budget

Approval of Plans and Specifications The Plans and Specifications will conform to the requirements and conditions set out by applicable law or any effective restrictive covenant, and to all governmental authorities which exercise jurisdiction over the Leased Premises or the construction thereon.
Approval of Plan Approval of the Plan by the Commissioner of Internal Revenue as referred to in 17.1 means a continuing approval sufficient to establish that the Plan and related trust(s) are at all times qualified and exempt from income tax under Section 401(a) and other applicable provisions of the Internal Revenue Code of 1986, and that contributions made by the Company under the Plan are deductible for income tax purposes in accordance with law. The cognizant governmental authorities referred to in 17.1 include, without limitation, the Department of Labor, the Pension Benefit Guaranty Corporation and the Securities and Exchange Commission, and their approval means their confirmation with respect to any matter within their regulatory authority that the Plan does not conflict with applicable law.
Approval of Plans Landlord will not check Tenant drawings for building code compliance. Approval of the Final Plans by Landlord is not a representation that the drawings are in compliance with the requirements of governing authorities, and it shall be Tenant’s responsibility to meet and comply with all federal, state, and local code requirements. Approval of the Final Plans does not constitute assumption of responsibility by Landlord or its architect for their accuracy, sufficiency or efficiency, and Tenant shall be solely responsible for such matters.
Development Budget Attached hereto as Exhibit "B" and incorporated herein by this reference is the Development Budget in an amount equal to $_____________. Owner acknowledges and represents that the attached Development Budget includes the total costs and expenses to acquire, develop, renovate and construct the Real Property and the Apartment Housing.
Approval of Agreement The Board of Directors of the Company has authorized the execution and delivery of this Agreement by the Company and has approved this Agreement and the transactions contemplated hereby.
Waiver of Notice; Approval of Meeting; Approval of Minutes The transactions of any meeting of Limited Partners, however called and noticed, and whenever held, shall be as valid as if it had occurred at a meeting duly held after regular call and notice, if a quorum is present either in person or by proxy. Attendance of a Limited Partner at a meeting shall constitute a waiver of notice of the meeting, except when the Limited Partner attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and except that attendance at a meeting is not a waiver of any right to disapprove the consideration of matters required to be included in the notice of the meeting, but not so included, if the disapproval is expressly made at the meeting.
New Project Approval Consultant and District recognize that Consultant’s Services may include working on various projects for District. Consultant shall obtain the approval of District prior to the commencement of a new project.
Approval of Listing At the Closing Time, the Securities shall have been approved for listing on the New York Stock Exchange, subject only to official notice of issuance.
Project Approval The County may issue a Job Order Authorization for the Work, to include the firm-fixed-price of the Job Order and the project duration. Contractor agrees that all clauses of this Contract are applicable to any Job Order issued hereunder. The County reserves the right to reject a Contractor’s Quote based on unjustifiable quantities and/or methods, performance periods, inadequate documentation, or other inconsistencies or deficiencies on the Contractor’s part in the sole opinion of the County. The County reserves the right to issue a unilateral Job Order authorization for the Work if a Quote price cannot be mutually agreed upon. This is based upon unjustifiable quantities in the sole opinion of the County. The County also reserves the right to not issue a Job Order Authorization if the County’s requirement is no longer valid or the project is not funded. In these instances, the Contractor has no right of claim to recover Quote expenses. The County may pursue continuing valid requirements by other means where Contract was not reached with the Contractor.
Program Budget A) Contractor will expend funds received for operation of its program and services according to Contractor’s annual operating budget. The portions of said budget, which reflect services performed or money paid to Contractor pursuant to this Agreement shall be subject to the approval of the Human Services Agency. B) In the event Contractor determines a reasonable business necessity to transfer funding between personnel and operating expenses specified in the budget submitted to the Human Services Agency the following will apply: 1. Contractor will notify the Human Services Agency of transfers that in the aggregate are between ten percent (10%) and twenty percent (20%) of the maximum contract amount.

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