Approved Annual Budgets. (a) Owner and the Westlake Parties acknowledge that they have agreed upon an Approved Annual Budget consistent with the Accounting Procedures for the period commencing on the date of this Agreement and ending December 31, 2014 (the “First Approved Annual Budget”).
Approved Annual Budgets. The Company shall consider and comment upon the proposed draft budget prepared by the Manager with respect to each Facility pursuant to Section 6.1, and the Manager shall from time to time amend and revise such draft budget in accordance with any reasonable written requests of the Company mutually agreed to by the Company and the Manager (each such budget including the initial Annual Budget referred to in Section 6.1, as so amended from time to time, an “Approved Budget”). If the Manager submits a proposed Annual Budget or an amendment to the Annual Budget for the Company’s approval, and the Company does not request any changes or make any comments with respect to such Annual Budget, within thirty (30) days of submission, then such proposed Annual Budget shall be deemed the Approved Budget. Until such time as the proposed budget is approved by the Company, the last Approved Budget shall be the Approved Budget for such year except that (i) any portion of the proposed budget which is specifically approved or not in dispute shall be deemed approved and effective and (ii) during any interim period the Manager may reasonably exceed the Approved Budget for the prior Fiscal Year for (a) taxes, utility charges and other items not within the Manager’s reasonable control and (b) increases in contract services, personnel and other costs to the extent required to maintain the same level of services for the attendance volumes anticipated at a Facility provided during the previous Fiscal Year if the costs of such items has increased above the Approved Budget for the prior Fiscal Year. In the event the Parties are unable to agree on an Approved Budget for a particular Fiscal Year within ninety (90) days of the beginning of such Fiscal Year, Manager shall operate a Facility related to the disputed portion of the proposal based upon the last approved Annual Budget.
Approved Annual Budgets. The updated 2020 Annual Budgets for each Property are attached hereto as Exhibit C and have been approved by Lender, which collectively constitute the Approved Annual Budget for 2020. To the extent Borrower submits an updated Annual Budget for any Property for any calendar year (or remaining portion thereof), Lender agrees to use good faith efforts to review and provide its approval or disapproval of such Annual Budget (which Lender may do in its sole discretion) within fourteen (14) days of receipt, provided that if Lender fails to provide its approval or disapproval within such time period, Lender shall not be in breach of this Agreement and in no event shall such Annual Budget be deemed approved. Without the prior written consent of Lender, Borrower shall not use any Gross Revenue from operations of the Properties for any purpose other than for the purposes set forth in the Approved Annual Budget for such Property, in amounts not to exceed one hundred ten percent (110%) of the budgeted line items for such expenses for the applicable month as set forth in the Approved Annual Budget for such Property.
Approved Annual Budgets. In accordance with the provisions of Section 4.6, the Managing Director will prepare and deliver to the Board of Directors for its review and approval an Annual Budget for each Fiscal Year. When an Annual Budget is approved pursuant to Section 4.5, the Stockholders promise, covenant and agree to promptly pay all Expenses incurred pursuant to an Approved Annual Budget in the manner set forth in Section 6.2.
Approved Annual Budgets. (a) Owner and Service Provider acknowledge that they have agreed upon an Approved Annual Budget consistent with the Accounting Procedures for the period commencing on the date of this Agreement and ending January 31, 2008 (the “First Approved Annual Budget”).
Approved Annual Budgets. Prior to the commencement of the Fiscal Year, Owner shall consider and comment upon the proposed budget prepared by AMC and AMC shall revise such proposed budget as mutually agreed upon with Owner (such budget, as so revised, an “Approved Budget”). If Owner fails to provide any comments on or requested changes to the proposed budget before the commencement of the Fiscal Year, the proposed budget shall automatically become the Approved Budget. In the event the Parties are unable to produce an Approved Budget prior to the commencement of the Fiscal Year, AMC shall operate under the proposed budget until such time as there is an Approved Budget. Owner approval shall not be required for adjustments to the Approved Budget where the additional costs or expenses are required by a Law that became effective after such Approved Budget was approved; provided, that AMC shall provide prompt written notice to Owner of any such Law or such additional costs or expenses.
