Budget Approval. (i) The initial budget of the Company (the “Initial Budget”) is attached to this Agreement as Exhibit B, which budget has been approved by the Manager and MCG. At least sixty (60) days prior to the commencement of each Fiscal Year of the Company (beginning for the Fiscal Year 2014), the Manager shall cause to be prepared and shall submit to MCG a budget in reasonable detail for such Fiscal Year. At the request of MCG, the Manager will meet with MCG, at a time and place reasonably agreed to by the parties, to discuss each proposed budget. At such meetings, the Manager shall provide to MCG back-up materials that MCG may reasonably request regarding each proposed budget. MCG shall consider such budget and shall, at least thirty (30) days prior to the commencement of the upcoming Fiscal Year, approve or reject such budget. If MCG rejects a budget, the Manager and MCG shall use diligent efforts to revise the proposed budget in form and substance satisfactory to both the Manager and MCG in their reasonable judgment. Each budget approved by MCG pursuant to this Section 9.1(f), including the Initial Budget, is hereafter called the “Approved Budget.” If the Manager and MCG cannot agree on an Approved Budget for a Fiscal Year prior to January 31 of such Fiscal Year, then either MCG, on the one hand, or the Manager and the Keystone Investor (acting together), on the other hand, may initiate the buy-sell procedures under Section 10.4.
(ii) The Manager may make the expenditures provided for in and otherwise implement the Approved Budget, and may expend amounts in excess of the Approved Budget provided that overall expenditures for a Fiscal Year do not exceed the Approved Budget by more than ten percent (10%). If the Manager desires to expend amounts in excess of such amount, then it shall be a “Major Decision” subject to the procedures of Section 9.1(d).
(iii) Until final approval of an Approved Budget by MCG, the Manager shall be authorized to operate the Project on the basis of the previous Fiscal Year’s Approved Budget, together with an increase in such Approved Budget equal to the actual increase in expenses associated with real estate taxes and assessments, insurance premiums, debt service and utilities relating to the Project. Any and all projections contained in any Approved Budget or prior version provided by the Manager are simply estimates and assessments and do not constitute any guaranty of performance whatsoever.
(iv) Notwithstanding the approval rights of...
Budget Approval. With respect to any Flagging Costs for a particular Individual Property, Borrower and Leasehold Pledgor shall (or shall cause Owner or Operating Lessee to) provide a budget therefor for Lender’s approval, which approval shall not be unreasonably withheld, conditioned or delayed (provided that the requirement for such approval shall be deemed to have been waived if (I) the correspondence from Borrower or Leasehold Pledgor to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower is requesting the Lender’s approval of the proposed budget for the Franchise Agreement under Section 4.34(d) or Section 4.34(e) hereof, as applicable, and that Lender’s failure to respond to such request within five (5) Business Days following its receipt of such request shall result in such request being deemed granted, (C) is accompanied by a copy of the proposed budget (which information may be provided electronically in the form of a CD Rom or other portable electronic media enclosed with such notice) and (D) is also sent via electronic mail to Lender’s e-mail address provided by Lender to Borrower from time to time, (II) Lender shall fail to respond to such request within five (5) Business Days following its receipt of such request, (III) Borrower shall deliver to Lender a second written request for approval, which request is delivered in the same form and manner as contemplated in clause (I) above and states that Lender’s failure to respond to such request within two (2) Business Days following its receipt of such second request, shall result in such request being deemed granted, and (IV) Lender shall fail to respond to such request within such two (2) Business Day period), and which upon Lender’s approval thereof, shall constitute the Approved Flagging Budget for such Flagging Costs for such Individual Property.
Budget Approval. (i) The initial operating and capital budgets of the Company (each, an “Initial Budget”) are attached to this Agreement as Exhibit B, which budgets have been approved by the Manager and MCG. At least sixty (60) days prior to the commencement of each Fiscal Year of the Company (beginning for the Fiscal Year 2015), the Manager shall cause to be prepared and shall submit to MCG a budget in reasonable detail for such Fiscal Year. At the request of MCG, the Manager will meet with MCG, at a time and place reasonably agreed to by the parties, to discuss each proposed budget. At such meetings, the Manager shall provide to MCG back-up materials that MCG may reasonably request regarding each proposed budget. MCG shall consider such budget and shall, at least thirty (30) days prior to the commencement of the upcoming Fiscal Year, approve or reject such budget. If MCG rejects a budget, the Manager and MCG shall use diligent efforts to revise the proposed budget in form and substance satisfactory to both the Manager and MCG in their reasonable judgment. Each budget approved by MCG pursuant to this Section 9.1(f), including the Initial Budget, is hereafter called the
Budget Approval. A decision indicating approval or disapproval of the proposed budget shall be made by DHS within sixty (60) business days after submission by Provider.
Budget Approval. The Executive Director shall present a proposed budget to the Governing Board by no later than August 1 preceding the next budget period and the Governing Board shall approve its budget by no later than September 15. Thereafter and in no event later than September 25, Participating Agencies shall be advised on the programs and objectives contained in the proposed budget, of any changes in the User Fee formula(e), and of the required financial participation for each Principal and Subscriber for the following year(s) based upon the proposed budget. Participation by each Principal and Subscriber is contingent upon subsequent legislative appropriation for the following fiscal year. Principals and Subscribers shall promptly notify Snohomish County 911 if it does not approve its budget allocation. Any Principal not approving its full budget allocation (Assessment and cost of any Additional Services it has agreed to purchase) shall be automatically converted to Subscriber status effective the first day of the budget year (whether biennial or annual) for which the Principal did not approve its budget allocation, and subject to penalty as described in Section 12.
Budget Approval. The agreement of the Parties is required to approve a proposed budget, or any amendment thereto. A Party’s approval of a budget shall not be unreasonably withheld or delayed.
Budget Approval. 1.6.1 Prior to the construction of any new building on the Premises, Company shall submit to Lessor copies of a written construction budget for such new building. Each such budget will show all projected Project Costs related to the design, construction, financing and leasing of such new building.
1.6.1.1 Within fifteen (15) days of receipt of the proposed budget, the LDR will review and approve or disapprove the proposed budget submitted by the Company. If the LDR does not respond in writing within fifteen (15) days, the budget shall be deemed to be the Approved Budget.
1.6.1.1.1 If disapproved, the LDR will inform Company in writing of its disapproval describing the disapproved provisions of the proposed budget or requesting further clarification of the budget elements. Company will respond within fourteen (14) days with verification of the budget elements or with a modified written budget that is reasonably satisfactory to the LDR. The Participating Parties agree to negotiate in good faith to resolve any conflicting issues that may arise. If the LDR fails to timely respond, the proposed budget will be deemed approved and will become an Approved Budget.
1.6.1.1.1.1 If, however, the Participating Parties cannot agree upon the provisions of the proposed budget and/or the elements contained in the proposed budget, or, if following approval of the Approved Budget, disputes arise concerning the Approved Budget which the Parties are unable to resolve through good faith negotiation, a neutral third party with at least ten 10 years experience in real estate developments similar to those constructed or proposed to be constructed on the Premises will be selected by the LDR to arbitrate the disputed terms.
1.6.1.1.1.2 If, however, the Company does not accept the neutral third party selected by the LDR, Company will be allowed to select a second neutral party with similar experience. The two selected parties will then select a third neutral party with at least ten 10 years experience in real estate developments similar to those constructed or proposed to be constructed on the Premises who will arbitrate the disputed terms.
1.6.1.1.1.3 The LDR and Company agree to be bound by the decisions reached by the selected arbitrator(s). The Participating Parties will cause the arbitrator(s) to make a determination within fourteen (14) days following submittal.
1.6.1.1.1.4 The Participating Parties agree that each will bear its own costs and expenses incurred for attorney’s fe...
Budget Approval a. BC Housing will endeavour to approve the Operating and Support Services Budgets for any Fiscal Year prior to the start of that Fiscal Year. The budget submissions will follow the account codes used by BC Housing and such account codes may be changed from time to time with at least thirty (30) days’ written notice.
Budget Approval. Owner shall approve, disapprove or comment on the proposed annual budget within thirty (30) days after Owner’s receipt of such proposed annual budget. Owner may approve, disapprove or modify any proposed annual budget in whole or in part.
Budget Approval. The Executive Director shall develop the proposed operating budget for the next budget period in consultation with the Operations Board. The Executive Director shall present a proposed budget to the Executive Board by no later than June 30 prior to the commencement of the budget period, together with any Operations Board’s recommendations with respect to the proposed budget. The Executive Board shall review and revise the budget as it deems appropriate; conduct a public hearing on the draft budget; approve a draft budget and forward same to Principals, all no later than August 31. The budget shall be adopted by Supermajority Vote of the Executive Board effective no later than December 15 prior to commencement of the budget period, following confirmation of the approval by the legislative authorities of Principals of each respective shares of the budget, as evidenced by resolution or other appropriate method received by Agency no later than December 1 preceding the commencement of the budget period. Failure of a Principal to approve its share of the budget before the commencement of the budget period shall result in the Agency no longer responding to Community Members in Crisis within the jurisdictional boundaries of the Principal, effective as of the first day of the budget period for which the budget was not approved.
