Budget Approval Process. Property Manager shall submit by September 1st of each year during the term hereof (or such other date as Owner may request) a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Property during the next Fiscal Year, including, without limitation, all estimated rentals (including fixed, percentage and escalation rents) and all estimated repairs, maintenance and capital projects (“Budget”) for the ensuing Fiscal Year. Property Manager shall submit the preliminary budget to Owner within 15 days after the date hereof for the remainder of the Fiscal Year beginning on the date of this Agreement. A “Fiscal Year” is a calendar year all or part of which falls within the term of this Agreement. In the event Owner, in Owner’s sole judgment, disapproves of any proposed Budget submitted by Property Manager, Owner shall give Property Manager written notice thereof in which event Property Manager shall make all revisions thereto which Owner shall direct. Property Manager shall resubmit the revised proposed Budget to Owner for approval. Until Owner has approved the revised approved Budget, Property Manager may continue to operate pursuant to the last approved Budget except for increased expenses relating to taxes, insurance and utilities which should be paid on a current basis. In the absence of any written notice of approval within 60 days after delivery of a proposed Budget to Owner, the proposed Budget shall be deemed to have been approved by Owner.
Budget Approval Process. Property Manager shall submit for approval of Owner not later than 30 days after the date of this Agreement a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Project for first full or partial Fiscal Year (as hereinafter defined), including, without limitation, all estimated rentals and all estimated repairs, maintenance and capital projects (the “Budget”) for such Fiscal Year. In addition, Property Manager shall submit a Budget for each ensuing Fiscal Year for the approval of Owner not later than thirty (30) days prior to the expiration of the Fiscal Year immediately preceding the Fiscal Year to which such Budget relates. A “Fiscal Year” is a calendar year, all or part of which falls within the Term of this Agreement. In the event Owner, in Owner’s sole judgment, disapproves of any proposed Budget submitted by Property Manager, Owner shall give Property Manager written notice of the line items that have been disapproved, in which event Property Manager and Owner shall work in good faith to establish mutually-acceptable amounts for such line items. Until Owner has approved the revised Budget, Property Manager may (i) pay the Management Fee (as hereinafter defined) and all expenses relating to taxes, insurance and utilities, (ii) operate pursuant to those portions of the Budget which have been approved, and (iii) with respect to line items that have not been approved, continue to operate pursuant to the corresponding line items in the last approved Budget. In the absence of any written notice from Owner of disapproval within 30 days after delivery of the proposed Budget to Owner, the proposed Budget shall be deemed to have been approved by Owner.
Budget Approval Process. Property Manager shall submit by September 1st of each year during the term hereof (or such other date as Owner may request) a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Property during the next Fiscal Year, including, without limitation, all estimated Initials: PM Owner
Budget Approval Process. Within sixty (60) days following the Closing Date and, thereafter, prior to the end of each calendar year during the term of the Loan, Lessee shall, or shall cause Manager to, submit to Surety, a proposed annual operating and capital expenditures budget for the Assisted Living Facilities for the following calendar year. Such budget shall provide detail on a month-by-month basis for all Operating Revenues, Operating Expenses and capital improvement requirements (and is referred to herein as the "BUDGET"). The Surety shall have the right to reasonably approve or disapprove the Budget and Lessee shall change or cause such changes to be made to the Budget as are reasonably necessary to obtain Surety's reasonable approval. Once the Surety approves such Budget, it shall become effective for the next calendar year subject to the provisions below. If the Surety has not approved the Budget on or prior to December 31 of the calendar year which is about to expire, the projections for the new calendar year as set forth on SCHEDULE 7.10 subject to such adjustments as are necessary to achieve, in the most economic fashion, compliance with all applicable Legal Requirements, shall be deemed to be the Budget during such new calendar year until such time as the Surety approves the new Budget. Lessee shall notify Surety of any proposed changes to the Budget (following final approval thereof as aforesaid) which contemplate or result in a change in projected Net Operating Income of more than ten percent (10%), and any such proposed change shall be subject to Surety's prior written approval as provided above. Following the Closing Date and until approval of the Budget as described above, the projections attached hereto as SCHEDULE 7.10 shall be deemed to be the Budget.
Budget Approval Process. As the Project Agreement Committee’ s work plan is adjusted, the Project Agreement Committee will forecast both an estimated cost at the end of each f iscal year and at the end of Phase 1 . The work plan shall be maintained to serve as the basis for preparing a fiscal year’s operating budget and revised Phase 1 budget target. The Project Agreement Committee and Authority shall cooperate on the development of each fiscal year budget to ensure the scope and effort of shared activities (e.g. engagement) align and to ensure adequate reserves are maintained and resource plans are in place to ensure adequate staffing levels can be committed to perform the work. At least 2 months prior to the end of each fiscal year, the Project Agreement Committee shall adopt a fiscal year operating budget and revised Phase 1 budget target and present them to the Authority. The Authority shall incorporate them along with budgets developed by other Project Agreement Committees ( as appropriate) to approve at the project- level ( 1 ) a f iscal year operating budget and (2) a Phase 1 budget target. Should this process result in changes in the total funding amount listed in Table 1 above or Attachment 1 of Exhibit B, Attachment 1 of Exhibit B will be amended by written acknowledgement of each of the Project Agreement Members, which will supersede the amounts shown in Table 1 and Attachment 1 of Exhibit B to calculate each Members funding contribution, which is based on both the Participant’s Percentage and Actual Weighted Vote (refer to Agreement, Exhibit A1).
Budget Approval Process. A. When the annual institutional budget process begins:
1. The Vice President of ITS will present the recommended yearly STF budget, including any proposed changes to the Committee.
2. In addition, individual members of the Committee may at this time present requests for STF expenditures from their respective constituencies.
3. All proposed changes to or requests from the STF budget must be clearly identified as either yearly operating expenses or one-time expenditures.
a. All anticipated future expenses, including hardware or software upgrades, maintenance and support costs must be disclosed as part of the initial request.
b. Any changes or requests not initially disclosed will be presented to the Committee as a new budget item.
c. All requests must be submitted to the office of the Vice President of ITS at least ten (10) working days prior to the committee meeting in order to be considered.
B. The Committee will review the proposed budget, with any changes or new expenditures, adjust the budget as deemed necessary, and make recommendations to the ASG Board of Directors for approval.
C. The ASG Board of Directors of Directors will review the proposed STF budget.
1. Once the budget is submitted:
a. The budget may be approved by the ASG Board of Directors, or
b. The ASG Board of Directors may provide the Committee its recommended changes and reasoning, in writing.
2. If changes are recommended, the ASG Board of Directors and the Committee will enter into negotiations regarding disputed items.
3. If the ASG Board of Directors and the Committee cannot come to a mutually agreeable budget, both sets of recommendations will go to the College President, who will make a determination. The College President’s determination will be final. All STF budgets shall have the Vice President, or designee, as the signatory authority. If the ASG Board of Directors and the Vice President cannot come to an agreement regarding STF budgets, the issue will go to the College President for resolution. The College President’s resolution will be final.
Budget Approval Process. Manager shall submit by November 15th of each year during the term hereof an estimated budget detailing all projected revenues and expenses for the operation of the Property during the next calendar year. Manager shall prepare such budget in the form and with such detail as reasonably required by Owner. Owner shall, within thirty (30) days after receipt of such budget, notify Manager of its approval or disapproval of such budget. Owner's failure to timely respond shall be deemed Owner's approval of such budget. In the event Owner disapproves of any proposed budget, Manager shall make all revisions thereto which Owner shall direct. Manager shall promptly resubmit the revised proposed budget to Owner for approval and upon such approval, or deemed approval as provided above, such budget shall be the "APPROVED BUDGET" for such calendar year. Until a proposed budget is approved, Manager shall continue to operate the Property pursuant to the Approved Budget for the prior calendar year except for increased expenses relating to taxes, insurance, then existing financing and utilities which shall be paid on a current basis.
Budget Approval Process. 652 a) All requests for education benefits must be submitted on the Education Assistance 653 Reimbursement Program form, with attachment(s), to the employees Department 654 Head no later than February 15. 655 b) Once completed form has been reviewed by the employees respective 656 Department Head, the request will be sent to Human Resources by February 25 for 657 review of eligibility.
Budget Approval Process. The parties acknowledge that prior to the commencement of each fiscal year of Novo, an annual operating budget for Novo shall be prepared, which budget will be consistent with the general strategic direction of Novo, and set forth in sufficient detail all significant items of income and expense. Such operating budget, and any material deviations therefrom, will be presented to the Board of Directors of Novo for its review and approval, which process will include a review of all significant financial items of Novo, including compensation and incentive packages for senior management of Novo, employment contracts, capital expenditures and borrowings or other financing arrangements.
Budget Approval Process. (a) Borrower agrees to provide to Lender Group its Proposed Budget no later than two Business Days before the Weekly Conference Call. Borrower further agrees to make available for the Weekly Conference Call such representatives as Agent may reasonably request to review the items listed on the Proposed Budget.
(b) In the event that no Lender within three Business Days of the Weekly Conference Call disapproves in writing of a line item on the Proposed Budget to be incurred during the following week, such line item shall become part of an agreed budget ("Agreed Budget"
