Budgetary Authority Sample Clauses
Budgetary Authority. Purchaser shall have approval authority over fifty (50%) percent of the proceeds of the First Closing, or, as applicable, any Additional Closing up to a maximum of Five hundred thousand dollars ($500,000.00) in total (the "Discretionary Investment"). Purchaser will advise and make recommendations to the Company as to the use of such Discretionary Investment, which shall include recommendations as to the Company’s investor relations and shareholder communications programs as well as other company debts and payables per its existing agreements. The Company shall not employ nor withhold the Discretionary Investment without the prior approval of the Purchaser. Upon approval or recommendation of the Discretionary Investment from the Purchaser, the Company shall make the approved payments within three (3) business days of the request of the Purchaser. The Company's failure to abide by the terms and conditions of this paragraph five (5) or paragraph nine (9) shall constitute a material breach of this Securities Purchase Agreement and result in liquidated damages for Purchaser equal to four times the amount of Discretionary Investment funds. In the event the Company fails to abide by the terms and conditions of this paragraph five (5) or paragraph nine (9) it is understood and agreed that Purchaser has the unequivocal right to obtain timely injunctive relief to protect the rights of Purchaser. Notwithstanding the foregoing, Purchaser shall not have authority pursuant to this paragraph five (5) to bind or obligate the Company with respect to any material agreement.
Budgetary Authority. So long as Executive is employed as Chief Executive Officer of Solexa, Executive shall have responsbility over the budgetary and financial affairs of Solexa subject to procedures and limitations established by the Board from time to time or contained in the Solexa’s bylaws or certificate of incorporation or subject to the Executive’s general fiduciary duties.
Budgetary Authority. The committee shall have authority to oversee all expenditure of Alternative Teacher Professional Pay System categorical funds. No such categorical funds may be budgeted or expended without committee approval. The committee shall be responsible for all required reports to the State of Minnesota for such categorical funds.
Budgetary Authority. The UPRD will establish the operating and capital budget for the University Park Country Club (“Budget”) in consultation with the Manager. The UPRD will pay the Manager the Monthly Management Fee as agreed on a monthly, pro rata, basis. If any Monthly Management Fee is deferred due to insufficient revenues, interest at a rate of [ ] shall accrue on such unpaid amounts, and any deferred fees will be paid, with accrued interest, no later than the earlier of five years from the date such management fee was originally due and the termination of this Agreement. In all other respects, the Manager shall have full authority to prosecute the approved Budget. This includes, but is not limited to: depositing all revenues into the appropriate UPRD accounts for the University Park Country Club and paying all capital and operating expenses of the University Park Country Club excluding insurance and property taxes (which are paid at the UPRD level) from such revenues.