Budgets and Reports. (a) By January 31st of each calendar year hereafter during the term hereof, the Operating Partner shall prepare a revised Operating Budget and the Business Plan for the operation of the Partnership. The Management Committee shall have thirty (30) days after receipt thereof to either approve the submitted Business Plan and Operating Budget or respond with required changes to same.
(b) The Operating Partner agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of operating the Partnership shall not exceed the Operating Budget, either in total or for any one accounting category. The Operating Partner shall secure the written approval of the Management Committee for any expenditure that (i) exceeds fifteen percent (15%) of the annual budgeted amount for the Partnership in any one accounting category on such Operating Budget or (ii) exceeds ten percent (10%) of the annual budgeted amount for the Partnership in all accounting categories of the Operating Budget. During each applicable calendar year, the Operating Partner agrees to promptly inform the Management Committee of any major increases in costs and expenses or any major decreases in revenue that were not foreseen during the budget preparation period and thus were not reflected in the Operating Budget.
(c) The Operating Partner shall also submit any additional financial or operational reports as the Financial Partner may from time to time reasonably request.
Budgets and Reports. Each year the Park Board provides draft budgets and reports for City owned assets which are presented to the Park Board’s committees for review and analysis before being provided to the Park Board Trustees for final approval. These draft park budgets and reports include 1) Detailed Annual Budgets, 2) Business Plans, 3) Special Projects and 4)
Budgets and Reports. (i) within forty five (45) days after each of the first three quarters of each calendar year during the Term, the most recent unaudited financial statements of BLC Holdings, in each case accompanied by the Financial Officer's Certificate certifying that the information contained therein is true and correct in all material respects;
(ii) within one hundred twenty (120) days after the end of each calendar year during the Term, the most recent financial statements of BLC Holdings, in each case accompanied by a Financial Officer's Certificate certifying that the information contained therein is true and correct in all material respects;
(iii) within thirty (30) days after the end of each calendar month, an unaudited statement of income, occupancy (including percentages) and payor mix for the Facilities on an aggregate basis, accompanied by a Financial Officer's Certificate certifying that the information contained therein is true and correct in all material respects;
(iv) promptly, upon Notice from PSLT-BLC Holdings, such other information concerning the business, financial condition and affairs of BLC Holdings and any Brookdale Lessees as PSLT-BLC Holdings may reasonably request from time to time;
(v) thirty (30) days prior to the first day of each Lease Year during the Term, a capital budget for such Lease Year describing in reasonable detail all anticipated Capital Additions to be made to each Facility, together with a description of the source of funds therefor;
(vi) within twenty (20) days after each calendar quarter during the Term, an Officer's Certificate setting forth the Lease Coverage Ratio for such calendar quarter;
(vii) within thirty (30) days after each calendar quarter during the Term, an Officer's Certificate setting forth Total Revenues, Operating Expenses and NOI for such calendar quarter;
(viii) upon reasonable request in writing from PSLT-BLC Holdings, the following reports as of any calendar quarter end or with respect to any other period for which PSLT-BLC Holdings may reasonably request: all loss runs and material actuarial reports, studies, reviews and analysis, if any, prepared by or on behalf of BLC Holdings and each of the Brookdale Lessees or their insurance actuaries, quarterly and otherwise, concerning BLC Holdings' and each of the Brookdale Lessees' reserves for expenses relating to malpractice or professional liability and malpractice or professional liability insurance; and
(ix) copies of other financial statements required to...
Budgets and Reports. Manager shall submit to the UG for its consideration and comment, at least ninety (90) days prior to the anticipated beginning of operations of the Grocery Store, and at least ninety (90) days prior to the beginning of each Fiscal Year thereafter, a proposed Operating Budget ("Operating Budget") for the Grocery Store for each Fiscal Year, which Operating Budget shall set forth in reasonable detail Manager's best estimate of Gross Revenues and Operating Expenses. The UG agrees to review and comment on such proposed Operating Budget to Manager in writing on or before the sixtieth (60th) day after receipt thereof from Manager. The UG's consideration of the Operating Budget and comments thereto shall be based upon factors concerning management and ownership of the Grocery Store consistent with this Agreement. Manager shall implement such Operating Budget and shall be authorized, subject to the limitations set forth in this Agreement, without the need for approval by UG, to make the expenditures and incur the obligations reasonably anticipated by the relevant Operating Budget, and Manager may not exceed any item in the Operating Budget by more than fifteen (15%) in any Quarterly Accounting Period without the prior consent of the UG. Manager acknowledges and agrees that its rights with respect to accessing funds in the Stabilization Fund Reserve are conditioned upon Manager's performance of its obligations pursuant to this Section 5.8.
Budgets and Reports. The Operator shall prepare and deliver to the Company for approval, on a quarterly basis during the Pre-Completion Period and thereafter as directed by the Company, a budget reflecting the estimated costs to be incurred for Operation of the Combined Facilities during the ensuing 12 month period. Such budgets shall be prepared in sufficient detail to satisfy the requirements of any lending institution providing financing for the New Facilities and/or the Combined Facilities. The Operator shall also prepare and deliver to each Member such forecasts, cash flow projections and financial and operating reports with respect to the Company as from time to time may be reasonably requested by the Company, including fiscal year reports for Members who report financial results on a basis other than the calendar year.
Budgets and Reports. 19.1 SMG has submitted to the City and has received the City’s approval of an estimated Annual Operating Budget for the 2013/2014 Fiscal Year of the City which is attached hereto as Exhibit D. SMG shall, no later than the first Friday in March of each year commencing in 2013, submit to the City the Annual Operating Budget for the coming fiscal year of the City.
19.2 The Annual Operating Budget shall be approved by SMG and the City by August 31st of the year submitted.
19.3 SMG and the City may revise the Annual Operating Budget at any time by mutual written agreement.
19.4 Not later than fifteen (15) days prior to the beginning of each fiscal quarter under this Agreement during the term hereof, SMG shall submit to the City its Quarterly Budget for the coming fiscal quarter, which shall be approved by the City and SMG within fifteen (15) days and be generally consistent with the Annual Operating Budget.
19.5 The budget shall contain a line item for travel to conferences and seminars and separately itemize corporate travel for training or other purposes.
Budgets and Reports. (a) By November 1st of each calendar year hereafter during the term hereof, the Operating Partner shall prepare a revised Operating Budget and the Business Plan for the operation of the Partnership for the next succeeding calendar year of the Partnership. The Management Committee shall have thirty (30) days after receipt thereof to either approve the submitted Business Plan and Operating Budget or respond with required changes to same. A copy of the revised Business Plan of the Partnership approved by the Management Committee as of the Effective Date is attached hereto as Exhibit A and a copy of the revised Operating Budget of the Partnership approved by the Management Committee shall be attached hereto as Exhibit B within sixty (60) days after the Effective Date.
(b) The Operating Partner agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of operating the Partnership shall not exceed the Operating Budget, either in total or for any one accounting category. The Operating Partner shall secure the written approval of the Management Committee for any expenditure that (i) exceeds fifteen percent (15%) of the annual budgeted amount for the Partnership in any one accounting category on such Operating Budget or (ii) exceeds ten percent (10%) of the annual budgeted amount for the Partnership in all accounting categories of the Operating Budget. During each applicable calendar year, the Operating Partner agrees to promptly inform the Management Committee of any major increases in costs and expenses or any major decreases in revenue that were not foreseen during the budget preparation period and thus were not reflected in the Operating Budget.
(c) The Operating Partner shall also submit any additional financial or operational reports as the Financial Partner may from time to time reasonably request.
Budgets and Reports. 8 SECTION 4.4 - Accounting ........................................................................9 SECTION 4.5 - Billxxxx ..........................................................................9 SECTION 4.6 - Banking ...........................................................................9 SECTION 4.7 - Reporting and Communication .......................................................9
Budgets and Reports. (a) The Manager covenants and agrees to prepare and submit to the General Partner on or before the commencement of each Accounting Period (save and except for the first Accounting Period, for which an Approved Budget is attached hereto as Schedule "A") a proposed operating budget setting forth anticipated maximum Operating Expenses for such Accounting Period.
(b) Upon Approval of the Owner being communicated in writing to the Manager by the General Partner, any such budget shall be an Approved Budget.
(c) If the General Partner board of directors fails to approve any budget, the Manager shall call a meeting with the General Partner board of directors to attempt to resolve the points of disagreement. So long as no approved budget is in effect, the Manager shall have the right and obligation, on behalf of the Owner, to implement, at the Manager's discretion, any actions to keep the Business in operation and in good standing. In all other cases involving the General Partner failure to approve any budget, the Manager shall take no steps to implement any activities without the General Partner's board of director's approval.
(d) Any budget prepared by or for the Manager as the case may be, is intended to be a reasonable estimate that takes into account all of the various material factors known to the Manager, at the time of preparation. Although the Manager shall use its best efforts in preparing any budget, the Manager will not be understood to be making any warranty in connection with any budget.
(e) The Manager shall keep the budget under constant review and shall use its best efforts to ensure that the work for which it is responsible is carried out within the time and in accordance with the approved budget, provided that if the Manager considers it necessary to materially revise any budget, the Manager shall notify the General Partner in writing indicating the reasons for such revisions and including in such notice the proposed revisions to the budget, for the approval of the General Partner's board of directors. Such approval shall be deemed to be given unless written objection is made by the General Partner's board of directors to the Manager within 60 days after such submission by the Manager to the General Partner. At any time, the Owner may request that a budget be revised and the Manager shall consider such request.
(f) In circumstances where the amount of any item in a budget exceeds or is about to exceed $60,000, the Manager shall obtain the approva...
Budgets and Reports. 19.1 ASM GLOBAL shall within two (2) weeks following receipt of a request from the Finance Director submit to the City for the City’s approval of an estimated Annual Operating Budget for the 2022/2023 Contract Year. ASM GLOBAL shall, within two (2) weeks following receipt of a request from the Finance Director, submit to the City the estimated Annual Operating Budget for each Contract Year thereafter.
19.2 The Annual Operating Budget shall be approved by ASM GLOBAL and the City by August 31st of the year submitted.
19.3 ASM GLOBAL and the City may revise the Annual Operating Budget at any time by mutual written agreement.
19.4 Not later than fifteen (15) days prior to the beginning of each fiscal quarter under this Agreement during the term hereof, ASM GLOBAL shall submit to the City its Quarterly Budget for the coming fiscal quarter, which shall be approved by the City and ASM GLOBAL within fifteen (15) days and be generally consistent with the Annual Operating Budget.
19.5 The budget shall contain a line item for travel to conferences and seminars and separately itemize corporate travel for training or other purposes.
