Business Plans and Budgets. By November 15 of each year the Manager shall submit a plan for the proposed operation of the business (the “Business Plan”), an annual operations budget (the “Operating Budget”) and an annual plan for capital improvements and capital expenditures (the “Capital Budget”) (collectively, the “Budgets”) for the T-9 Project for the subsequent Calendar year to the Board. The Business Plan for the T-9 Project shall identify which of the of the 20 developable parcels comprising the T-9 Project shall be improved, developed, constructed, sold or otherwise dealt with in the coming calendar year. The Manager shall prepare a separate Business Plan and Budgets for each such parcel which is to be developed or constructed within the coming year. The Board shall review each such proposed Business Plan and the Budgets and shall either approve same, or shall provide the Manager with its comments and suggestions with respect to the proposed Business Plan and Operating Budget, in which case the Manager shall revise the proposed Business Plan and Operating Budget in accordance with the comments and suggestions of the Board and re-submit a revised Business Plan and Operating Budget within 10 days for further consideration by the Board, and this process shall continue until each of the Business Plans and Budgets are approved (as approved the “Approved Budget”). In the event that the Board shall fail to approve any Business Plan or Operating Budget for a subsequent year prior to the commencement of such subsequent year (or such latter date as determined by the Board), the Approved Operating Budget shall continue, except that each item shall be adjusted for CPI increases, and utilities, real estate taxes, lease payments, royalty payments and other then existing contractual undertakings of the Company or its Subsidiaries shall be deemed to be approved by the Board to the extent set forth in any executory agreement to which the Company or its Subsidiaries are parties or billed by the utilities and governmental agencies billing same. The Manager, shall, subject to the limitations contained in this Agreement and the availability of cash flow, implement the Approved Business Plans and Budgets on behalf of Company, subject to the provisions hereof. Each proposed or Approved Business Plan and Budgets shall include: A narrative description of the activities proposed to be undertaken by the Company or its Subsidiaries; (i) A narrative description of the Business Plan for the Company and its Subsidiaries for the year (ii) A projected annual income statement on an accrual basis; (iii) A projected balance sheet as of the end of the period; (iv) A schedule of proposed operating cash flow, project costs, all on a quarterly basis, including a schedule of operating deficits; (v) A marketing plan, and subject to the approval of the Board, and if financially feasible, of ensuring that all work contemplated for bid at Township 9 invites local, minority owned businesses (M/W/DVB) that are financially and professionally qualified and which are capable of complying with appropriate business and regulatory requirements. The Day-to-Day Manager will collaborate with the Nehemiah Social Enterprise on identifying and qualifying said business enterprises according to national Minority Supplier Development Council model guidelines with a good faith and commensurate effort, if financially feasible, of attaining 40% of project contracting to qualified (M/W/DVB) entities. (vi) A description of proposed development, construction and capital expenditures; (vii) A GXXXX chart showing the timeline for each development or construction project, including projected completion dates, if possible; (viii) A sources and uses schedule showing the sources and uses of capital for any development or construction budget and what amounts are expected to be in the form of debt and equity, and a discussion of the expected sources for such debt and equity; (ix) A description of any other item of information reasonably necessary to allow the Board to assess and approve the proposed Business Plans and Budgets.
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Samples: Limited Liability Company Agreement (First Capital Real Estate Trust Inc), Interest Contribution Agreement (First Capital Real Estate Trust Inc)
Business Plans and Budgets. By November 15 9.1 The Shareholders shall procure the preparation by the General Manager — Chief Operating Officer (or equivalent howsoever called) of each year the Manager shall submit a proposed business plan for Gaming Company and each of its subsidiaries for each successive financial year of such companies, each such proposed business plan to be prepared and circulated to the Board for approval no less than 30 days prior to the beginning of the financial year to which it relates.
9.2 If the Board fails to approve any proposed business plan or any part of the proposed operation business plan within 15 days of the commencement of the financial year to which such business plan relates (the “Business PlanRelevant Financial Year”)) the financial information in the most recent approved business plan shall be deemed for the purposes of this Agreement to have been approved for the Relevant Financial Year Provided that if any part or parts of the proposed business plan has been approved for the Relevant Financial Year, an any modification to the previously approved business plan in such part or parts shall be used for the Relevant Financial Year.
9.3 The Shareholders shall procure the preparation by the General Manager — Chief Operating Officer (or equivalent howsoever called) of Gaming Company of proposed: annual operations operating and capital budgets in respect of each successive financial year of Gaming Company and each of its subsidiaries, each such budget to be prepared and circulated to the Board for approval no less than 30 days prior to the beginning of the financial year to which it relates; and six-monthly forecasts for Gaming Company and each of its subsidiaries, each such forecast to be submitted to the Board for approval no less than 30 days prior to the beginning of the period to which it relates.
9.4 If the Board fails to approve any proposed budget or draft six-monthly forecast or any part of either within 15 days of the commencement of the period to which such proposed budget or draft six-monthly forecast relates (the “Operating BudgetRelevant Period”) and an annual plan for capital improvements and capital expenditures (the “Capital Budget”) (collectively, the “Budgets”) for the T-9 Project for the subsequent Calendar year to the Board. The Business Plan for the T-9 Project shall identify which of the of the 20 developable parcels comprising the T-9 Project shall be improved, developed, constructed, sold or otherwise dealt with information in the coming calendar year. The Manager shall prepare a separate Business Plan and Budgets for each such parcel which is to be developed most recent approved budget or constructed within the coming year. The Board shall review each such proposed Business Plan and the Budgets and shall either approve same, or shall provide the Manager with its comments and suggestions with respect to the proposed Business Plan and Operating Budget, in which case the Manager shall revise the proposed Business Plan and Operating Budget in accordance with the comments and suggestions of the Board and resix-submit a revised Business Plan and Operating Budget within 10 days for further consideration by the Board, and this process shall continue until each of the Business Plans and Budgets are approved (as approved the “Approved Budget”). In the event that the Board shall fail to approve any Business Plan or Operating Budget for a subsequent year prior to the commencement of such subsequent year (or such latter date as determined by the Board), the Approved Operating Budget shall continue, except that each item shall be adjusted for CPI increases, and utilities, real estate taxes, lease payments, royalty payments and other then existing contractual undertakings of the Company or its Subsidiaries monthly forecast shall be deemed for the purposes of this Agreement to be have been approved by for the Board Relevant Period provided that if any part or parts of the proposed budget or proposed six-monthly forecast has been approved for the Relevant Period, any modification to the extent set forth previously approved budget or six-monthly forecast in any executory agreement to which the Company such part or its Subsidiaries are parties or billed by the utilities and governmental agencies billing same. The Manager, shall, subject to the limitations contained in this Agreement and the availability of cash flow, implement the Approved Business Plans and Budgets on behalf of Company, subject to the provisions hereof. Each proposed or Approved Business Plan and Budgets parts shall include: A narrative description of the activities proposed to be undertaken by the Company or its Subsidiaries;
(i) A narrative description of the Business Plan used for the Company and its Subsidiaries for the year
(ii) A projected annual income statement on an accrual basis;
(iii) A projected balance sheet as of the end of the period;
(iv) A schedule of proposed operating cash flow, project costs, all on a quarterly basis, including a schedule of operating deficits;
(v) A marketing plan, and subject to the approval of the Board, and if financially feasible, of ensuring that all work contemplated for bid at Township 9 invites local, minority owned businesses (M/W/DVB) that are financially and professionally qualified and which are capable of complying with appropriate business and regulatory requirements. The Day-to-Day Manager will collaborate with the Nehemiah Social Enterprise on identifying and qualifying said business enterprises according to national Minority Supplier Development Council model guidelines with a good faith and commensurate effort, if financially feasible, of attaining 40% of project contracting to qualified (M/W/DVB) entitiesRelevant Period.
(vi) A description of proposed development, construction and capital expenditures;
(vii) A GXXXX chart showing the timeline for each development or construction project, including projected completion dates, if possible;
(viii) A sources and uses schedule showing the sources and uses of capital for any development or construction budget and what amounts are expected to be in the form of debt and equity, and a discussion of the expected sources for such debt and equity;
(ix) A description of any other item of information reasonably necessary to allow the Board to assess and approve the proposed Business Plans and Budgets.
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Samples: Subscription and Shareholders Agreement (MGM Mirage)
Business Plans and Budgets. By (a) On or before November 15 1 of each year with respect to each following calendar year, the Manager Managing General Partner shall prepare and submit to Utah a proposed business plan for the proposed operation of the business Property (the as and when approved by Eola and Utah, each a “Business Plan”) with respect to the applicable calendar year (which proposed Business Plan shall include all applicable information for the Property as is required to be delivered to the Partnership pursuant to the Property Management Agreement). Each Business Plan shall include a proposed marketing and leasing plan, a development and construction plan (if applicable), an annual operations budget (a description of anticipated capital improvements, repairs and maintenance to the “Operating Budget”) Property, a hold/sell analysis and an annual plan recommendation and such other information as Utah shall reasonably request. The adoption or modification of any Business Plan shall be a Major Decision. Eola and Utah shall endeavor to resolve any disagreements with respect to any proposed Business Plan prior to the intended effective date of such Business Plan. If Eola and Utah fail for capital improvements and capital expenditures (the “Capital Budget”) (collectivelyany reason to approve all or part of a proposed Business Plan by such effective date, the “Budgets”) for portions of the T-9 Project for proposed Business Plan that have been approved shall become effective on the subsequent Calendar year to the Boardeffective date. The portions of the prior approved Business Plan that cover substantially the same subject matter and the portions of the proposed Business Plan that were not approved shall remain in effect and shall be carried over into the following calendar year with such modifications for items outside the reasonable control of Eola and Utah, such as real estate taxes and insurance premiums being deemed approved. The portions of the proposed Business Plan that have been approved, together with the portions of the existing Business Plan that are so carried over, shall constitute the approved Business Plan for the T-9 Project shall identify which of the of the 20 developable parcels comprising the T-9 Project shall be improved, developed, constructed, sold or otherwise dealt with in the coming following calendar year. The Manager .
(b) On or before November 1 of each year with respect to each following calendar year, the Managing General Partner shall prepare and submit to Utah a separate Business Plan proposed operating and Budgets for each such parcel which is to be developed or constructed within the coming year. The Board shall review each such proposed Business Plan and the Budgets and shall either approve same, or shall provide the Manager with its comments and suggestions capital expenditure budget (a “Budget”) with respect to the proposed Business Plan applicable calendar year, projecting all revenues expected to be received and Operating Budgetall costs and expenses expected to be incurred during the following calendar year, in which case including repair and maintenance costs, together with projected leasing activity and occupancy (including without limitation all applicable information for the Manager shall revise Property as is required to be delivered to the proposed Business Plan and Operating Budget in accordance with Partnership pursuant to the comments and suggestions of the Board and re-submit a revised Business Plan and Operating Budget within 10 days for further consideration by the Board, and this process shall continue until each of the Business Plans and Budgets are approved (as approved the “Approved Budget”Property Management Agreement). In the event that the Board The adoption or modification of any Budget shall fail be a Major Decision. Eola and Utah shall endeavor to approve resolve any Business Plan or Operating disagreements with respect to any proposed Budget for a subsequent year prior to the commencement intended effective date of such subsequent Budget. If Eola and Utah fail for any reason to approve all or part of a proposed Budget by such effective date, the portions of the proposed Budget that have been approved shall become effective on the effective date. The portions of the prior approved Budget that cover substantially the same matter as the portions of the proposed Budget that were not approved shall remain in effect and shall be carried over into the following calendar year with such modifications for items outside the reasonable control of the Partners, such as real estate taxes and insurance premiums, being deemed approved. The portions of the proposed Budget that have been approved, together with the portions of the existing Budget that are so carried over, shall constitute the approved Budget for the following calendar year.
(c) The Managing General Partner shall secure the prior written approval of Utah as a Major Decision before expending, obligating the Partnership for or such latter date as determined approving any expenditure in connection with the ownership, operation and management of the Property that would result in a Budget line item or category being exceeded (“Cost Overrun”) by the Board), the Approved Operating Budget shall continue, except lesser of (i) $25,000 or (ii) twenty-five percent (25%) or more in that each line item shall be adjusted for CPI increases, and utilities, real estate taxes, lease payments, royalty payments and other then existing contractual undertakings or category of the Company or its Subsidiaries shall be deemed to be approved by the Board Budget except to the extent set forth in any executory agreement to which such Cost Overrun is caused by or results from Uncontrollable Expenses or Emergency Costs.
(d) Eola and Utah shall each have the Company or its Subsidiaries are parties or billed by right, but not the utilities and governmental agencies billing same. The Managerobligation, shall, subject to the limitations contained in this Agreement and the availability of cash flow, implement the Approved Business Plans and Budgets on behalf of Company, subject to the provisions hereof. Each proposed or Approved Business Plan and Budgets shall includeto: A narrative description of the activities proposed to be undertaken by the Company or its Subsidiaries;
(i) A narrative description of make or cause to be made any expenditure not contemplated by the Business Plan for the Company and its Subsidiaries for the year
approved Budget that is an Uncontrollable Expense; (ii) A projected annual income statement on cause an accrual basis;
MAI appraisal to be prepared for the Property (provided that only one (1) MAI appraisal for the Property may be performed during any calendar year unless agreed to by Eola and Utah as a Major Decision); or (iii) A projected balance sheet as cause the accounting firm then retained by the Partnership or any Operating Company to prepare an annual audit of the end books and records of the period;Partnership and/or any Operating Company.
(ive) A schedule Where emergency action is necessary to prevent imminent risk to health and safety to Persons on or about the Property, imminent property damage, imminent imposition of proposed operating cash flowcriminal or civil sanctions against the Partnership, project costsany Operating Company or any Partner, all on or the foreclosing of a quarterly basisLien against the Property, including a schedule of operating deficits;
(v) A marketing planthen Eola and Utah shall each have the right, and subject but not the obligation, to make, or cause to be made, expenditures not contemplated by the approved Budget if any expenditure made without the approval of the BoardEola and Utah is, and if financially feasible, of ensuring that all work contemplated for bid at Township 9 invites local, minority owned businesses (M/W/DVB) that are financially and professionally qualified and which are capable of complying with appropriate business and regulatory requirements. The Day-to-Day Manager will collaborate with the Nehemiah Social Enterprise on identifying and qualifying said business enterprises according to national Minority Supplier Development Council model guidelines with a in such Partner’s good faith judgment, reasonable and commensurate effortnecessary under the circumstances set forth above (all such costs being collectively referred to herein as “Emergency Costs”); provided, if financially feasible, that such Partner endeavors diligently and in good faith (i) to notify the other Partners of attaining 40% of project contracting to qualified any such emergency and (M/W/DVBii) entities.
(vi) A description of proposed development, construction and capital expenditures;
(vii) A GXXXX chart showing the timeline for each development or construction project, including projected completion dates, if possible;
(viii) A sources and uses schedule showing the sources and uses of capital obtain verbal approval for any development or construction budget and what amounts are expected to be in the form of debt and equity, and a discussion of the expected sources for such debt and equity;
(ix) A description of any other item of information reasonably necessary to allow the Board to assess and approve the proposed Business Plans and Budgetsrequired expenditure.
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