Capital Budget for Capital Matters. (i) StadCo will submit to the Authority Board at least sixty (60) days prior to the commencement of each calendar year, a Capital Budget for the Premises for the then- current calendar year. The Authority Board will consider the proposed Capital Budget at the next regularly scheduled meeting of the Authority Board, if practical to do so, but in no case more than forty-five (45) days after its receipt of the Capital Budget, and shall notify StadCo within five (5) days after the Authority Board has considered the proposed Capital Budget at a meeting of the Authority Board if the Authority Board objects to any components of the Capital Budget and the specific reasons for the objection, which must be reasonable under the circumstances. In case of an objection, the Authority Board and StadCo will work together in good faith to finalize the Capital Budget within ten (10) days following receipt of such objection. StadCo will not commence work on any Capital Matter to which the Authority Board has objected until the objection is resolved to the satisfaction of both the Authority Board and StadCo. Once the Capital Budget is Approved by the Authority Board, StadCo will be required to complete all work contemplated by such Capital Budget on a basis substantially consistent with the timetable in the proposed Capital Budget, except to the extent affected by Force Majeure or as otherwise Approved by the Authority Board. StadCo must obtain the Authority Board’s Approval in accordance with the terms of Section 8.1 hereof prior to commencing any work contemplated by the Capital Budget. The Authority Board’s review of the Capital Budget will not limit in any way the Authority’s rights under this Agreement with respect to any failure of StadCo to maintain the Premises in accordance with the Facility Standard or as otherwise required by this Agreement. Any dispute between the Authority and StadCo under this Section 7.6(b)(i) shall be resolved by the Alternative Dispute Resolution Procedures.
Capital Budget for Capital Matters. (i) Bristol will submit to the Fair Board at least sixty (60) days prior to the commencement of each calendar year, a Capital Budget for the Premises for the then- current calendar year. The Fair Board will consider the proposed Capital Budget at the next regularly scheduled meeting of the Fair Board, if practical to do so, but in no case more than forty-five (45) days after its receipt of the Capital Budget, and shall notify Bristol within five (5) days after the Fair Board has considered the proposed Capital Budget at a meeting of the Fair Board if the Fair Board objects to any components of the Capital Budget and the specific reasons for the objection, which must be reasonable under the circumstances. In case of an objection, the Fair Board and Bristol will work together in good faith to finalize the Capital Budget within ten (10) days following receipt of such objection. Bristol will not commence work on any Capital Matter to which the Fair Board has objected until the objection is resolved to the satisfaction of both the Fair Board and Bristol. Once the Capital Budget is Approved by the Fair Board, Bristol will be required to complete all work contemplated by such Capital Budget on a basis substantially consistent with the timetable in the proposed Capital Budget, except to the extent affected by Force Majeure or as otherwise Approved by the Fair Board. Bristol must obtain the Fair Board’s Approval in accordance with the terms of Section 6(a) prior to commencing any work contemplated by the Capital Budget. The Fair Board’s review of the Capital Budget will not limit in any way the Fair Board’s rights under this Lease with respect to any failure of Bristol to maintain the Premises in accordance with the Facility Standard or as otherwise required by this Lease.
Capital Budget for Capital Matters. (a) StadCo will provide to the Authority for review, at least sixty (60) days prior to the commencement of each Lease Year, a Capital Budget for the Premises for such Lease Year. The Capital Budget will separately identify (i) the Capital Repairs and Capital Improvements which are included in the CAMP, and (ii) the Capital Improvements which are not included in the CAMP and which have been approved by the Authority, if required by Section 6.3, proposed to be made in such Lease Year, and for each such category: (i) identify the specific items of work proposed to be made, (ii) provide cost estimates for each item of work proposed, (iii) specify a timetable for completion of each item of proposed work, and (iv) identify the specific source of funds to be used to pay the costs and expenses associated with such work, including whether StadCo’s funds or funds from the Capital Repairs Reserve Fund (which shall only be used for Capital Repairs and Capital Improvements) or from the Maintenance and Repairs Fund are intended to be used. The Authority will consider such Capital Budget at the next regularly scheduled meeting of the Authority, if practical to do so, but in any case the Authority shall, within forty-five (45) days after its receipt of the Capital Budget, notify StadCo in writing if the Authority objects to any components of the Capital Budget and the specific reasons for such objection, which must be reasonable under the circumstances. In case of an objection, the Authority and XxxxXx will work together in good faith to finalize the Capital Budget within thirty (30) days following receipt by StadCo of such objection. StadCo will not commence work on any Capital Improvement (i) not included in the CAMP, (ii) to which the Authority has objected in accordance with this Section 6.4 and (iii) which is either a structural Capital Improvements that materially deviates from the Stadium Plans or a non-structural Capital Improvement that will increase Operating Expenses, until either the objection is resolved to the reasonable satisfaction of both the Authority and StadCo or StadCo has complied with the applicable requirements of Section 6.3. Once the Capital Budget has been so presented without objection or all reasonable objections have been resolved as described above, StadCo will be required to complete all work contemplated by such Capital Budget on a basis substantially consistent with the timetable set forth in the proposed Capital Budget, except to the ext...
Capital Budget for Capital Matters. (i) StadCo will submit to the Authority Board at least sixty (60) days prior to the commencement of each calendar year, a Capital Budget for the Premises for the then- current calendar year. The Authority Board will notify StadCo within twenty-five (25) days after its receipt of the Capital Budget if it objects to any components of the Capital Budget and the specific reasons for the objection, which must be reasonable under the circumstances. In case of an objection, the Authority Board and StadCo will work together in good faith to finalize the Capital Budget within ten (10) days following receipt of such objection. StadCo will not commence work on any Capital Matter to which the Authority Board has objected until the objection is resolved to the satisfaction of both the Authority Board and StadCo. Once the Capital Budget is approved by the Authority Board, StadCo will be required to complete all work contemplated by such Capital Budget on a basis substantially consistent with the timetable in the proposed Capital Budget, except to the extent affected by Force Majeure or as otherwise Approved by the Authority Board. StadCo must obtain the Authority Board’s Approval in accordance with the terms of Section 8.1 hereof prior to commencing any work contemplated by the Capital Budget. The Authority Board’s review of the Capital Budget will not limit in any way the Authority’s rights under this Agreement with respect to any failure of StadCo to maintain the Premises in accordance with the Facility Standard or as otherwise required by this Agreement.
