Capital Expenditure Budget. (i) The General Manager shall prepare and submit to each member of the CRC Board at least 30 days prior to the beginning of each CRC fiscal year, a Capital Expenditure Budget for such fiscal year, specifying for such year the schedule of Program Maintenance and Shared Asset capital improvements to be performed and constructed for the benefit of both Operators during such fiscal year and the months therein during which such expenditures are proposed to be made, for approval, or modification and approval, by the CRC Board.
(ii) The General Manager shall not permit any capital expenditure to be made by CRC, CSXT or NSR except in accordance with the Capital Expenditure Budget in effect from time to time, Severable Improvements exclusively funded by an Operator and emergency capital expenditures made (A) to preserve, or to mitigate a serious diminution in, the value and usefulness of a Shared Asset to CRC, CSXT and NSR, or (B) to prevent or mitigate a serious disruption in the operation and use of the Shared Assets by or for CRC, CSXT or NSR.
(iii) Any Capital Expenditure Budget may be amended in writing at any time by the CRC Board.
Capital Expenditure Budget. See Section 8.2(d). CEO. See Section 7.1(b).
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Capital Expenditure Budget. Each annual budget reflecting the estimated costs for all Capital Expenditures. Capital Expenditures. Expenditures for any Capital Improvements, including those that are necessary to Operate the Hotel in compliance with the Operating Standards.
Capital Expenditure Budget. See Section 8.2(d). CEO. See Section 7.1(b). Claim. See Section 13.2(c). Code. The Internal Revenue Code of 1986, as amended and in effect from time to time and any successor thereto.
Capital Expenditure Budget. Provider shall notify the Board of the need for the purchase of any Capital Equipment or the addition of any Capital Improvements (collectively “Capital Expenditures”) which Provider believes are necessary for the effective management and operation of the Veterans Cemetery under this Contract. The Board shall respond to Provider’s recommendation in a timely manner, considering the surrounding circumstances and Provider’s request, acknowledging that:
Capital Expenditure Budget. By January 20 of each fiscal year, a copy of a budget showing capital expenditures for such fiscal year, which budget shall in all respects be in form and substance reasonably satisfactory to FINOVA or, and shall be subject to approval by FINOVA, but which in any event shall contain a description of the intended use of such amounts and the jurisdiction in which the assets to be acquired shall be located, with support describing the rationale for such expenditure (each such report for such fiscal year, an "Approved Capital Expenditure Budget").
Capital Expenditure Budget. The Borrower shall have delivered a capital expenditure budget for fiscal year 2002, in form and substance satisfactory to FINOVA.
Capital Expenditure Budget. Managing Venturer shall prepare a capital expenditure budget (a "Capital Expenditure Budget") and submit such Capital Expenditure Budget to the Non-Managing Venturer at least ninety (90) days prior to the public opening of the Facility. Thereafter, Managing Venturer shall prepare an annual Capital Expenditure Budget, which shall be submitted by Managing Venturer to the Non-Managing Venturer no later than thirty (30) days prior to the commencement of each fiscal year of the Joint Venture. Each Capital Expenditure Budget prepared by Managing Venturer pursuant hereto shall be subject to approval or disapproval by an authorized representative of the Non-Managing Venturer within twenty (20) days of submission to the Non-Managing Venturer for approval; provided, however, that such approval shall not unreasonably be withheld. In the event an authorized representative of the Non-Managing Venturer shall fail to approve or disapprove any Capital Expenditure Budget, in writing, within the foregoing twenty (20)-day time period, then such Capital Expenditure Budget shall be deemed to be approved by the Non-Managing Venturer. In the event the Non-Managing Venturer reasonably disapproves any item contained in any Capital Expenditure Budget, then the Venturers agree to work, in good faith, to revise the Capital Expenditure Budget as expeditiously as possible; provided, however, that any non-disputed items contained in any such Capital Expenditure Budget shall be deemed to be approved. Notwithstanding anything contained herein, the Venturers recognize that mutually agreeable adjustments may be made to previously approved Capital Expenditure Budgets from time to time during any fiscal year to reflect the impact of unforeseen circumstances, financial constraints, or other events. Managing Venturer agrees to keep the Non-Managing Venturer informed and to obtain the Non-Managing Venturer's approval regarding any capital projects or capital expenditures that exceed any sums in the Capital Expenditure Reserve Account and that are reasonably anticipated to cause a material change to any Capital Expenditure Budget previously approved by the Non-Managing Venturer. Notwithstanding the foregoing, nothing contained in this Section 7.11 shall be deemed to limit Managing Venturer's ability to expend any funds contained in the Capital Expenditure Reserve Account as provided in Section 7.10 hereof.
Capital Expenditure Budget. On an annual basis, Operator shall notify the Board of the need for the purchase of any Capital Equipment or the addition of any Capital Improvements (collectively “Capital Expenditures”) which Operator believes are necessary for the effective management and operation of the Veterans Home under this Agreement. The Board shall respond to Operator’s recommendation in a timely manner acknowledging those items that have been approved or rejected, providing a basis for the latter. Upon receipt of written approval for those Capital Expenditure budget items, Operator may take the appropriate steps, in compliance with Operator Action Request (“OAR”) and Operator Reimbursement Request (“XXX”) policy and procedures, to purchase or acquire items approved during the fiscal year; however, requests must be resubmitted for approved items not purchased by the end of the fiscal year in which they were initially approved. If a Regulatory Agency requires certain Capital Expenditures as part of a final and non-appealable compliance order applicable to the Veterans Home, the Board shall make, or approve the making of, such Capital Expenditure. Capital Expenditure requests that were not included in the proposed budget submitted by Operator prior to the start of the fiscal year must be requested through the OAR policy. The Board shall respond in accordance with the timelines set forth in the OAR policy acknowledging that (i) Operator’s request has been denied, providing the basis for denial, (ii) Operator request has been approved and Operator may take the appropriate steps to purchase or acquire the approved items, or (iii) additional information is required before a final determination will be made.
