Capital Expenditures Budget. A capital expenditure budget setting forth a program of capital expenditures for the Corporation Centers for the next fiscal year;
Capital Expenditures Budget. The Company will furnish an annual capital expenditure budget, within 60 days after the end of each fiscal year. The Company will also furnish a revised budget if increases over the original capital expenditure budget are approved by the board of directors.
Capital Expenditures Budget. Promptly upon becoming available and in any event within thirty (30) days after the end of each fiscal year of the Company, a capital expenditure budget for the next (or present, as applicable) fiscal year setting forth all proposed Capital Expenditures to be incurred during such fiscal year.
Capital Expenditures Budget. Capital Expenditures Budget" shall mean an annual budget prepared by Operator and approved by City as provided in Section 4.6.3, reflecting the estimated costs for all Capital Expenditures planned for the next Fiscal Year which, in the reasonable opinion of Operator, are necessary to keep and maintain the DPAC during such Fiscal Year in compliance with the Operating Standards.
Capital Expenditures Budget. Promptly upon becoming available and in any event within 30 days after the end of each fiscal year of the Borrower, a capital expenditure budget for the next fiscal year setting forth all proposed capital expenditures to be incurred during such fiscal year.
Capital Expenditures Budget. On or before thirty (30) days prior to the end of each Lease Year, Tenant shall prepare a budget in the form of Schedule 5.1.3 (the “Capex Budget”) of Capital Expenditures anticipated during the ensuing Lease Year and shall submit such Capex Budget to Landlord for its approval. If Tenant does not receive Notice of Landlord’s disapproval of the Capex Budget within twenty (20) Business Days after delivery of the Capex Budget to Landlord, then Landlord shall be deemed to have approved the Capex Budget. In the event Landlord disapproves the Capex Budget, Landlord’s Notice shall identify disputed items on each line item within a Category. Items not identified as disputed in such Landlord’s Notice shall be deemed approved. In the event Landlord timely disapproves any Capex Budget or any item within any Capex Budget, then, Tenant shall promptly revise the Capex Budget until Landlord approves the Capex Budget. The Capex Budget submitted by Tenant and as approved or deemed approved by Landlord is referred to herein as the “Approved Capex Budget”. Upon the occurrence of any event that causes the Approved Capex Budget to be incorrect or inaccurate (because of, by way of example, a subsequent agreement of the partners of Landlord or any event covered by Section 10.2 or 11.2 below), Tenant shall revise the Capex Budget and submit it to the Landlord for approval. A revised Capex Budget shall not become an Approved Capex Budget until approved by Landlord.
Capital Expenditures Budget. The Approved Budget shall include a capital budget (the “Capital Budget”) for each Community outlining a program of capital expenditures (for Routine Capital Expenditures contemplated by Section 9.2.1) as may be (a) mandatory or required by applicable Legal Requirements, or (b) highly recommended in Tenant’s commercially reasonable business judgment in order for Tenant to manage and operate the applicable Community to the Tenant’s Standards, or (c) desirable in Tenant’s commercially reasonable business judgment, in each case during the Term. The Capital Budget shall designate each proposed capital expenditure as either “mandatory”, “highly recommended” or “desirable”. An expenditure shall be considered “mandatory” if such expenditure is required by applicable Legal Requirements, or if such expenditure, if not made would, in Tenant’s commercially reasonable business judgment, (i) cause any Community to lose or put at risk its Licenses; (ii) place at risk the safety of a Resident or employee of any Community; (iii) cause the issuance of a formal notice that the Licenses for any Community, or any portion thereof, will be revoked or suspended or qualified in any material adverse respect; or (iv) subject Landlord or Tenant to civil or criminal prosecution, fine or Claim. Landlord may approve or reject, in its commercially reasonable, good faith discretion, each proposed capital expenditure, except those indicated as “mandatory”, provided that, if requested by Landlord, Tenant shall demonstrate to the commercially reasonable satisfaction of Landlord the “mandatory” nature of such capital expenditure.
Capital Expenditures Budget. No later than January 1 of each year, or as otherwise reasonably required by City, KSM shall submit to City, for City’s review and written approval, a budget setting forth the proposed capital improvements (including equipment purchases and leases) within and to the Property for the upcoming fiscal year or part thereof within the Term (the “Capital Expenditures Budget”). In addition, KSM shall provide updated budget information to City two (2) other times during the year, such times to be reasonably determined by City. City will inform KSM of the deadlines for receipt of updated budgets no less than thirty (30) days prior to such deadlines.
Capital Expenditures Budget. At least sixty (60) days prior to the first day of each fiscal year during the Term, KSM shall submit to Owner, for Owner’s review and written approval, a budget setting forth the proposed capital improvements (including equipment purchases and leases) within and to the Property for the upcoming fiscal year or part thereof within the Term (the “Capital Expenditures Budget”). Notwithstanding the foregoing, prior to opening the Course following the commencement of the initial Term, KSM shall provide the Owner with a Capital Expenditures budget that conforms with the requirements set forth in the preceding paragraph. The parties shall review, revise, and approve the Capital Expenditures Budget in accordance with the requirements of this Section 3.4, except that in lieu of following to the timeframes provided for such activities, the parties shall work in good faith to finalize the Capital Expenditures Budget at the earliest possible date and prior to opening the Course.
Capital Expenditures Budget. The term “Capital Expenditures Budget” shall have the meaning described in Section 3.4.2 of the Agreement
