Capital Expense Budget Sample Clauses
The Capital Expense Budget clause defines the process and requirements for planning, approving, and managing expenditures on major long-term assets or improvements. Typically, this clause outlines how capital expenses are proposed, reviewed, and authorized, often requiring detailed justifications and adherence to set budget limits. Its core function is to ensure that significant investments are carefully controlled and aligned with organizational priorities, thereby preventing unplanned or excessive spending on capital projects.
Capital Expense Budget. “Capital Expense Budget” shall mean the budget for Capital Expenses adopted in accordance with Section 4.9.
Capital Expense Budget. The O&M Arrangements will require that the Operator, acting through the Plant Manager, (a) at least ninety (90) days before the scheduled Commercial Operation Date, shall prepare and submit to the Management Committee for approval a comprehensive budget estimating all anticipated and proposed Capital Expenses for Capital Repairs and Additions and recommended reserves therefor ("Capital Expense Budget") through the end of the Fiscal Year after the Fiscal Year in which the Commercial Operation Date is scheduled to occur and for the next six (6) years thereafter and (b) on or before November 1st of each Fiscal Year, shall prepare and submit to the Management Committee for approval a comprehensive proposed Capital Expense Budget for the next succeeding six (6) year period, together with a description of the proposed Capital Repairs and Additions so as to allow the Management Committee to make a reasonable evaluation of the anticipated repairs or additions. Neither Member shall have the right to require any Capital Repairs and Additions to or expansions of the Facility.
Capital Expense Budget. The Library shall prepare and adopt an annual budget for the Library’s capital expenses and a five-year capital improvement plan, by September 15, each year. For purposes of this Agreement, capital expenses are expenses, other than operating expenses, that are intended to provide a long term benefit, such as the purchase of real property or fixtures attached to real property, and physical equipment with an expected useful life of more than five (5) years.
3.1 No expenditures shall be made or contracted for by the Board or any Library employee with respect to any current or proposed item of capital expense until such time that it has been approved by the Board.
3.2 Upon unanimous approval of the annual capital improvements budget by the governing bodies of the Member Agencies, the Library may make or contract for approved capital project expenditures of up to approved budget amount for each specific capital funding request.
3.3 A designated Capital Reserve Fund shall be established and funded annually at the same percentage as the respective Member Agency's current Member Agency Cost Allocation. This Capital Reserve Fund shall be used for current, anticipated, unforeseen, or future major capital purchases. The Library will include an annual report of capital fund related activities by June 30, annually. The Capital Reserve Fund balance will be capped at
3.4 All annual unspent capital monies shall be placed in the Capital Reserve Fund with the fiscal agent.
Capital Expense Budget. A budget that covers, among other items, anticipated and proposed capital expenditures for the year, with justification for each capital expenditure, and which is tied to the strategic plan for the Casino, both short term and long term;
Capital Expense Budget. Except as set forth in this Article 5, during the Delivery Term, the Project Operator shall adhere to the Capital Expense Budget, as in effect or amended by the Management Committee by Majority Vote from time to time. The Project Operator shall be entitled to make expenditures in excess of the Capital Expense Budget, as necessary in order to meet the requirements of Applicable Law, Prudent Industry Practice, the Operating Standards and this Agreement; provided that any Material Budget Overrun shall be subject to the prior approval of the Management Committee by Majority Vote. The Management Committee shall notify the Project Operator upon approval of any amendment to the Capital Expense Budget.
Capital Expense Budget. Attached hereto as Exhibit B and made a part hereof, is a budget with respect to the anticipated capital expenses relating to the renovation of the Property detailed on a monthly basis through February 28, 2004 (such budget, and any approved revisions, modifications, additions, replacements and substitutions thereof, and any future approved capital expense budgets for the Property for periods when any sums in respect of the Restated Loan remain outstanding being herein referred to as, the "Capital Expense Budget"). Lender has approved the Capital Expense Budget attached hereto as Exhibit B. At least forty-five (45) days prior to the expiration of each Fiscal Year during the term of the Restated Loan, Borrower shall submit to Servicer and Lender a proposed capital expense budget for the next succeeding Fiscal Year (each such proposed capital expense budget being herein referred to as a "Proposed Capital Expense Budget"). Lender shall not unreasonably withhold its approval of any Proposed Capital Expense Budget. If Lender objects to any item(s) included in a Proposed Capital Expense Budget, then Lender shall, within 15 days following receipt of such Proposed Capital Expense Budget, furnish Borrower with a written statement identifying the items to which it objects and the reasons therefor and the Proposed Capital Expense Budget shall be modified accordingly before becoming the Capital Expense Budget.
Capital Expense Budget. The Management Committee shall cause the Project Operator to (i) prepare and submit to the Management Committee for its review and approval by Majority Vote all proposed Capital Expenses Budgets and amendments thereto, in accordance with this Article 5, (ii) provide to the Management Committee with the proposed Capital Expense Budgets or amendments sufficient information to support the proposed Capital Expense Budgets or amendments in such reasonable detail as to permit the Management Committee to evaluate the Capital Expense Budgets or amendments, and (iii) promptly respond in writing, or orally if the requesting Participant(s) agrees, to reasonable requests of any Participant for any explanation and clarification of the proposed Capital Expense Budgets or amendments, any specific items or details of the proposed Capital Expense Budgets or amendments, and for further information, each as reasonably required to enable such Participant(s) to evaluate the proposed Capital Expense Budgets or amendments. A draft of the proposed Capital Expense Budget shall be distributed to each Participant forty-five (45) days before the deadline for approval by the Management Committee set forth above and to the extent that a Participant shall have provided its comments, if any, to the Management Committee within thirty (30) days of receipt of the proposed Capital Expense Budget, the Management Committee shall reasonably consider such comments in preparation of its final Capital Expense Budget. With respect to each subsequent Fiscal Year during the Term, the Management Committee shall review and vote on the Project Operator’s proposed Capital Expense Budget on or before ninety