Compliance with the Operating Budget Sample Clauses

Compliance with the Operating Budget. Following the Closing Date, Operating Expenses and Capital Expenditures shall be made by the Loan Parties in compliance with the applicable Operating Budget.
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Compliance with the Operating Budget. During each fiscal year, the Manager shall, in the performance of its duties hereunder, use and employ its best efforts to comply with the Budget relating to such fiscal year and the Manager shall not (except for emergencies or special circumstances such as a violation of law, a change of law or regulation, or the unanticipated arising of a condition dangerous to life or property) materially deviate from the Budget or incur additional expenses that in the aggregate exceed 5% of the aggregate amount, and 10% with respect to any individual budget item, shown on the approved Budget, or materially change the manner of operation of the Hotel, without the written approval of the Owner. If at any time during any fiscal year the Manager shall, in the performance of its duties hereunder, determine that the Budget relating to such fiscal year is no longer appropriate because of changes in conditions, circumstances or otherwise, for example, without limitation, if it is necessary in the judgment of the Manager to incur additional expenses which in the aggregate exceed 5% of the
Sample 1
Compliance with the Operating Budget. During each fiscal year, the Manager shall, in the performance of its duties hereunder, use and employ its best efforts to comply with the Budget relating to such fiscal year and the Manager shall not (except for emergencies or special circumstances such as a violation of law, a change of law or regulation, or the unanticipated arising of a condition dangerous to life or property) materially deviate from the Budget or incur additional expenses that in the aggregate exceed 5% of the aggregate amount, and 10% with respect to any individual budget item, shown on the approved Budget, or materially change the manner of operation of the Hotel, without the written approval of the Owner. If at any time during any fiscal year the Manager shall, in the performance of its duties hereunder, determine that the Budget relating to such fiscal year is no longer appropriate because of changes in conditions, circumstances or otherwise, for example, without limitation, if it is necessary in the judgment of the Manager to incur additional expenses which in the aggregate exceed 5% of the aggregate amount, or 10% with respect to any individual budget item, shown on the Budget for such fiscal year, then the Manager shall submit to the Owner for the Owner's approval, a revised Budget for the remainder of such fiscal year, indicating in narrative form, the reasons why the assumptions used as the basis of preparation of the original Budget for such fiscal year are no longer valid. The Owner shall give its written approval or disapproval of the revised Budget not later than 30 days after receipt thereof. If the Owner does not approve or disapprove such revised Budget within such 30-day period, in writing, then the Owner shall be deemed to have rejected such revised Budget as submitted by the Manager.
Sample 1

Related to Compliance with the Operating Budget

  • Compliance Requirements A. Nondiscrimination. The Contractor agrees to comply, and to require its subcontractor(s) to comply, with the nondiscrimination provisions of MCL 37.2209. The Contractor further agrees to comply with the provisions of Section 9:158 of Chapter 112 of the Xxx Arbor City Code and to assure that applicants are employed and that employees are treated during employment in a manner which provides equal employment opportunity.

  • CONTRACT COMPLIANCE REQUIREMENT The HUB requirement on this Contract is 0%. The student engagement requirement of this Contract is 0 hours. The Career Education requirement for this Contract is 0 hours. Failure to achieve these requirements may result in the application of some or all of the sanctions set forth in Administrative Policy 3.10, which is hereby incorporated by reference.

  • Compliance with the Law The Parties agree to comply fully with all applicable federal, state, and local statutes, ordinances, rules, and regulations applicable to their entity in connection with the programs contemplated under this Agreement.

  • Compliance with TIA Every amendment, waiver or supplement of this Indenture or the Securities shall comply with the TIA as then in effect.

  • Compliance with the Laws and Agreements; No Defaults (a) Each of the Borrower and each Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. (b) Neither the Borrower nor any Subsidiary is in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require the Borrower or a Subsidiary to Redeem or make any offer to Redeem under any indenture, note, credit agreement or instrument pursuant to which any Material Indebtedness is outstanding or by which the Borrower or any Subsidiary or any of their Properties is bound. (c) No Default has occurred and is continuing.

  • Operating Requirements Any operating and technical requirements that may be applicable due to Regional Transmission Organization, Independent System Operator, control area, or the Connecting Transmission Owner’s requirements, including those set forth in the Small Generator Interconnection Agreement. Operating Requirements shall include Applicable Reliability Standards.

  • Compliance with Reporting Requirements The Company is subject to and in full compliance with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

  • Compliance with the Sxxxxxxx-Xxxxx Act There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sxxxxxxx-Xxxxx Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sxxxxxxx-Xxxxx Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications.

  • Compliance with the Agreement Within 10 days of this Agreement, the board of directors of the Bank shall appoint a committee (the “Compliance Committee”) to monitor and coordinate the Bank’s compliance with the provisions of this Agreement. The Compliance Committee shall include a majority of outside directors who are not executive officers or principal shareholders of the Bank, as defined in Sections 215.2(e)(1) and 215.2 (m)(1) of Regulation O of the Board of Governors (12 C.F.R. §§ 215.2(e)(1) and 215.2(m)(1). At a minimum, the Compliance Committee shall meet at least monthly, keep detailed minutes of each meeting, and report its findings to the board of directors of the Bank.

  • Compliance with Texas Privacy Laws and Regulations In performing their respective obligations under the Agreement, the LEA and the Provider shall comply with all Texas laws and regulations pertaining to LEA data privacy and confidentiality, including but not limited to the Texas Education Code Chapter 32, and Texas Government Code Chapter 560.

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