Establishment of Operating Budget Sample Clauses

Establishment of Operating Budget. ‌ Manager agrees that at least one hundred twenty (120) days prior to the commencement of each Contract Year in respect of such year, it will prepare and submit to CRDA its proposed Operating Budget for the Civic Center. The proposed Operating Budgets shall include Manager’s good faith projection of Gross Revenues and Operating Expenses, Event activity and other statistics meeting the Industry Standard presented on a monthly and annual basis, for the upcoming Contract Year. CRDA agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
Sample 1
AutoNDA by SimpleDocs
Establishment of Operating Budget. 4.1.1 The Operating Budget for the First Contract Year is attached hereto as Exhibit IIA. 4.1.2 For years subsequent to the First Contract Year, Operator shall submit a proposed operating budget to Pepco by August 31. Pepco shall provide a written response thereto within forty-five (45) days of receipt of Operator's proposed operating budget. The parties shall establish the Operating Budget through good faith negotiations thereafter. If the Parties are unable to agree upon an operating budget, the Operating Budget shall be established at an amount equal to the Operating Budget for the prior Contract Year, escalated pursuant to the Escalation Index; and either Party may seek modification of the Operating Budget pursuant to mediation procedures of the American Arbitration Association. Mediation shall be the exclusive dispute resolution mechanism with respect to the matters addressed in this Article 4. For purposes of the Operating Budget, the cost of fuel shall be determined as follows: Pepco will compensate Operator each month for fuel use on the following basis: FP = ((Qe x E) + (Qs x S)) x Fi Where FP = Fuel Payment Qe = Specified amount of fuel per MWh E = MWh produced in the month Qs = Specified amount of fuel used per start S = Number of starts initiated per month Fi = Fuel index price (Platts' is suggested; for Xxxxxxx, Fi will be a composite representative of No. 4 Fuel Oil.) Qe, Qs and Fi will be established for each Facility.
Sample 1
Establishment of Operating Budget. (a) Manager agrees that prior to each Operating Year in respect of such year, it will prepare and submit to the University a line item budget for the Facility (as approved by the University pursuant to Section 9.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis: (a) gross revenues, (b) operating expenses, and (c) cash flow budget, and shall include appropriate back-up detail regarding events, attendance, and other relevant event-related financial information. The Operating Budget shall serve as an estimate of expected revenue and expenses for the Facility. The University agrees to provide Manager with all information in its possession necessary to enable Manager to prepare the Operating Budget. The parties agree that the operating expenses of the Facility shall not include Capital Expenditures (as defined in Article 13), and debt service. (b) The projected expenses in each annual Operating Budget (“Operating Expenses”) shall include, but not be limited to, the following expenses on a line item basis, all of which shall be payable by the University pursuant to the terms hereof: (i) employee payroll, benefits, relocation costs, bonus and related costs, (ii) cost of operating supplies (including general office supplies), (iii) advertising, marketing, group sales, and public relations costs, (iv) cleaning expenses, (v) data processing costs, (vi) dues, subscriptions and membership costs, (vii) the Guaranteed Management Fee, (viii) Taxes,
Sample 1
Establishment of Operating Budget. Attached hereto as Exhibit B is the Operating Budget for each of the Event Center and the Theatre for the first (1st) Operating Year (Effective Date through June 30, 2018), which Operating Budgets are hereby approved by both Manager and City, provided that such Operating Budgets shall be deemed amended to include the cost of the fees due to Manager under Article 3 above for such period. Manager agrees that in August prior to the next Operating Year, it will prepare and submit to the City a proposed initial Operating Budget for each of the Event Center and the Theatre for such year. The parties shall then review, discuss and modify (as necessary) such proposed initial budget, with the goal of reaching a final budget in accordance with City policy prior to the next Operating Year. Each annual Operating Budget for the Event Center and Theatre shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year for such facility. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The parties acknowledge that Manager may, subject to the approval of the City, utilize certain staff members or other resources from its management of the Event Center to assist at the Theatre, and vice versa. In such case, the cost of employing such individuals or cost of other shared resources shall be allocated between the Operating Budgets for the Event Center and the Theatre in a manner mutually agreed by the Manager and the City.
Sample 1
Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the Stub Operating Year and first Operating Year, which Operating Budgets are hereby approved by both OVG and Owner. OVG agrees that at least 90 days prior to the commencement of each subsequent Operating Year, in respect of such year, it will prepare and submit to Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include OVG’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. Owner agrees to provide OVG with all information in its possession necessary to enable OVG to prepare each Operating Budget. Notwithstanding the foregoing, Owner shall have no duty to provide any information which is subject to confidentiality agreements with third parties, which constitutes confidential or proprietary information or trade secrets, or which is prohibited from disclosure by any applicable Laws, but shall be solely responsible to the extent such information has a material impact on any applicable Operating Budget (i.e., if withholding such information has prevented OVG from reasonably foreseeing an expense, such expense shall be borne by Owner directly).
Sample 1
Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the first (1st) Operating Year, which the parties acknowledge was established without Manager’s input. Such Operating Budget shall be deemed amended to include the Fixed Management Fee for the first Operating Year. Manager agrees that by the September 30 immediately preceding the commencement of each subsequent Operating Year, it will prepare and submit to the Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. The Owner agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
Sample 1
Establishment of Operating Budget. (a) TSJ shall submit to the City, on or before February 1st of each Operating Year (unless otherwise indicated), a proposed operating budget (the “Proposed Operating Budget”) which shall address each of the Performance Measures and Incentive Fee Measures, and shall include revenue and estimated Transient Occupancy Tax transfer needed from Fund 536 to support operations. The City will review the Proposed Operating Budget and, during the period between February 1st and March 1st, City and TSJ will work toward developing a final Proposed Operating Budget. The Proposed Operating Budget will address each of the following: (i) Property operation and maintenance; (ii) Furnishings, fixtures, and equipment purchases and replacement and repair; (iii) Major City economic driven events and the associated budget and performance impacts and event costs (See Schedule 9.2(a)(iii)); (iv) Economic driven and financial performance measures, theater and customer service measures; and (v) Amount of Transient Occupancy Tax funding needed to support TSJ’s convention and facility operations. (b) In addition to the foregoing items, TSJ shall provide the following separate reports with the Proposed Operating Budget (each of which shall support such Proposed Operating Budget): (i) Individual Facility budgets, including revenue estimates from secured and potential clients; (ii) Cash flow forecasts by month for the full Operating Year; and (iii) A summary income statement. T-26492.002\1086141 -29- 133\1100388.5 (c) TSJ shall prepare each Proposed Operating Budget with appropriate diligence and after giving due consideration to all relevant factors affecting the operation of the Facilities, including, without limitation, reasonably anticipated market and economic conditions applicable to the Operating Year and operation of the Facilities in accordance with the terms of this Agreement. The Proposed Operating Budget shall be subject to the approval in writing by the City, and the City hereby agrees to examine each Proposed Operating Budget submitted to it. If found reasonable and proper, the City will approve in writing such Proposed Operating Budget, it being contemplated that the Proposed Operating Budget will be agreed upon by the parties hereto and approved by the City Council on or before June 30th of the Operating Year during which said Proposed Operating Budget is submitted. If City fails to either approve the Proposed Operating Budget on or before June 30th of the Operating Year ...
Sample 1
AutoNDA by SimpleDocs
Establishment of Operating Budget. (a) Manager agrees that prior to the Effective Date in respect of the first Operating Year, and prior to the commencement of each subsequent Operating Year in respect of such year, it will prepare and submit to the City a line item budget for the Facility (as approved by the City pursuant to Section 8.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis: (a) gross revenues, (b) operating expenses, (c) incomes, (d) administrative and general expenses, (e) marketing, advertising, and promotion expenses, (f) energy costs, (g) repairs and maintenance, and
Sample 1
Establishment of Operating Budget. At least 60 days prior to the commencement of each Operating Year in respect of such year, Manager will prepare and submit to the City its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year, and shall include a separate, dedicated capital improvements budget. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The City acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of facilities similar to the Facility, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control. Manager will include in each Operating Budget expenses for public use of the building for four (4) events per Operating Year in coordination with the City.
Sample 1

Related to Establishment of Operating Budget

  • Budget Consulting Engineer/Architect shall advise City if, in its opinion, the amount budgeted for construction is not sufficient to adequately design and construct the improvement as requested.

  • Operating Budget (a) No less than forty-five (45) days prior to the Substantial Completion of each train of the Project, and no less than forty-five (45) days prior to the beginning of each calendar year thereafter, the Borrower shall prepare a proposed operating plan and a budget setting forth in reasonable detail the projected requirements for Operation and Maintenance Expenses for the Borrower and the Project for the ensuing calendar year (or, in the case of the initial Operating Budget, the remaining portion thereof) and provide the Independent Engineer, the Common Security Trustee, and the Senior Facility Agent with a copy of such operating plan and budget (the “Operating Budget”). Each Operating Budget shall be prepared in accordance with a form approved by the Independent Engineer, shall set forth all material assumptions used in the preparation of such Operating Budget, and shall become effective upon approval of the Senior Facility Agent, acting reasonably and in consultation with the Independent Engineer; provided, that if the Senior Facility Agent shall not have approved or disapproved the Operating Budget within thirty (30) days after receipt thereof, such Operating Budget shall be deemed to have been approved; and provided, further that the Senior Facility Agent shall have neither the right nor the obligation to approve costs for Gas purchase contracts for the Project contained in the Operating Budget. If the Borrower does not have an effective annual Operating Budget before the beginning of any calendar year, until such proposed Operating Budget is approved, the Operating Budget most recently in effect shall continue to apply; provided, that (A) any items of the proposed Operating Budget that have been approved shall be given effect in substitution of the corresponding items in the Operating Budget most recently in effect, (B) costs for Gas purchase contracts for the Project shall be as provided by the Borrower and (C) all other items shall be increased by the lesser of (x) two and one-half percent (2.5%) and (y) the increase proposed by the Borrower for such item in such proposed Operating Budget. (b) Each Operating Budget delivered pursuant to this Section 1.12 shall contain Operating Budget Categories, and shall specify for each Fiscal Quarter and for each such Operating Budget Category the amount budgeted for such category for such Fiscal Quarter.

  • Business Plan The Lenders shall have received a satisfactory business plan for fiscal years 1999-2006 and a satisfactory written analysis of the business and prospects of the Borrower and its Subsidiaries for the period from the Closing Date through the final maturity of the Term Loans.

  • Operating Budgets (i) The Borrowers shall, not later than thirty (30) days before the Commercial Operation Date for any Plant, adopt an Operating Budget with respect to such Plant and an updated aggregate Operating Budget for the Project from such date to the conclusion of the calendar year immediately following the then-current calendar year and provide a copy of such operating plan and budget at such time to the Administrative Agent. (ii) No less than sixty (60) days in advance of the beginning of each calendar year with respect to each Plant that has achieved its Commercial Operation Date, the Borrowers shall similarly adopt an operating plan and a budget setting forth in reasonable detail the projected requirements for Operation and Maintenance Expenses and Maintenance Capital Expenses for the ensuing two (2) calendar years for each Plant that has achieved its Commercial Operation Date and an aggregate operating plan and budget for the Project and provide a copy of each such operating plan and budget at such time to the Administrative Agent. (Each such operating plan and budget is herein called an "Operating Budget"). (iii) Each Operating Budget shall include the same items and detail as provided in the Financial Model and be prepared in accordance with a form similar to the Madera Operating Budget delivered on the Closing Date (or a form otherwise approved by the Administrative Agent) and shall become effective upon approval of the Administrative Agent (acting in consultation with the Consultants if the Administrative Agent reasonably determines that such consultation is necessary or desirable). The Administrative Agent's approval of such updated Operating Budgets shall not be unreasonably withheld or delayed. (iv) If the Borrowers have not adopted an annual Operating Budget covering the applicable two-year period for each Plant that has achieved its Commercial Operation Date and for the Project before the beginning of any calendar year following the Madera Funding or any Operating Budget adopted by the Borrowers has not been accepted by the Administrative Agent before the beginning of any upcoming calendar year, the Operating Budget for each relevant Plant for the preceding calendar year shall, until the adoption of an annual Operating Budget by the Borrowers and acceptance of such Operating Budget by the Administrative Agent, be deemed to be in force and effective as the annual Operating Budget for such Plant for such upcoming calendar year; provided that if the initial Operating Budget for any Plant is not approved by the Administrative Agent, the Borrowers may use a budget for such Plant that is consistent with the Financial Model until an initial Operating Budget is approved, and the Borrowers shall work diligently to prepare an initial Operating Budget for each Plant that is acceptable to the Administrative Agent. (v) If either the actual Operation and Maintenance Expenses or Maintenance Capital Expenses for any Fiscal Quarter is in excess of the applicable Permitted Operating Budget Deviation Levels, the Borrowers may deliver to the Administrative Agent and the Consultants a proposed updated Operating Budget(s), which shall be subject to approval by the Administrative Agent. Such proposed updated Operating Budget(s) shall not become effective until approved by the Administrative Agent. (vi) Each Operating Budget delivered to the Administrative Agent pursuant to this Section 7.01(j) shall be accompanied by a memorandum addressing all material deviations from the Financial Model.

  • Business Plan and Budget As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a fiscal year basis and, in the case of such forecasted statements of income, on a fiscal quarterly basis for the immediately following fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(f), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.

  • Annual Operating Budget Manager shall, on or before December 20 in each calendar year during the Term, deliver to Owner for Owner’s approval, an annual operating budget for the Community for the next calendar year (the “Annual Operating Budget”) which shall include separate line items for Capital Replacements and set forth an estimate, on a monthly basis, of Gross Revenues and Community Expenses, together with an explanation of anticipated changes to Tenants charges, payroll rates and positions, non-wage cost increases, the proposed methodology and formula employed by Manager in allocating shared Community Expenses, and all other factors differing from the then current calendar year. The Annual Operating Budget shall be accompanied by a narrative description of operating objectives and assumptions. If Owner does not approve an Annual Operating Budget or any portion thereof, it shall do so, to the extent practicable, on a line item basis. Manager and Owner shall cooperate to resolve disputed items, provided if the Annual Operating Budget is not approved by Owner within thirty (30) days of Owner’s receipt, Manager shall operate under the expired Annual Operating Budget until a new Annual Operating Budget is approved, provided that line items for Impositions, insurance premiums and utilities shall be the amounts actually incurred for such items. If agreement on the Annual Operating Budget cannot be reached within forty-five (45) days of Owner’s receipt (which time may be extended upon mutual agreement of the parties), the matter shall be resolved by arbitration. The Annual Operating Budget as approved by Owner, or as resolved by arbitration, will be the “Approved Budget” for the applicable calendar year. Manager will obtain Owner’s prior approval for any expenditure which will, or is reasonably expected to, result in a variance of 5% or more of any Approved Budget.

  • Projected Operating Budget Furnish Agent, no later than thirty (30) days after the beginning of each fiscal year of Borrower commencing with fiscal year 2021, a month by month projected operating budget and cash flow of Borrower on a consolidated and consolidating basis for such fiscal year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter), such projections to be accompanied by a certificate signed by the President or Chief Financial Officer of Borrower, in his personal capacity, to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.

  • Operating Plan To Agent and Lenders, as soon as available, but not later than thirty (30) days after the end of each Fiscal Year, an annual combined operating plan (the "Operating Plan") for Parent and its Subsidiaries, approved by the Board of Directors of Parent, for the following Fiscal Year, which (i) includes a statement of all of the material assumptions on which such plan is based, (ii) includes projected monthly income statement, balance sheets and source and use of funds for the following year and (iii) Borrowing Availability projections, all prepared on the same basis and in similar detail as that on which operating results are reported (and in the case of cash flow projections, representing management's good faith estimates of future financial performance based on historical performance), and including plans for personnel, Capital Expenditures and facilities.

  • Operational Control Directing the operation of the Transmission Facilities Under ISO Operational Control to maintain these facilities in a reliable state, as defined by the Reliability Rules. The ISO shall approve operational decisions concerning these facilities, made by each Transmission Owner before the Transmission Owner implements those decisions. In accordance with ISO Procedures, the ISO shall direct each Transmission Owner to take certain actions to restore the system to the Normal State. Operational Control includes security monitoring, adjustment of generation and transmission resources, coordination and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Control Areas, voltage reductions and Load Shedding, except that each Transmission Owner continues to physically operate and maintain its facilities.

  • Annual Business Plan (a) On or before November 15th of each year during the term of this Agreement, Manager shall prepare and submit to Owner for Owner's prior approval an annual business and leasing plan in accordance with the requirements of EXHIBIT D hereto (as such EXHIBIT D may be modified by Owner from time to time) (the "ANNUAL BUSINESS PLAN"). The Annual Business Plan shall be a comprehensive plan for the management, operation, leasing, repair, maintenance and promotion of the Property and for the other matters set forth on EXHIBIT D. Manager shall consult the Owner concerning the proposed Annual Business Plan and shall promptly incorporate therein such changes as Owner may direct. The Annual Business Plan, and all budgets contained therein, shall be in a form consistent with the Reporting Package. (b) Manager shall: (i) perform its duties hereunder in accordance with the Approved Annual Business Plan; and (ii) use all reasonable efforts to ensure that the actual costs of maintaining and operating the Property do not exceed the operating budget (the "OPERATING BUDGET") which is a part of the Approved Annual Business Plan either in total or in any one accounting category. All actual expenses must be charged to the proper account on a basis consistent with the Operating Budget classifications and Reporting Package. Except in case of emergencies which could reasonably pose a threat of injury to persons or property, in which event Manager shall inform Owner of such emergency within two (2) business days, no expense may be reclassified except as needed to correct an inadvertent error. Manager will secure Owner's prior approval for any expenditure that will result in a variance of the greater of $5,000 or 5% of the annual budgeted amount in any one accounting line item of the Operating Budget. In addition, Manager shall obtain Owner's prior approval for any expenditure in excess of $5,000, regardless of whether such expenditure is set forth in the Approved Annual Business Plan. (c) Owner shall have the right to require changes in the Approved Annual Business Plan from time to time; provided, however, that Owner shall provide Manager with at least fifteen (15) days' notice of such changes.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!