Initial Operating Budget. The approval by the Members Committee of the budget for operating the Company for the partial calendar year and the ensuing calendar year subsequent to the satisfaction of the Conditions Precedent (the “Initial Operating Budget”) shall be one of the Conditions Precedent in Schedule 6.2. The Initial Operating Budget shall include (i) that portion of the Preliminary Construction Budget or the Construction Budget, as applicable, relating to the period covered by the Initial Operating Budget and (ii) an estimate of the costs and schedule of funds required to operate and maintain the Company and the assets of the Company during such period covered by the Initial Operating Budget.
Initial Operating Budget. The Lender shall have received and approved the initial Operating Budget and the Loan Parties and the Lender shall have executed and delivered the letter agreement referred to in the definition of “Operating Budget” set forth in Section 1.01.
Initial Operating Budget. The Administrative Agent and the Lenders have received the initial Operating Budget required pursuant to Section 8.01(e)(i) (Operating Budgets).
Initial Operating Budget. On or prior to the date of this Contract, the Parties agreed to an Initial Operating Budget for the period from the Notice to Proceed through the end of Fiscal Year 2016 set forth in Exhibit W. The List of Reimbursable Major Spare Parts Costs is included in and part of the Initial Operating Budget. TSP agrees and acknowledges that, in no event, shall the list of Major Spare Parts Costs include equipment, materials or supplies required as part of the TCS Installation Work.
Initial Operating Budget. The term "Initial Operating Budget" shall mean the Operating Budget established for the initial Operating Year, which begins with the Opening Date and ends on December 31 of the same year.
Initial Operating Budget. An initial detailed operating budget, which, at a minimum, will describe anticipated revenues, expenditures (capital and operating) and cash requirements for the first two full fiscal years of Newco (and any interim “stub” period) (the “Initial Budget Term”), will be prepared and mutually agreed upon by the Class A Holder and the Class B Holder prior to execution of the Definitive Agreements. It is anticipated that the portion of each Holder’s cash capital commitment (as specified on Annex B and Annex C) required to cover all anticipated expenditures for the first twelve months as set forth in the Initial Operating Budget will be funded at Closing; provided that for the first 24 months, during the period that DWA is funding the development of two pictures, the Class A Holder will fund 85.7% of such capital contributions and the Class B Holder will fund 14.3% of such capital contributions. Subject to the foregoing proviso, the remainder of the Holders’ cash capital commitment (which, for the avoidance of doubt, when combined with the cash capital commitment funded at Closing, will not exceed the total cash capital commitments) will be funded pro rata among the Holders in accordance with their relative cash capital commitments to cover anticipated expenditures in any future Annual Operating Budget (as defined below), with an appropriate “catch up” of funding by the Class B Holder to account for its reduced funding ratio in the first 24 months determined by dividing the remaining Class B Holder cash capital commitment by the remaining Class A Holder cash capital commitment; provided, however, that if at any point the Class A Holder is required to contribute its total cash capital commitment to fund the expenditures of Newco, the Class B Holder will be required to fund the remainder of its cash capital commitment at such time.
Initial Operating Budget. An Initial Operating Budget beginning on the Guaranteed Project Completion Date through the first anniversary of the Operational Completion Date (the “Initial Operating Budget”), approved by the Independent Engineer;
Initial Operating Budget. The Borrower shall have delivered to the Administrative Agent an initial operating budget relating to the Project.
Initial Operating Budget. The 2014-2015 Adopted Operating Budget will constitute the Adopted Operating Budget for the first year of the Term of this Agreement, a copy of which will be attached hereto as EXHIBIT F upon approval in accordance with the provisions of SECTION 9.2.
Initial Operating Budget. Each Lender Party has received the initial Operating Budget required pursuant to Section 5.01(f)(i) and a construction schedule in respect of Incomplete Projects.
