Initial Operating Budget Clause Samples
The Initial Operating Budget clause defines the preliminary financial plan that outlines expected revenues and expenses for the early phase of a project or business operation. Typically, this clause specifies who is responsible for preparing the budget, the timeframe it covers, and the process for approval or modification. For example, it may require the parties to agree on projected costs for staffing, equipment, and other operational needs before commencing activities. Its core function is to establish financial expectations and provide a baseline for managing and monitoring expenditures, thereby reducing the risk of misunderstandings or disputes over initial funding and spending.
Initial Operating Budget. The Intercreditor Agent shall have received the initial Operating Budget required pursuant to Section 10.5 (Operating Budget).
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 Borrower shall have delivered to the Administrative Agent an initial operating budget relating to the Project.
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. 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 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 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. Owner approves the Operating Budget set forth in Exhibit B as the Operating Budget covering the time period from and after the Effective Date until the end of Calendar Year 2026 (the “Initial Operating Budget”).
Initial Operating Budget. On or before the September 1 of the calendar year prior to the year in which the estimated Date of Substantial Completion of the first Plant is expected to occur, the chief executive officer of the Partnership will submit to the Board a proposed operating budget (the “Initial Operating Budget”) for the Partnership and its Affiliates for the period beginning as of such Date of Substantial Completion until December 31 of the year in which such Date of Substantial Completion occurs, which proposed Initial Operating Budget shall be in at least the same degree of detail and itemization as the Initial Three Plant Opex Budget included in Exhibit A-2 attached hereto, provided that such proposed Initial Operating Budget shall include an estimated month-by-month itemization of operational expenses of the Partnership for the period covered thereby. The proposed Initial Operating Budget submitted to the Board pursuant to this Section 5.7(b)(i) shall be subject to the approval of the Board, with the Board acting by Simple Majority. If the Board does not approve the proposed Initial Operating Budget on or before the Date of Substantial Completion of the first Plant, then the relevant period included in the Initial Three Plant Opex Budget included in Exhibit A-2 attached hereto (adjusted as appropriate in the good faith determination of the Member for major maintenance items and for inflation since the Phase 1 Project FID Date), shall be the Initial Operating Budget until such time (if any) as a revised Initial Operating Budget for the remainder of the then-current calendar year is approved by the Board, acting by Simple Majority. Without prejudice to the ability of the Partnership to make expenditures in excess of budgeted amounts in accordance with Section 5.1(d)(iv), and subject to Section 5.7(a)(ii), any proposed amendment to the effective Initial Operating Budget shall be submitted to the Board and shall be subject to the approval of the Board by Simple Majority.
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).