Interim Budget Sample Clauses

Interim Budget. The Company’s Executive Committee shall work together with the Parties to develop, within the next 30 (thirty) days, the first Company’s budget, which shall refer exclusively to the period between the Company’s incorporation date and the date when the JV Plant would start to be built, as provided by Section 3.9. This interim budget shall be submitted for the approval of the Board of Directors as soon as practically possible after the approval of the Executive Committee, but in any case within 45 (forty-five) days from the date hereof. The approved interim budget will be superseded by the budget that shall be prepared and approved for the construction of the JV Plant, subject to the provisions of the Shareholders’ Agreement applicable to the Company’s budget. SECTION 4
Sample 1Sample 2
AutoNDA by SimpleDocs
Interim Budget. API acknowledges that NCL is and shall --------------- continue to incur debts as a result of ongoing capital expenditures and operating costs for the Subject Companies which borrowings shall be repaid from the New Cash Capital. Prior to the execution of this Agreement, the Parties hereto shall have executed a written budget (the "Budget") with respect to the operating budget of API for the six (6) months following the execution of this Agreement. Under this Budget, it is shall be understood that NCL may borrow money to pay any and all expenses comprising ongoing capital expenditures and operating costs for the Subject Companies during that six month period, however, when and if API raises the New Cash Capital pursuant to Section 2.1 herein, NCL shall be entitled to reimbursement of all monies advanced to the Subject Companies plus interest in an amount equal to LIBOR plus 1.5% payable upon receipt of the New Cash Capital in the New Cash Account. Expenditures in excess of the Budget shall be subject to prior approval of the Board of New API. A copy of the Budget is attached hereto Schedule 4.2.
Sample 1Sample 2
Interim Budget. Within thirty (30) days after the delivery of the Interim Reserve Report provide, the Borrower’s (A) operating budget, (B) capital expenditures budget (including a drilling and completion capital budget setting forth in reasonable detail, the projected drilling and development plan, related drilling and completion costs and the anticipated well performance and anticipated internal rates of return with respect to each budgeted drilling and completion project, in each case, as prepared in good faith by the Borrower based on assumptions believed by the Borrower to be reasonable at the time such budget is provided) and (C) financial forecasts, including cash flow projections covering proposed fundings, repayments, additional advances, investments and other cash receipts and disbursements, in each case, for the following two fiscal quarters in a format reasonably consistent with budgets, projections and forecasts theretofore provided to Lenders and shall be in form and substance reasonably satisfactory to the Lead Lenders, and promptly following the preparation thereof, material updates to any of the foregoing from time to time prepared by management of the Borrower.
Sample 1
Interim Budget. Within five (5) Business Days after Tenant from time to time delivers to Landlord an updated Preliminary Space Plan, including Tenant’s delivery of any such updated Preliminary Space Plan at the meetings described in subparagraph (a) above, but no more frequently than once during any two (2) week period, Landlord shall deliver an updated Preliminary Budget (an “Interim Budget”). Tenant shall have a Tenant’s Review Period to review any such Interim Budget, subject to Tenant’s Review Standard. In the event of an unresolved objection relating to any Interim Budget, such disagreement shall be resolved by convening the meeting described in Section 17.3.7; provided, however, any such dispute shall in no event be referred to the arbitration described in Section 17.8.
Sample 1
Interim Budget. The Agent and the Lenders shall have received from the Borrower the Interim Budget.
Sample 1
Interim Budget. The Board shall, within one hundred and twenty days (120) days of the Effective Date of this Agreement, approve an interim budget, which shall constitute the operating budget until the Annual Budget is adopted.
Sample 1

Related to Interim Budget

  • Approved Budget (a) Subject to subsection (b) and subsection (c) below, none of the Credit Parties shall pay any obligations or expenses (including, without limitation, bonus payments or other compensation to senior management personnel, but excluding legal fees and expenses) except to the extent expressly contemplated and permitted in the Current Period of the Approved Budget applicable at the time of such payment. On or before the Wednesday prior to the first Monday of each Fiscal Month of the Borrower, commencing with the Wednesday prior to the first Monday of October 2010, the Borrower shall deliver an updated budget (for the period of 13 weeks commencing with the first day of such Fiscal Month) (each, a “Proposed Budget”) to Agent. Each such Proposed Budget shall be accompanied by a variance report setting forth actual cash receipts and disbursements from the Petition Date through the last day of the preceding month and all variances, on an aggregate basis and, with respect to Specified Budget Line Items, on a line-item basis, for such period from the amounts set forth for the corresponding period in the preceding Approved Budgets (including explanations for each such material variance), certified by the Chief Restructuring Officer as being prepared in good faith and fairly presenting in all material respects the information set forth therein. Each Proposed Budget provided to Agent shall be of no force and effect unless and until it is approved in writing by the Requisite Lenders, and until such approval is given the prior Approved Budget shall remain in effect and no Credit Party may pay any obligations or expenses (excluding legal fees and expenses) other than as permitted (subject to subsection (b) below) in the Current Period of such prior Approved Budget. The Requisite Lenders shall approve or reject each Proposed Budget within four Business Days after delivery by the Borrower to Agent as set forth above, provided that any failure to approve a Proposed Budget shall constitute a rejection of such Proposed Budget. Any such Proposed Budget, upon the written approval of the Requisite Lenders shall become, as of the date of such approval and for the period of time covered thereby, the Approved Budget, and shall prospectively replace any prior Approved 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.

  • Annual Budget (a) The Company and its Subsidiaries shall be operated in accordance with an annual budget, as it may be annually updated from time to time pursuant to this Section 3 (the “Annual Budget”). The initial Annual Budget for the period beginning on the Effective Date and ending on December 31, 2018, including the related variances, is attached hereto as Schedule B-1 (the “Initial Annual Budget”). For each Fiscal Year thereafter, the Asset Manager shall be responsible for preparing and submitting to the Company Board for approval as a Major Decision in accordance with the terms of the Company LLC Agreement a proposed updated Annual Budget, including the related variances. The Annual Budget shall be prepared by the Asset Manager in accordance with the protocols (including the preparation of the back-up materials on the timetable set forth therein) set forth on Schedule B-2 hereto (the “Budget Development Protocols”). The Annual Budget for each Fiscal Year shall be prepared with the same detail and line items as set forth in the Initial Annual Budget and such other detail as the members of the Company Board appointed by the Preferred Partners in accordance with Section 4.3(c) of the Parent LP Agreement (the “Preferred Board Members”) may reasonably request. In connection with the review of a proposed Annual Budget, the Preferred Board Members may reasonably request additional information regarding the materials supporting the proposed Annual Budget or such other information as is necessary or desirable to enable review of such proposed Annual Budget, and the Asset Manager shall provide such requested information. The Preferred Board Members shall consent to or reject the proposed Annual Budget, or request additional information (as provided for above), within ten (10) Business Days following (i) receipt of such proposed Annual Budget or (ii) receipt of all additional information that is, in the determination of the Preferred Board Members, necessary or desirable to enable review of such proposed Annual Budget. The Asset Manager shall comply with the Budget Development Protocols regarding the Preliminary Budget for each Fiscal Year. The Annual Budget shall be prepared and submitted annually by the Asset Manager no later than December 10, 2018 for the next Fiscal Year and thereafter by December 10 of each year with respect to the following Fiscal Year. The Annual Budget for each Fiscal Year shall include use of the pre-funded reserve amounts as shown on Schedule B-3 hereto for the four Fiscal Quarters comprising such Fiscal Year. In connection with the submission of the Annual Budget, the Asset Manager shall also prepare and submit to the Company Board an annual business plan for Parent and its Subsidiaries, including a responsible five-year operations forecast, including the operating metrics set forth on Schedule B-4 hereto (the “Annual Plan”). The Preferred Board Members, or their designated representatives, shall be provided reasonable access to all information, data, reports, models and analyses relied on in developing the Annual Plan (including, for the avoidance of doubt, all financial and silvicultural assumptions, constraints, supporting stand level data, merchantable timber volumes, pre-merchantable acres by species and age class, and acres by land classification).

  • Project Budget A Project Budget shall be prepared and maintained by Grantee. The Project Budget shall detail all costs for which the Grant will be used during the Term. The Project Budget must be approved in writing by the Project Monitor. Grantee shall carry out the Project and shall incur costs and make disbursements of funds provided hereunder by the Sponsor only in conformity with the Project Budget. The current approved Project Budget is contained in Attachment “C”. Said Project Budget may be revised from time to time, but no Project Budget or revision thereof shall be effective unless and until the same is approved in writing by Project Monitor. The funds granted under this Grant Contract cannot be used to supplant (replace) other existing funds.

  • 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 Administrative Agent and the Required Lenders, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on an annual basis for the immediately following fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(g), 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.

  • Projected Operating Budget Furnish Agent and Lenders, no later than thirty (30) days prior to the beginning of each Borrower’s fiscal years commencing with fiscal year 2009, a month by month projected operating budget and cash flow of Borrowers 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 a Vice President of each Borrower 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.

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