Operating Budgets. Manager has submitted to Owner, for Owner's ----------------- approval, a proposed operating budget for the ensuing partial fiscal year ("Operating Budget"). Hereafter, Manager shall, not less than forty-five (45) days prior to the commencement of each full fiscal year, submit to Owner, for Owner's approval, a proposed Operating Budget for the ensuing full or partial fiscal year, as the case may be. Each Operating Budget shall be accompanied by, and shall include, a business plan which shall describe business objectives and strategies for the period covered by the Operating Budget. The business plan shall include, without limitation, an analysis of the market area in which the Hotel competes, a comparison of the Hotel and its business with competitive hotels, an analysis of categories of potential guests, and a description of sales and marketing activities designed to achieve and implement identified objectives and strategies. Fee Owner shall have no right to approve any Operating Budget. Owner's approval of the Operating Budget shall not be unreasonably withheld and shall be deemed given unless a specific written objection thereto is delivered by Owner to Manager within fifteen (15) days after submission. Owner shall review the Operating Budget on a line-by-line basis. To be effective, any notice which disapproves a proposed Operating Budget must contain specific objections in reasonable detail to individual line items. If the initial Operating Budget contains disputed budget item(s), said item(s) shall be deemed adopted until Owner and Manager have resolved the item(s) objected to by Owner or the Accountant(s) (hereinafter defined in Section 10.02) have resolved the item(s) objected to by Owner. Thereafter, if Owner disapproves or raises objections to a proposed Operating Budget in the manner and within the time period provided therefor, and Owner and Manager are unable to resolve the disputed or objectionable matters submitted by Owner prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Operating Budget shall be deemed to be adopted and approved and the corresponding line item contained in the Operating Budget for the preceding fiscal year shall be adjusted as set forth herein and shall be substituted in lieu of the disputed items in the proposed Operating Budget. Those line items which are in dispute shall be determined by increasing the preceding fiscal year's corresponding line items by an amount determine...
Operating Budgets. The College Budget will be developed through an open and inclusive process which encourages the participation of faculty members and fosters decentralized decision-making within fiscal and other funding restraints.
Operating Budgets. An operating budget for the Property, not including capital expenditures, for the year immediately preceding the current year.
Operating Budgets. (a) The Borrower shall, not later than 15 days before the Commercial Operations Date is estimated to occur, adopt an operating budget (the "Operating Budget") of Debt Service, proposed Distributions and Cash Operating Costs, including allowances for reserves and contingencies, for the first Operating Year; and no later than 15 days prior to the beginning of each Operating Year thereafter, the Borrower shall similarly adopt an Operating Budget for such Operating Year. Copies of the Operating Budget for each Operating Year shall be furnished at least 60 days before final adoption thereof to the Administrative Agent, each Lender and the Independent Engineer. In the event that the aggregate amount of Cash Operating Costs included in the Operating Budget for any Operating Year exceeds by more than 10% the aggregate amount of Cash Operating Costs for such Operating Year specified in the Base Case Projections delivered pursuant to Section 9.1(w) on the Closing Date, then the Operating Budget for such Operating Year shall not be adopted without the approval by the Administrative Agent (if such excess is less than 15%) or the Administrative Agent and the Majority Institutions (if such excess is 15% or more), in each case in consultation with the Independent Engineer, which approval shall not be unreasonably withheld; provided that, with respect to the initial Operating Budget, if the Administrative Agent or the Administrative Agent and the Majority Institutions have a right to approve such Operating Budget pursuant to this Section 10.23(a) and fail to do so within 30 days after their receipt thereof, the Borrower and the Administrative Agent or the Borrower and the Administrative Agent and the Majority Institutions, as the case may be, shall work in good faith with the Independent Engineer to resolve any disagreements with a view to resolving any such disagreements at least 15 days prior to the Commercial Operations Date. Each Operating Budget shall be prepared on the basis of requirements for each month within the relevant Operating Year, showing the Debt Service, proposed Distributions and Cash Operating Costs (broken down into major categories) for such month.
Operating Budgets. On or before the anticipated Commercial Operation Date, deliver to the Lender an annual operating budget, certified by the Project Engineer as being a reasonable estimate of projected costs, expenses and revenues of the Borrower, for the period commencing on the anticipated Commercial Operation Date, and continuing until the end of the first full calendar year thereafter, in substantially the same form as the initial annual operating budget. In advance of each calendar year thereafter, the Borrower shall adopt and deliver to the Lender an annual operating budget, certified by the Project Engineer as being a reasonable estimate of projected costs, expenses and revenues of the Borrower, for the ensuing calendar year.
Operating Budgets. Not later than the commencement of each Lease Year, Lessee shall have prepared and submitted to Lessor an operating budget in form reasonably acceptable to Lessor (the "OPERATING BUDGET") for that Lease Year prepared in accordance with the Uniform System to the extent applicable and that includes, without limitation, an amount equal to not less than four and one-half percent (4.5%) of estimated Gross Revenues allocated for estimated cost ("M&R EXPENSE") of maintenance and repairs (other than Capital Improvements) to the Hotel during such Lease Year. Unless required by the terms of any Franchise Agreement, Lessee shall not make any changes to the current methods or categories by which Gross Revenues are budgeted or accounted for by Lessee or its Manager in its Revenue Budget for calendar year 1998 without the prior written consent of Lessor, which consent shall not be unreasonably withheld. In the event that the amount actually incurred by Lessee for M&R Expense for the Hotel for any Lease Year (the "M&R SHORTFALL YEAR") is less than four and one-half percent (4.5%) of Gross Revenues for such Lease Year ("MINIMUM M&R"), notwithstanding the foregoing provisions of this Section 4.2, Lessee shall be obligated (i) to prepare and submit to Lessor for its approval the Operating Budget for the Lease Year following the Shortfall Year (the "M&R CURE YEAR"), at the same time as, and according to the procedure herein provided for, review and approval of the Annual Budget for such subsequent Lease Year, and (ii) without limiting the generality of the foregoing, to include in such Operating Budget Lessee's good faith reasonable estimate of Gross Operating Expenses for the Hotel for such M&R Cure Year, itemized on schedules on a monthly and quarterly basis, in accordance with the Uniform System and as approved by Lessor and Lessee, including without limitation an amount, allocated for M&R Expense equal to not less than the sum of (A) four and one-half percent (4.5%) of estimated Gross Revenues, plus (B) the amount by which Lessee failed to incur Hotel M&R Expense at least equal to the Minimum M&R for the M&R Shortfall Year, together with the assumptions, in narrative form, forming the basis of such schedules (unless Lessor agrees to a lesser amount in the exercise of its reasonable discretion).
Operating Budgets. (i) The Borrower shall prepare, or cause to be prepared, for each fiscal year of the Borrower and each Wholly Owned Opco an operating and capital expense budget setting forth the anticipated revenues and Operating Expenses (including expenses for Non-Covered Services) of each such Relevant Party for such fiscal year; provided that the Borrower shall update such budget prior to any Permitted Fund Disposition and any request to convert a Tax Equity Opco to a Wholly Owned Opco (with the consent of the Administrative Agent at the instruction of the Required Lenders) permitted under Section 7.10(d). The initial operating budget for 2017 is attached as Exhibit L hereto. For each succeeding fiscal year (commencing with 2018), the Borrower shall, not later than forty-five (45) days prior to the end of the current fiscal year (commencing in 2017), submit such Operating Budget to the Administrative Agent for its approval (in consultation with the Independent Engineer); provided that the approval of the Administrative Agent shall be deemed to be given if (A) the Operating Expenses set forth in the Operating Budget do not exceed 20% in the aggregate over the amount budgeted for such Operating Expenses of the Borrower and the Wholly Owned Opcos in the then-current Base Case Model for the applicable year, provided, further, that, even if such 20% threshold is exceeded, the Administrative Agent’s approval shall also be deemed to be given if the Operating Expenses in respect of Non-Covered Services set forth in the Operating Budget on a per kW DC basis in respect of the Projects owned by the Wholly Owned Opcos are not more than $15 per kW DC in the aggregate over the amount budgeted for such Operating Expense in respect of such Projects owned by the Wholly Owned Opcos in the then-current Base Case Model for the applicable year and (B) such Operating Budget is otherwise consistent with the then-current Base Case Model for the applicable year.
Operating Budgets. The Company shall provide to Parent --------------------- promptly, but in no event later than November 30, 1997, 1998 operating and capital budgets, which budgets shall be subject to Parent's approval, which approval may not be unreasonably withheld (the "'98 Budgets").
Operating Budgets. The Partnership shall operate under annual Operating Budgets which shall be prepared in accordance with the Management Agreement. After an annual Operating Budget has been approved, the General Partner shall implement it on behalf of the Partnership and may cause the Partnership to incur the expenditures and obligations therein provided. The General Partner shall submit (or request the manager of the Property to submit) to the Limited Partners any proposed Operating Budget for each calendar year by November 15 of the preceding calendar year. Provided that each of the Limited Partners receives the proposed Operating Budget for each calendar year by November 15 of the preceding calendar year, together with all supporting information necessary for the Limited Partners to review the Operating Budget, each Limited Partner will approve, reject, or provide changes to the Operating Budget by December 15 of the year in which the proposed Operating Budget was submitted to the Limited Partners. If an Operating Budget for any calendar year has not been approved by a Majority in Interest by January 1 of that year, the Partnership shall continue to operate under the Operating Budget for the previous year with such adjustments as may be necessary to reflect deletion of non-recurring expense items set forth on the previous Operating Budget and increased insurance costs, taxes, utility costs, and debt service payments.
Operating Budgets. At least 30 days prior to the commencement of any fiscal year, the Annual Operating Budget for such fiscal year demonstrating that the Borrower will meet the Required Coverage Ratios, together with confirmation by the Independent Engineer that such budget is based on reasonable assumptions and is prepared in accordance with the Operative Documents. Such budget shall be furnished to the Agent and each Bank pursuant to Section 11.21. Such Annual Operating Budget shall include Pro Forma projections and projections indicating updated projected Coverage Ratios (taking the Independent Forecast into account) and shall indicate projected changes, if any, in the Rent Reserve Account and the Additional Liquidity Account.
