Operating Budgets. Manager has submitted to Owner, for Owner's approval, a proposed operating budget for the ensuing full or partial fiscal year, as the case may be ("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 3 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 amou...
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.
a. Preparation of the budget includes consultations with the Association and Faculties.
b. For each fiscal year, budget guidelines will be developed for use in budget decision making. These budget guidelines will be developed in consultation with the Association and will provide for review by faculty members throughout the College prior to final approval by Senior Management Team and the College Board.
c. Faculty members in the Faculty/Department/Program will be consulted for feedback with respect to any proposed changes to the Faculty/Department operating budget prior to annual approval by the Board.
d. Prior to submission of the final budget documents by the Responsible Administrator, the Faculty/Department/Program budget will be reviewed at a duly called meeting of the regular faculty of the appropriate Faculty/Department/Program. During such duly called meetings, faculty will have the opportunity to vote in support or non-support of the Faculty/Department/Program budget. Where a faculty group elects not to vote in support or non-support of the budget, failure to hold such a vote shall not be grievable.
e. Representation from the Association shall be invited to the final internal presentation of the annual proposed budget prior to submission to the College Board.
f. The Association shall be provided with a copy of the annual budget approved by the College Board.
Operating Budgets. An operating budget for the Property, not including capital expenditures, for the year immediately preceding the current year.
Operating Budgets. Manager has submitted to Owner, for Owner's approval, a proposed operating budget for the ensuing full or partial fiscal year, as the case may be ("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...
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. 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 College Budget will be developed through an open and inclusive process which encourages the participation of faculty and fosters decentralized decision-making within fiscal and other funding restraints.
(a) Preparation of the budget includes consultations with the Association and Faculties.
(b) For each fiscal year, budget guidelines will be developed for use in budget decision making. These budget guidelines will be developed in consultation with the Association and will provide for review by faculty throughout the College prior to final approval by Senior Management Team and the College Board.
Operating Budgets. (i) in the case of Newco only, provide to the Bank (in a format agreed by the Bank prior to tile date of this Agreement) an Operating Budget for each of its Financial Years during the Security Period, within 45 days after the start of each such Financial Year, together with a comparison of the information, estimates, forecasts and projections contained therein with any relevant information, estimates, forecasts and projections provided to the Bank pursuant to Clause 2(b) of Schedule 1 to this Agreement including an analysis justifying any variations therefrom; and
(ii) if any Group Company shall determine that any of the estimates, forecasts or projections made in relation to any of its Financial Years should be different from those set out in the then current Operating Budget (or any substitution therefor subsequently made and agreed by the Bank), provide to the Bank revised estimates, forecasts or projections in respect of any part of each such Financial Year and such revised estimates, forecasts or projections shall apply immediately following their approval by the boards of directors of the relevant company:
Operating Budgets. The Company shall operate under annual Operating Budgets which shall be prepared by or at the direction of the Members. After an annual Operating Budget has been the subject of Approval by Company Vote, the Members shall implement it on behalf of the Company and may cause the Company to incur the expenditures and obligations therein provided.
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.
