OPERATION IN ACCORDANCE WITH BUDGET Sample Clauses

OPERATION IN ACCORDANCE WITH BUDGET. During the period from July 1, 1998, until the end of the month preceding the Closing Date, the Business shall have achieved cumulative EBITDA equal to or greater than the projected cumulative EBITDA reflected on the budget attached hereto as Exhibit 9.15 (the "BUDGET") and Parent shall have operated the Business in a manner substantially consistent with the Budget.
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OPERATION IN ACCORDANCE WITH BUDGET. Manager shall use its best efforts to insure that the actual costs of maintaining and operating each Project do not exceed the amounts agreed upon in the Approved Budget with respect to such Project, either in total or with respect to any individual line item. Any change to an Approved Budget shall be subject to the prior written approval of Owner which approval may be withheld in Owner's sole discretion. All expenses must be charged to the proper account on the Approved Budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of any accounting category. If Manager advances for Owner's account any amount for the payment of any expenses of Manager, Owner shall reimburse Manager therefor only if: (a) such expenses are for items on the Approved Budget and (b) Manager has submitted appropriate details of such expenses, including, without limitation, paid invoices without Manager's markup. During any Budget Year, Manager shall not, without the prior written approval of Owner: (a) disburse any amounts attributable to items not reflected in the Approved Budget which exceed, in the aggregate, Five Thousand Dollars ($5,000), except in the case of an emergency situation threatening imminent injury to persons, damage to property or interruption of essential services to tenants, or (b) make any expenditure which in Manager's reasonable judgment will cause, on an annual basis, either the total Approved Budget to be exceeded or the amounts allocated to the following categories: Payroll and Related Expenditures, General and Administrative Expense, Advertising and Promotion, Turnover, Maintenance-Buildings, Maintenance-Grounds, Maintenance-Non-Recurring, Utilities and Capital Expenses (collectively, the "MAJOR CATEGORIES") to be exceeded; provided, however, Manager shall be entitled to make expenditures which exceed individual line items included within the Major Categories by an amount not to exceed the greater of (i) ten percent (10%) of the budgeted amount for such line item, or (ii) Ten Thousand Dollars ($10,000), so long as neither the total budgeted amount for the applicable Major Category nor the total Approved Budget is exceeded.
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OPERATION IN ACCORDANCE WITH BUDGET. Manager shall use its best efforts to insure that the actual costs of maintaining and operating each Project do not exceed the amounts agreed upon in the Approved Budget with respect to such Project, either in total or with respect to any individual line item. Any change to an Approved Budget shall be subject to the prior written approval of Owner which approval may be withheld in Owner's sole discretion. All expenses must be charged to the proper account on the Approved Budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of any accounting category. If Manager advances for Owner's account any amount for the payment of any expenses of Manager, that Owner shall reimburse Manager therefor only if: (a) such expenses are for items on the Approved Budget and (b) Manager has submitted appropriate details of such expenses, including, without limitation, paid invoices without Manager's markup. During any Budget Year, Manager shall not, without the prior written approval of Owner: (a) disburse any amounts attributable to items not reflected in the Approved Budget which exceed, in the aggregate, Five Thousand Dollars ($5,000), except in the case of an emergency
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Related to OPERATION IN ACCORDANCE WITH BUDGET

  • Performance of Services in Accordance with Regulatory Requirements; Furnishing of Books and Records In performing the services set forth in this Agreement, the Manager: A. shall conform with the 1940 Act and all rules and regulations thereunder, with all other applicable federal, state and foreign laws and regulations, with any applicable procedures adopted by the Trust’s Board of Trustees, and with the provisions of the Trust’s Registration Statement filed on Form N-1A as supplemented or amended from time to time; B. will make available to the Trust, promptly upon request, any of the Fund’s books and records as are maintained under this Agreement, and will furnish to regulatory authorities having the requisite authority any such books and records and any information or reports in connection with the Manager’s services under this Agreement that may be requested in order to ascertain whether the operations of the Trust are being conducted in a manner consistent with applicable laws and regulations.

  • OFFICE OF MANAGEMENT AND BUDGET (OMB) AUDIT REQUIREMENTS The parties shall comply with the requirements of the Single Audit Act of 1984, P.L. 98-502, ensuring that the single audit report includes the coverage stipulated in 2 CFR 200.

  • COMPLIANCE WITH POLICIES AND PROCEDURES During the period that Executive is employed with the Company hereunder, Executive shall adhere to the policies and standards of professionalism set forth in the policies and procedures of the Company and IAC as they may exist from time to time.

  • Performance and Compliance with Contracts and Credit and Collection Policy The Seller shall (and shall cause the Servicer to), at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and timely and fully comply in all material respects with the applicable Credit and Collection Policies with regard to each Receivable and the related Contract.

  • ALLOWABLE COSTS AND AUDIT REQUIREMENTS 9 4.1 Allowable Costs. 9 4.2 Audits and Financial Statements 10 4.3 Submission of Audits and Financial Statements 11

  • Certain Amendment Requirements (a) Notwithstanding the provisions of Section 9.1 and Section 9.3, no provision of this Agreement that establishes a percentage of Outstanding Shares required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting percentage unless such amendment is approved by the affirmative vote of holders of Outstanding Shares whose aggregate Outstanding Shares constitute not less than the voting requirement sought to be reduced. (b) Notwithstanding the provisions of Section 9.1 and Section 9.3, but subject to Section 9.2, no amendment to this Agreement may: (i) enlarge the obligations of any Member without its consent, unless such shall be deemed to have occurred as a result of an amendment approved pursuant to Section 9.3(c); (ii) change Section 8.1(a); (iii) change the term of the Company; or, (iv) except as set forth in ‎Section 8.1(a), give any Person the right to dissolve the Company.

  • Compliance with Record Keeping Requirements Participating Dealer agrees to comply with the record keeping requirements of the Exchange Act, including but not limited to, Rules 17a-3 and 17a-4 promulgated under the Exchange Act. Participating Dealer further agrees to keep such records with respect to each customer who purchases Primary Shares, his suitability and the amount of Primary Shares sold, and to retain such records for such period of time as may be required by the Commission, any state securities commission, FINRA or the Company.

  • Compliance with Policies Each Individual Limited Partner hereby agrees that he shall comply with all policies and procedures adopted by any member of the Och-Ziff Group or which Limited Partners are required to observe by law, or by any recognized stock exchange, or other regulatory body or authority.

  • Performance and Compliance with Receivables and Contracts At its expense, timely and fully perform and comply with all material provisions, covenants and other promises, if any, required to be observed by the Issuer under the Contracts related to the Receivables.

  • Maintenance of the Primary Insurance Policies; Collections Thereunder (a) The Master Servicer shall not take, or permit any Subservicer to take, any action which would result in non-coverage under any applicable Primary Insurance Policy of any loss which, but for the actions of the Master Servicer or Subservicer, would have been covered thereunder. To the extent coverage is available, the Master Servicer shall keep or cause to be kept in full force and effect each such Primary Insurance Policy until the principal balance of the related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less of the Appraised Value in the case of such a Mortgage Loan having a Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary Insurance Policy was in place as of the Cut-off Date and the Company had knowledge of such Primary Insurance Policy. The Master Servicer shall be entitled to cancel or permit the discontinuation of any Primary Insurance Policy as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is reduced below an amount equal to 80% of the appraised value of the related Mortgaged Property as determined in any appraisal thereof after the Closing Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of principal payments on the Mortgage Loan after the Closing Date. In the event that the Company gains knowledge that as of the Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject of a Primary Insurance Policy (and was not included in any exception to the representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its reasonable efforts to obtain and maintain a Primary Insurance Policy to the extent that such a policy is obtainable at a reasonable price. The Master Servicer shall not cancel or refuse to renew any such Primary Insurance Policy applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer canceling or refusing to renew any such Primary Insurance Policy applicable to a Mortgage Loan subserviced by it, that is in effect at the date of the initial issuance of the Certificates and is required to be kept in force hereunder unless the replacement Primary Insurance Policy for such canceled or non-renewed policy is maintained with an insurer whose claims-paying ability is acceptable to each Rating Agency for mortgage pass-through certificates having a rating equal to or better than the lower of the then-current rating or the rating assigned to the Certificates as of the Closing Date by such Rating Agency. (b) In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present or to cause the related Subservicer to present, on behalf of the Master Servicer, the Subservicer, if any, the Trustee and Certificateholders, claims to the related Insurer under any Primary Insurance Policies, in a timely manner in accordance with such policies, and, in this regard, to take or cause to be taken such reasonable action as shall be necessary to permit recovery under any Primary Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 3.07, any Insurance Proceeds collected by or remitted to the Master Servicer under any Primary Insurance Policies shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 3.10.

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