PFIC Approval of Annual Plan Sample Clauses

PFIC Approval of Annual Plan. Manager must obtain PFIC’s written approval of the Annual Plan; provided, however, PFIC shall not unreasonably withhold its approval for any expenditures which are reasonably necessary, in nature or amount, to enable the Lounge to continue operation in accordance with the System Standard. PFIC agrees that it shall promptly review the proposed Annual Plan submitted to it. If PFIC does not approve Manager’s proposed Operating Budget, Manager shall rely on the individual line items within the Operating Budget for the immediately preceding year until a new Operating Budget is approved pursuant hereto. With respect to the Lounge’s first Fiscal Year, to the extent the Manager and PFIC cannot agree upon the Operating Budget, those line items upon which they disagree shall be determined by an Expert. In the event PFIC shall fail to approve Manager’s proposed Capital Budget, or any line item within the proposed Capital Budget, within sixty (60) days after delivery of the same to PFIC, then such proposed Capital Budget, or any line item not specifically approved by PFIC, shall be deemed disapproved. With respect to any disapproved Capital Budget, or line item within a Capital Budget, PFIC and Manager shall meet and confer in good faith in an effort to reconcile differences; provided, however, PFIC’s right to approve a Capital Budget for the Initial Term is not intended to permit a level of service or quality of maintenance, guest amenities or furnishings below the System Standard and with respect to any Renewal Term is not intended to permit a level of service or quality of maintenance, guest amenities or furnishings below the System Standard. With respect to Capital Expenditures as set forth in the Capital Budget, Manager shall have no right to incur any Capital Expenditures except pursuant to, and in accordance with, a Capital Budget approved in advance in writing by PFIC. After approval of a Capital Budget, Manager may not incur Capital Expenditures in excess of those required or permitted under the approved Capital Budget; except as elsewhere provided herein. With respect to any Capital Budget, if Manager proposes any refurbishment that constitutes a Capital Expenditure for an item which pertains to a Capital Expenditure that has already been incurred by PFIC for the same or similar item, which item has not yet been fully depreciated, other than items pertaining to life safety, or as a result of such item(s) becoming obsolete or functionally incompatible with th...
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Related to PFIC Approval of Annual Plan

  • Application for approval 3.1. The application for approval of a vehicle type with regard to braking shall be submitted by the vehicle manufacturer or by his duly accredited representative.

  • Approval of Contractor’s Staff 7.3.1 County has the absolute right to approve or disapprove all of the Contractor’s staff performing work hereunder and any proposed changes in the Contractor’s staff, including, but not limited to, the Contractor’s Project Manager.

  • State Approval of Replacement Personnel The Engineer may not replace the project manager or key personnel without prior consent of the State. The State must be satisfied that the new project manager or other key personnel is qualified to provide the authorized services. If the State determines that the new project manager or key personnel is not acceptable, the Engineer may not use that person in that capacity and shall replace him or her with one satisfactory to the State within forty-five (45) days.

  • Approval of Plans Landlord will not check Tenant drawings for building code compliance. Approval of the Final Plans by Landlord is not a representation that the drawings are in compliance with the requirements of governing authorities, and it shall be Tenant’s responsibility to meet and comply with all federal, state, and local code requirements. Approval of the Final Plans does not constitute assumption of responsibility by Landlord or its architect for their accuracy, sufficiency or efficiency, and Tenant shall be solely responsible for such matters.

  • FAA APPROVAL This Agreement may be subject to approval of the FAA. If the FAA disapproves this Agreement, it will become null and void, and both Parties will bear their own expenses relative to this Agreement, up to the date of disapproval.

  • PROCEDURE FOR APPROVAL OF SETTLEMENT 28. Acceptance of this Settlement Agreement shall be sought at a hearing of the Central Regional Council of the MFDA on a date agreed to by counsel for Staff and the Respondent.

  • Approval of Agreement The Board of Directors of the Company has authorized the execution and delivery of this Agreement by the Company and has approved this Agreement and the transactions contemplated hereby.

  • Application Approval Our representative will notify you (or one of you, if there are co-applicants) of the Application approval, execute the Lease agreements for signature prior to occupancy, and, once complete, credit the application deposit of all applicants toward the required security deposit.

  • MOTION FOR FINAL APPROVAL Not later than 16 court days before the calendared Final Approval Hearing, Plaintiff will file in Court, a motion for final approval of the Settlement that includes a request for approval of the PAGA settlement under Labor Code section 2699, subd. (l), a Proposed Final Approval Order and a proposed Judgment (collectively “Motion for Final Approval”). Plaintiff shall provide drafts of these documents to Defense Counsel not later than seven days prior to filing the Motion for Final Approval. Class Counsel and Defense Counsel will expeditiously meet and confer in person or by telephone, and in good faith, to resolve any disagreements concerning the Motion for Final Approval.

  • IRS Plan Approval Articles I through VIII of the agreement used to establish this Xxxx XXX have been approved by the IRS. The IRS approval is a determination only as to form. It is not an endorsement of the plan in operation or of the investments offered.

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