Preparation of Annual Budget. (a) Contemporaneously with the execution and delivery of this Agreement, each Owner has acknowledged its approval of a budget for its Property for the Fiscal Year ending December 31, 2018, which has been prepared by Property Manager and delivered to such Owner as of the date hereof. With respect to each subsequent Fiscal Year, Property Manager shall prepare for each Property a separate proposed budget, which shall be in the form attached hereto as Exhibit D and shall include the information described in Exhibit D-1 and shall submit the same to each applicable Owner not later than November 15 of the prior Fiscal Year (until approved pursuant to this Section 2.2, each, a “Budget” and thereafter, an “Approved Budget”).
(b) If an Owner fails to approve a proposed Budget (or a particular portion thereof) for its Property for any Fiscal Year prior to the first day of such Fiscal Year, Property Manager shall operate such Property in accordance with the portion of the proposed Budget that was approved by such Owner and, in relation to the portion that was not approved, in accordance with the corresponding portion of the Approved Budget of such Property for the immediately preceding Fiscal Year, except that the applicable portion of such preceding Approved Budget shall be adjusted:
(i) to reflect (A) in relation to expenses not within the control of the Owner with respect to such Property (including real property taxes and assessments, insurance and utilities), the actual amount of such expenses; and (B) in relation to expenses within the control of the Owner with respect to such Property, an increase of five percent (5%) over the amount set out in such preceding Approved Budget; and
(ii) to remove any capital expenditures that were part of such portion of the preceding Approved Budget.
(c) If an Owner provides notice of any objection to a proposed Budget (each such notice, a “Budget Objection Notice”) within fifteen (15) days after receiving the proposed Budget, Property Manager shall modify the proposed Budget, taking into account the objections of the Owner, and shall resubmit a revised Budget to that Owner for reconsideration and the Owner may deliver further Budget Objection Notices (if any), which it shall endeavor to deliver within fifteen (15) days thereafter (in which event, the resubmission and review process described above in this sentence shall continue until an Budget for the Fiscal Year in question is accepted and consented to by such Owner).
Preparation of Annual Budget. Manager shall prepare a preliminary annual budget forty-five (45) days prior to the end of each fiscal year. The Company shall provide the Manager with an approved budget for each fiscal year prior to the beginning of that fiscal year. The Company must approve any expenses incurred by the Manager in excess of amounts specified in the approved budget.
Preparation of Annual Budget. Within 45 days after a certificate of occupancy permitting occupancy of the Building is obtained and, thereafter, in preliminary draft form not later than on September 1 and in final submission form not later than on October 30 of each calendar year during the term of this Agreement, Manager shall deliver to the Venture an operating business plan and a budget ("Annual Plan") setting forth in detail, as reasonably requested by the Venture, on a monthly basis, revenues, expenses and debt service payments respecting the Premises, anticipated during the Venture's next succeeding fiscal year (or portion thereof), including without limitation the estimated amount of real estate taxes, assessments, insurance premiums and maintenance and other expenses relating to the Premises whether for operations or capital improvements (other than anticipated initial leasehold improvements for tenants under leases entered into by or on behalf of Venture) and an annual general operations plan for such fiscal year. All financial reports and budgets shall be prepared in such form as reasonably required by the Venture, and shall in any event, be in sufficient detail as to permit the Managing Partner in the Venture to discharge its budgeting and reporting obligations to the Venture and the Venturers. The Annual Plan shall show, among other things, anticipated and proposed capital expenditures (other than initial leasehold improvements for tenants) for the ensuing year and the source of funds in respect thereto (including the projected time and amount for any required advances by the Venture) and shall include a rent roll for the Building, taking into account, without limitation, the general condition of the Premises, rate of completion of any contemplated repairs to the Premises, the then current occupancy level, lease expirations, and physical condition of the Premises. Each Annual Plan shall also include a schedule of job descriptions and requirements for any and all independent contractors and employees of Manager serving the Premises, a reasonable estimate of wage rates and all other compensation to be paid such contractor or employee and shall identify any contractor (or proposed contractor) serving the Premises who is an Affiliate (as such term is defined in the Venture Agreement) of Manager; provided, however, that the Annual Plan shall not contain expenses or allocations (i) for home office expense or general corporate or administrative charges, other than as expressly perm...
Preparation of Annual Budget. Seventy-five (75) days before the start of each Operating Year after 1997, the ISO shall prepare and submit to the NEPOOL Executive Committee a budget approved by the ISO Board for the upcoming Operating Year. The budget shall contain separate sections for the ISO's (i) operating expenses, (ii) proposed capital expenses, if any, and (iii) other extraordinary nonrecurring expenses, if any. To the extent that any proposed capital or other extraordinary expenses involve commitments which extend beyond the next Operating Year, the budget shall contain the projected expenses including carrying charges for the length of the project.
Preparation of Annual Budget. Agent shall prepare and submit to the Board a recommended Annual Budget for the next year showing anticipated income and expenses for such year.
Preparation of Annual Budget. Ninety (90) days prior to the beginning of each fiscal year, which begins on January 1st, Agent shall prepare and submit to the Board a recommended Annual Budget for the next year showing anticipated income and expenses for such year.
Preparation of Annual Budget. Prior to December 15 of each year, the City will prepare and deliver to the Regional District a proposed contracted service fee (annual operating fee) for the next calendar year. The annual operating fee must be in a form satisfactory to the Regional District, and must contain such information as may be requested by the Regional District, including a statement of goals, objectives and a business plan for that year.
a) After receipt of the proposed annual operating fee from the City, the Regional District will, in consultation with the City, consider the proposed annual operating fee and develop an overall RAEMP budget for Revelstoke and Area B. Once the RAEMP budget is approved by the Board, the Regional District will pay the annual operating fee to the City for the Services in accordance with Section 5.
b) The annual operating fee will form part of the RAEMP budget and the Regional District’s Five Year Financial Plan.
Preparation of Annual Budget. Sixty (60) days prior to the beginning of each fiscal year, which begins on The first day of January, 2021, Agent shall work with the Board as necessary to compile and submit to the Board a recommended preliminary Annual Budget for the next year showing anticipated income and expenses for such year. The Final Budget shall be submitted thirty (30) days prior to the beginning of each fiscal year. Within thirty (30) days of receipt of the recommended preliminary Annual Budget compiled by Agent, the Board shall either approve the budget as submitted or provide Agent with written notice setting forth those items, which are unacceptable to the Board or provide Agent with written notice advising Agent what additional information is required. Failure to provide such notice to Agent within said thirty (30) day period shall be deemed as approval of the Annual Budget by the Board. Upon approval, Agent shall be authorized to operate and manage the Property in accordance with the Annual Budget.
Preparation of Annual Budget. The Chief Executive Officer shall prepare, and submit to the Management Committee for its approval, at least sixty (60) days prior to the commencement of each subsequent fiscal year, an Annual Budget. Each Annual Budget approved by the Management Committee shall remain operative until amended by the Management Committee or a successor Annual Budget has been approved by the Management Committee. The Chief Executive Officer shall conduct the day-to-day affairs of the Company in accordance with the approved Annual Budget.
Preparation of Annual Budget. The Office of the Chief Judge will prepare an operating budget for inclusion in the estimates of the Ministry. The Office of the Chief Judge shall deliver this budget to the Minister in accordance with the Ministry's budget planning cycle. The Minister and the Chief Judge agree that no charges to the Chief Judge's operating budget shall be made without prior consultation with the Office of the Chief Judge.
