Preparation of Annual Budget Sample Clauses

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. (a) Within ninety (90) days after the certificate of occupancy permitting occupancy of the residential portion of either of the Buildings is obtained and on or before every August 1 during the term hereof, Manager shall prepare and deliver to Owner an operating and capital budget in form satisfactory to Owner in preliminary draft form setting forth an itemized statement of the estimated receipts and disbursements (capital, operating and other) for the next fiscal year. Such preliminary budget shall include a rent roll for the residential portion of the Buildings, taking into account, without limitation, the general condition of the residential portion of the Premises, rate of completion of any contemplated repairs to the residential portion of the Premises, the then current occupancy level, lease expirations, the physical condition of the residential portion of the Buildings and rentals charged in the competing buildings in the area. Each such preliminary budget shall also include suggested leasing guidelines (including rental rates, terms, parameters for tenant creditworthiness, escalation clauses, remodeling and parking charges, and other pertinent matters) to serve as a basis for negotiating with prospective or renewal residential tenants, a schedule of proposed job descriptions and requirements for any and all independent contractors and employees of Manager serving the residential portion of the Premises, a reasonable estimate of wage rates and all other compensation to be paid such contractors and employees. (b) After review and approval by Owner in accordance with Section 2.05 of the Joint Venture Agreenent of Market Square Associates ("Joint Venture Agreement"), Manager shall refine each such preliminary budget into final draft form not later than thirty (30) days after delivery of such preliminary budget; following its approval in final form by Owner, said budget (hereinafter called an "Annual Budget") shall constitute a standard to which Manager shall adhere. Notwithstanding the foregoing, sums shown in the Annual Budget for tenant improvement work are for illustrative purposes only and no sums for tenant improvement work will be spent except on a lease-by-lease basis as approved by Owner. Except with the prior consent, which will not be unreasonably withheld or delayed, of Owner or in the case of emergency repairs Permitted under Section 2.4 hereof, no expense or cost may be incurred or commitment made by Manager in connection with the maintenan...

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. 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. 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. 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.

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. The Office of the Chief Justice shall participate in the Ministry’s annual budget planning cycle. All funding is through the Program Review Renewal Transformation (PRRT) cycle or other ministry financial processes . The Attorney General and the Chief Justice agree that no changes to the Chief Justice’s operating budget shall be made by the Ministry without prior consultation with the Chief Justice.

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.