Project Budgets. Each of the Project Budgets reflects, by category and line items, the purposes and the estimated amounts for which funds to be advanced by Agent and Lenders under this Agreement are to be used. Agent and Lenders shall not be required to disburse for any category or line item more than the amount specified therefor in the applicable Project Budget, except as provided in Sections 2.10 and 2.11 hereof.
Project Budgets. Subject to adjustment as permitted in Section 2.10 above, the Project Budgets accurately reflect all Project Costs.
Project Budgets. 25 3.1.15 Project Schedules.................................................................... 25 3.1.16 Base Case Project Projections........................................................ 26 3.1.17 No Material Adverse Change........................................................... 26 3.1.18
Project Budgets. (a) Company Management shall deliver to the Board of Managers a budget for the Project, which shall include capital expenditures, cash flow, projected EBITDA and other financial projections (setting forth in detail the assumptions therefor) for the Project for the period from initial development through completion and/or sale by the Company (“Project Budget”). The initial Project Budget is attached hereto as Exhibit C. Any subsequent Project Budget shall be delivered to the Board of Managers at least thirty (30) days prior to the end of the then-current Fiscal Year.
(b) After receipt of any Project Budget (except for the initial Project Budget), the Board of Managers shall have ten (10) days to review it. The Board of Managers shall deliver notice to Company Management on or prior to the tenth (10th) day after receipt of any Project Budget specifying in reasonable detail all disputed items and the basis therefor and the amount of any proposed adjustments. No later than five (5) days after receiving the proposed adjustments to any Project Budget from the Board of Managers, Company Management shall propose a revised Project Budget to the Board of Managers, which shall take into account the proposed adjustments received from the Board of Managers. Any revised Project Budget shall be subject to the approval of the Board of Managers, and, if applicable, in accordance with Section 7.06. If after the receipt of any revised Project Budget, the Board of Managers has additional disputed amounts and proposed adjustments to such Project Budget, the Board of Managers and Company Management shall work in good faith to resolve any such disputed amounts and proposed adjustments.
Project Budgets. The COMMISSION shall develop separate project budgets, as it deems appropriate, for all other costs and may recommend and contract with member units or other parties as necessary to pay such costs. For the purpose of initial acquisition, the allocation of costs shall be as set forth in Appendix B.
Project Budgets. Borrower shall have furnished Administrative Agent on behalf of the Banks a budget in substantially the form of the Project Budgets delivered pursuant to Section 3.1.22 but with such changes as are required to address the specifics of such Subsequent Project for all anticipated costs to be incurred in connection with the construction and start-up of such Subsequent Project, including in such budget all construction and non-construction costs, and including all interest, taxes and other carrying costs, and such other information as the Technical Committee may require, together with a balanced statement of sources (including an allocation between Loan proceeds and Contributions) and uses of proceeds (and any other funds necessary to complete such Subsequent Project), broken down as to separate construction phases and components, which project budget shall be in form and substance satisfactory to the Technical Committee.
Project Budgets. Borrower shall have furnished Administrative Agent on behalf of the Banks a budget for such Subsequent Project and, if applicable, a revised budget for Borrower in substantially the form of the Project Budgets delivered in respect of the Initial Projects but with such changes as are required to address the specifics of such Subsequent Project for all anticipated costs to be incurred in connection with the construction and start-up of such Subsequent Project, including in such budgets all construction and non-construction costs, and including all interest, taxes and other carrying costs, and such other information as the Technical Committee may require, together with a balanced statement of sources (including an allocation between Construction Loan proceeds and Contributions) and uses of proceeds (and any other funds necessary to complete such Subsequent Project), broken down as to separate construction phases and components, which project budgets shall be in form and substance satisfactory to the Technical Committee.
Project Budgets. Borrower shall have furnished to Administrative Agent budgets each dated June 28, 2008 (“Project Budgets”) estimating all anticipated costs to be incurred in connection with the construction and start-up of each Project, including in such budget all construction and non-construction costs and Estimated Interconnection Costs, and including all interest, taxes and other carrying costs, and such other information as Administrative Agent may reasonably require, together with a balanced statement of uses and anticipated sources of funds necessary to complete each Project, broken down as to separate construction phases and components, which Project Budgets shall be reasonably satisfactory to Administrative Agent.
Project Budgets. Borrower shall have furnished to the Lead Arrangers budgets in substantially the form of Appendices G-4A through G-4M for all anticipated costs to be incurred in connection with the construction and start-up of each of the Initial Projects, including in such budgets all construction and non-construction costs, and including all interest, taxes and other carrying costs, non-allocated costs of Borrower or the relevant Project Owner, and such other information as the Lead Arrangers may require, together with a balanced statement of sources (including an allocation between Loan proceeds and Contributions) and uses of proceeds (and any other funds necessary to complete each of the Initial Projects), broken down as to separate construction phases and components, which budgets shall be satisfactory to the Lead Arrangers.
Project Budgets. (a) Each of the the Construction Period Budget, Operating Budget and each other projection or budget furnished to the Bank by or on behalf of the Borrower:
(i) is based on reasonable assumptions and projections as to all legal and factual matters material to any estimates included therein;
(ii) is consistent with the provisions of the Transaction Documents in all material respects;
(iii) has been prepared in good faith and with due care after careful and proper consideration and enquiry;
(iv) fairly represents the Borrower's expectations as to the matters covered therein;
(v) takes due account of all Applicable Laws as they apply for the time being, where such Applicable Laws are material to any estimates included therein; and
(vi) takes into account all other facts and circumstances affecting the Project, where such facts and circumstances are material to any estimates included therein.
(b) The Construction Period Budget and each other cash flow and other projection or budget provided prepared by or on behalf of the Borrower accurately specifies all costs and expenses incurred by the Borrower and the Borrower's best estimate of all costs and expenses anticipated by it to be incurred by it prior to the Economic Completion Date (in the case of the Construction Period Budget) and during the relevant period (in the case of each other relevant cash flow or other projection or budget) to construct, operate and finance the construction and operation of the Project in the manner contemplated by the Transaction Documents.
(c) The arithmetic and methodology of all calculations contained in the the Construction Period Budget, the Operating Budget or any other projection or budget prepared by or on behalf of the Borrower are correct and in keeping with best professional practice in all material respects.
