Submission of Budgets. The Borrower shall prepare and submit to the Facility Agent (i) during the Construction Period, an annual and a quarterly construction budget and construction plan until the Completion of Construction Date not later than the Initial Drawdown Date and December 15 (or such other date as otherwise agreed by the Borrower and the Facility Agent) of each year, and (ii) during the Operation Period, an annual operation budget and operation plan for the relevant year (if submitted on the Operation Commencement Date) and the next year (on December 15 of each year) not later than the Operation Commencement Date and on December 15 (or such other date as otherwise agreed by the Borrower and the Facility Agent) of each year.
Submission of Budgets. Operator shall prepare and submit to Owner by March 31 for Owner's approval proposed budgets of (a) the estimated income and expenses of the Property and (b) the estimated capital expenditures for the Property for the next fiscal year or other operating period as may be agreed by the parties. The proposed budgets will be maintained under accrual accounting procedures or such basis as prescribed, in writing, by Owner. Operator will provide an explanation for the numbers used in such budgets. Operator shall make available executive personnel to discuss the proposed budget at a minimum of one meeting of FORA Board of Directors and other meetings as requested.
Submission of Budgets. (a) As soon as practicable but not later than forty-five (45) days after the date of this Agreement, Agent will prepare and submit to Owner for its consideration and approval the proposed Annual Budget for the remaining portion of the Fiscal Year in which this Agreement is executed and delivered. On or before December 1st of each year thereafter, Agent will prepare and submit to Owner for its consideration and approval the proposed Annual Budget for the ensuing Fiscal Year. Prior to approval of the initial Annual Budget, Agent will operate in accordance with the Interim Budget attached as Exhibit A.
(b) Agent will consult with Owner as to the assumptions used in preparing the proposed Annual Budget and will make all necessary revisions thereto. Owner will approve or disapprove the proposed Annual Budget (and revisions thereto) within thirty (30) days after submission by Agent. If Owner disapproves any portion of the proposed Annual Budget, then its disapproval will be accompanied by a description, in reasonable detail, of the specific objection(s). Agent will promptly revise the proposed Annual Budget in accordance with Owner's objection and resubmit the proposed Annual Budget to Owner. If Owner approves any portion of the proposed Annual Budget, then Owner will promptly communicate such partial approval to Agent. Owner will not unreasonably withhold or delay its approval to the proposed Annual Budget (or to any revision thereto).
(c) Owner acknowledges that Agent has provided services prior to the date hereof in connection with the transition of ownership and management of the Property from Owner's and Agent's predecessor and has agreed to pay Agent $50,000 per month (prorated for any partial month) for such services for the period commencing August 1, 1996 and ending on the date of execution of this Agreement. Owner shall pay Agent such amount on the date of execution of this Agreement.
Submission of Budgets. At the commencement of this Agreement, and thereafter at least 45 days prior to the beginning of each fiscal year, Agent shall prepare and submit to Owner for Owner’s review and approval or revision proposed budgets of (a) the estimated income and expenses of the Property and (b) the estimated capital expenditures for the Property for the next fiscal year or other operating period as may be agreed by the parties (collectively referred to as “Annual Budget”). The proposed Annual Budget will show the estimated income and expenses on a month by month basis for the fiscal year and will be made in accordance with Generally Accepted Accounting Practices (GAAP). Agent will include a detailed explanation for the numbers used in such budgets.
Submission of Budgets. For the partial year period commencing on the Closing Date, and for each Fiscal Year thereafter, the Borrower shall submit to Lender the Annual Budget not later than forty-five (45) days prior to the commencement of such period or Fiscal Year. Such Annual Budget shall set forth in reasonable detail budgeted monthly operating income and monthly operating capital and monthly operating and other expenses for the Properties, including all planned capital expenditures in respect of the Properties for such period or Fiscal Year. Each such Annual Budget submitted shall hereinafter be referred to as an "Annual Budget".
Submission of Budgets. At the commencement of this Agreement, and thereafter at least 45 days prior to the beginning of each fiscal year, Operator shall prepare and submit to Owner for Owner's review and approval or revision proposed budgets of (a) the estimated income and expenses of the Property and (b) the estimated capital expenditures for the Property for the next fiscal year or other operating period as may be agreed by the parties (collectively referred to as "Annual Budget"). The proposed Annual Budget will show the estimated income and expenses on a month by month basis for the fiscal year and will be made in accordance with accounting practices prescribed, in writing, by Owner. Operator will include a detailed explanation for the numbers used in such budgets. Owner shall provide to Operator to facilitate budget preparation, 60 days prior to the beginning of the fiscal year, the following information: estimates of Property debt service payments, insurance expense related to the Property and paid by Owner, Owner overhead allocated to the Property, and replacement reserve expense. Owner shall also provide to Operator 60 days prior to the beginning of the fiscal year Owner's required debt coverage ratio for the coming fiscal year ("Owner's Debt Coverage Ratio").
