Annual Approved Budget definition

Annual Approved Budget shall have the meaning ascribed to such term in SECTION 5.4.3 hereof.

Annual Approved Budget. (with any agreed upon or determined corrections or adjustments thereto), and each of the Initial Approved Budget and each Annual Approved Budget shall also be referred to herein as the “Approved Budget”; provided, however, that if Landlord has approved portions of the Preliminary Annual Budget, but specific items or categories remain unresolved (the “Unresolved Items/Categories”), then, until resolution of such Unresolved Items/Categories (either by agreement of the parties or as determined by the Expert as provided in Section 6.4 below), the “Annual Approved Budget” shall consist only of those approved portions of the Preliminary Annual Budget, and shall exclude such Unresolved Items/Categories. Upon resolution of such Unresolved Items/Categories, the partially approved Annual Approved Budget then in effect shall be updated or amended to include the resolution of such previously Unresolved Items/Categories, and shall thereafter be the final “Annual Approved Budget”. If an Preliminary Annual Budget (or any Unresolved Items/Categories) has not been approved prior to the start of each year, then Tenant shall use its commercially reasonable and good faith efforts to operate the Communities as provided in the last Approved Budget (or as set forth in the partially Approved Annual Budget for the current year (i.e., excluding the Unresolved Items/Categories)) for the Communities, provided that Tenant shall not be required to expend its own funds in that regard. Tenant is authorized to pay operating costs and make capital expenditures in accordance with the Initial Approved Budget, and, when the Annual Approved Budget for any future Fiscal Year has been approved (or deemed approved) by Landlord or upon resolution by the Expert, Tenant is authorized to pay operating costs and make capital expenditures in accordance with such Annual Approved Budget.

Annual Approved Budget means an annual approved budget, which will be in the form attached to Schedule 5 hereto.

Examples of Annual Approved Budget in a sentence

• In this regard, AMR may retain in the Operating Account and in the Hotel Account such amounts as it reasonably deems advisable in accordance with the financial and business projections of the Hotel in order to maintain uninterrupted operation in accordance with the AMR Standard, provided that such retained amounts will be considered within the Annual Approved Budget.

• Amounts expended in such regard will be considered Capital Expenditures (if so contemplated within the Annual Approved Budget) or additional expenditures at the Owner's expense (if such expenditures are not contemplated within the Annual Approved Budget, in which case prior approval of the Owner shall be required).

• The foregoing, provided that AMR shall obtain the prior written consent of the Owner with respect to: (i) any expenditures for modifications, additions, or improvements in excess of US$50,000.00 (Fifty Thousand and 00/100 Dollars), notwithstanding that such expenditure is provided in the Annual Approved Budget; and (ii) in the event that such modifications, additions, or improvements are not provided in the Annual Approved Budget.

• Unless otherwise provided in the applicable Annual Approved Budget, the Parties agree that the cost of all alterations, additions, and improvements shall be a separate cost to the Owner, and no funds from the Hotel Operating Account shall be used for such purposes.

More Definitions of Annual Approved Budget

Annual Approved Budget shall consist only of those approved portions of the Preliminary Annual Budget, and shall exclude such Unresolved Items/Categories. Upon resolution of such Unresolved Items/Categories, the partially approved Annual Approved Budget then in effect shall be updated or amended to include the resolution of such previously Unresolved Items/Categories, and shall thereafter be the final “Annual Approved Budget”. If an Preliminary Annual Budget (or any Unresolved Items/Categories) has not been approved prior to the start of each year, then Tenant shall use its commercially reasonable and good faith efforts to operate the Communities as provided in the last Approved Budget (or as set forth in the partially Approved Annual Budget for the current year (i.e., excluding the Unresolved Items/Categories)) for the Communities, provided that Tenant shall not be required to expend its own funds in that regard. Tenant is authorized to pay operating costs and make capital expenditures in accordance with the Initial Approved Budget, and, when the Annual Approved Budget for any future Fiscal Year has been approved (or deemed approved) by Landlord or upon resolution by the Expert, Tenant is authorized to pay operating costs and make capital expenditures in accordance with such Annual Approved Budget.

Annual Approved Budget means an annual approved budget, which will be in the form attached to Schedule 5 hereto. “Anti-Corruption Laws” means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other Law concerning or relating to bribery or corruption imposed, administered or enforced by any Governmental Body. “Anti-Money Laundering Laws” means any Law concerning or relating to money laundering, any predicate crime to money laundering or any record keeping, disclosure or reporting requirements related to money laundering imposed, administered or enforced by any Governmental Body. “Available Cash” means, for any applicable fiscal quarter, the cash flow generated from the business operations of the Company and its Subsidiaries in such fiscal quarter (but excluding any MAIT Class B Distributable Amounts), less any amounts that the Board reasonably determines are necessary and appropriate to be retained in order to (a) permit the Company and its Subsidiaries to pay their obligations as they become due in the ordinary course of business, (b) maintain the Company’s and its Subsidiaries’ target regulatory capital structure and investment-grade credit metrics, (c) fund planned capital expenditures, (d) maintain an adequate

Annual Approved Budget means each annual budget for Borrower, prepared by Borrower, in form and substance reasonably satisfactory to Administrative Agent.

Annual Approved Budget means the budget for the Group approved annually by the Board of Directors of Parent.