Annual Budget Cap definition

Annual Budget Cap means $8,185,412 for the 2013 calendar year, which such amount shall be adjusted on the fifteenth (15th) Business Day of any calendar month (based upon an Officer’s Certificate delivered by the Borrowers) to reflect the additional Operating Expenses for any Additional Sites or Additional Borrower Sites added during the immediately preceding month. For each calendar year, the Annual Budget Cap shall be increased by (i) the actual amount of any rental increases under the Ground Leases, (ii) the annualized Operating Expenses of the Additional Sites and Additional Borrower Sites, and (iii) the budgeted increases to all other Operating Expenses (excluding ground rent under Ground Leases).
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Annual Budget Cap has the meaning set forth in Section 4.3.1.
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Annual Budget Cap means $81,171,604 for the 2007 calendar year, which such amount shall be adjusted on the fifteenth (15th) Business Day of any calendar month (based upon an Officer’s Certificate delivered by the Borrowers) to reflect the additional Operating Expenses for any Additional Sites or Additional Borrower Sites added during the immediately preceding month. For each calendar year, the Annual Budget Cap shall be increased by (i) the actual amount of any rental increases under the Ground Leases, (ii) the annualized Operating Expenses of the Additional Sites and Additional Borrower Sites, and (iii) the budgeted increases to all other Operating Expenses (excluding ground rent under Ground Leases), not to exceed in the case of (ii) or (iii), three percent (3%) over the annualized or budgeted Operating Expenses, as applicable, in effect for the immediately preceding calendar year, unless Lender approval is received.
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Examples of Annual Budget Cap in a sentence

  • General series information from the collection rearrangement was maintained whenever possible.

  • Except as otherwise expressly set forth in this Agreement or in a Research Plan, and subject to Dicerna’s Annual Budget Cap, during the Initial Research Collaboration Term, Dicerna and Lilly shall each respectively bear all expenses it incurs in performance of its own activities under this Agreement and the Research Plan.


More Definitions of Annual Budget Cap

Annual Budget Cap. For Fall and Spring, District reimbursement shall be capped at $100,000 per semester. Unused funds from Fall may roll into Spring reimbursement cap, not to exceed $200,000 per year; funds shall not roll over year to year. Should the benefit be oversubscribed, reimbursement shall be distributed on a pro rata share per member. Timeline for Reimbursement: A reimbursement date shall be established in February for Fall reimbursement (6 mos) and June for Spring reimbursement (6 mos). • Fall reimbursement shall cover premiums paid from July 1 - December 31 • Spring reimbursement shall cover premiums paid from January 1- June 30 Timeline Verification of Premiums: Eligible part time faculty members must submit proof of paid medical premiums as follows: • No later than November 15 for reimbursement of Fall premiums (July-December) • No later than May 15 for reimbursement of Spring premiums (January-June) Failure to submit timely verification will result in a denial of reimbursement. Acceptable Proof of Premiums Paid: Monthly statements/invoice/or other documentation providing proof of coverage and payment for the Fall/Spring period of reimbursement. Statements must include amount of premium paid, period of coverage, subscriber name, and definition of premium type. Duration: Unless shortened or extended through mutual agreement of the parties, this side letter shall sunset on June 30, 2026. Continuation of program is contingent upon receipt of a minimum of 50% reimbursement from the State of the preceding year’s program. For MPFA: Xxxxxx X Xxxx Xxxxxx X Xxxx (May 14, 2024 10:54 PDT) Xxxxxx Xxxx, MPFA President For the District: Xxxxx Xxxxx, Vice President of Academic Affairs Xxxxxx Xxxxx, Director of Human Resources Date Agreed Upon: May 13, 2024 One Time Agreement between MLCCD_20240513_HB Final Audit Report 2024-05-14 "One Time Agreement between MLCCD_20240513_HB" History Document created by Xxxxxx Xxxxx (xxxxxx@xxxxxxxxx.xxx) 2024-05-13 - 7:52:50 PM GMT- IP address: 198.189.149.145 Document e-signed by Xxxxxx Xxxxx (xxxxxx@xxxxxxxxx.xxx) Signature Date: 2024-05-13 - 7:53:57 PM GMT - Time Source: server- IP address: 198.189.149.145 Document emailed to Xxxxx Xxxxx (xxxxxx@xxxxxxxxx.xxx) for signature 2024-05-13 - 7:53:58 PM GMT Email viewed by Xxxxx Xxxxx (xxxxxx@xxxxxxxxx.xxx) 2024-05-13 - 10:12:22 PM GMT- IP address: 152.39.158.148 Document e-signed by Xxxxx Xxxxx (xxxxxx@xxxxxxxxx.xxx) Signature Date: 2024-05-13 - 10:12:53 PM GMT - Time Source: server- IP address...
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Related to Annual Budget Cap

  • Annual Budget means the operating budget, including all planned capital expenditures, for the Property prepared by Borrower for the applicable Fiscal Year or other period.

  • Budget Period means the fiscal period for which a budget is prepared.

  • Budget means a resource, expressed in financial terms, proposed by the Board for the purpose of carrying out, for a specific period, any or all of the functions of the Trust.

  • Project Year means the 12 month period beginning from the Effective Date and ending 12 months thereafter and each successive 12 month period following thereafter;

  • Annual Balanced Budget means that, in each Funding Year of the term of this Agreement, the total revenues of the HSP are greater than or equal to the total expenses, from all sources, of the HSP;

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Business Plan means the information required to be supplied to the

  • Annual Work Plan and Budget means the work plan and budget prepared annually by the Recipient in accordance with the provisions of Section I.C. of Schedule 2 to this Agreement.