Approved Annual Operating Budget definition

Approved Annual Operating Budget has the meaning set forth in Section 13.7.

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Approved Annual Operating Budget shall have the meaning set forth in Section 5.1(q).

Approved Annual Operating Budget means the operating budget approved by the Port Authority as part of the Annual Business Plan pursuant to Section 9.A and covering the anticipated operating expenses and revenues of the Arena for the applicable period, maintenance of any reserve amounts required by the Indenture or the Port Authority from time to time, including, as an example, the Extraordinary Expense Fund.

Examples of Approved Annual Operating Budget in a sentence

To the extent that the amount requested in a Requisition is budgeted in the current Approved Annual Operating Budget for an Asset, or is not in excess of one hundred and five percent (105%) of the budgeted amount, such amount shall be deemed to be approved by Administrative Agent.
Manager may draw upon the Reserve Account in accordance with the Approved Annual Operating Budget to pay for replacement FF&E or as otherwise approved by Owner in writing.
In addition, each Requisition shall contain a certification confirming which amounts requested are, or are not, budgeted in the current Approved Annual Operating Budget.
All wages, benefits and other compensation to be paid to the Staff shall be as set forth in the Approved Annual Operating Budget.
Such statements shall also provide for reforecasts, showing any anticipated deviations from the Approved Annual Operating Budget.
The staffing levels for employees at the Managed Premises shall be set forth in the Approved Annual Operating Budget and any changes thereto must be approved by Owner in writing.
Manager shall not permit any such dispute to interfere with the operation of the Managed Premises in accordance with the Operating Standard and the Approved Annual Operating Budget.
Owner hereby engages Manager and Manager agrees to operate and manage the Managed Premises under the name "One CPS," for the account of, and on behalf of, Owner on an exclusive basis in accordance with the Operating Standard, the Approved Annual Operating Budget and the other terms of this Agreement.
Neither Borrower nor Hotel Lessee shall approve (or otherwise cause to be in effect as between Borrower or Hotel Lessee and Manager) any operating, capital, or other expense budget pursuant to the terms and conditions of the Management Agreement unless such budget is consistent in all material respects with the Approved Annual Operating Budget in effect pursuant to this Agreement.
Until such time that Administrative Agent and, as long as the Mortgage Loan is outstanding, Mortgage Administrative Agent, approves a proposed Annual Operating Budget, the most recently Approved Annual Operating Budget shall apply; provided, however, that such Approved Annual Operating Budget shall be adjusted to reflect actual increases in Impositions, Insurance Premiums and utilities expenses.

More Definitions of Approved Annual Operating Budget

Approved Annual Operating Budget shall have the meaning given to such term in Section 9(b). "Bankruptcy" shall mean the occurrence of any of the following events in respect of any Person: (i) the filing of a petition against such Person in an involuntary case under the United States Bankruptcy Code which is not dismissed within sixty (60) days after the filing thereof; or in any such involuntary case, the approval of the petition by such Person as properly filed, or the admission by such Person of material allegations contained in the petition, or (ii) the execution by such Person of a general assignment for the benefit of creditors, or (iii) the commencement of a voluntary case under the United States Bankruptcy Code by such Person, or (iv) the appointment of a receiver, liquidator, administrator, trustee or Person with similar powers for such Person or for all or a substantial part of the assets of such Person, or (v) in the case of a Person which is a corporation, joint venture, partnership, limited liability company or other business entity, the commencement by such Person of liquidation, dissolution or winding-up -2- <PAGE> proceedings, or the commencement against any such Person of a proceeding to liquidate, wind-up or dissolve such Person, which proceeding is not dismissed within sixty (60) days. "Base Building Work" shall have the meaning given to that term in. Section 5(a)(i). "Base Management Fee" shall have the meaning given to that term in Section 6. "Breakfast Service" shall have the meaning given to such term in Section 4. "Cash Flow" shall mean Gross Revenues less all of the costs and expenses incurred by Manager or Owner in the ordinary course of business and consistent with the Approved Annual Operating Budget and the other provisions of this Agreement with respect to Restaurant operations (all such costs and expenses being collectively referred to as the "Operating Expenses") computed on an accrual basis in accordance with generally accepted accounting principles ("GAAP") and the Approved Annual Operating Budget, and, to the extent consistent with the foregoing, the methodology employed in the pro forma Cash Flow statement set forth on Exhibit B which shall include: (1) cost of food; (2) cost of beverages; (3) employment compensation expenses up to and including the level of the Restaurant manager; (4) advertising and promotion expenses for the Managed Premises; (5) cost of decorations; (6) cost of flowers; (7) cost of garbage removal and sanitation; (8) cost of building...

Approved Annual Operating Budget shall have the meaning given to such term in Section 9(b).

Approved Annual Operating Budget has the meaning set forth in Section 5.1.10(f) hereof, as the same may be modified in accordance with the terms hereof.

Approved Annual Operating Budget means, with respect to each Fiscal Year of the LLC, the annual budget for the LLC's operations for the existing Business and for expansions, as approved by the Managers, including any revisions thereto.

Approved Annual Operating Budget shall have the meaning set forth in Section 11.1.