Common use of Budgets and Reports Clause in Contracts

Budgets and Reports. Manager shall submit to the UG for its consideration and comment, at least ninety (90) days prior to the anticipated beginning of operations of the Grocery Store, and at least ninety (90) days prior to the beginning of each Fiscal Year thereafter, a proposed Operating Budget ("Operating Budget") for the Grocery Store for each Fiscal Year, which Operating Budget shall set forth in reasonable detail Manager's best estimate of Gross Revenues and Operating Expenses. The UG agrees to review and comment on such proposed Operating Budget to Manager in writing on or before the sixtieth (60th) day after receipt thereof from Manager. The UG's consideration of the Operating Budget and comments thereto shall be based upon factors concerning management and ownership of the Grocery Store consistent with this Agreement. Manager shall implement such Operating Budget and shall be authorized, subject to the limitations set forth in this Agreement, without the need for approval by UG, to make the expenditures and incur the obligations reasonably anticipated by the relevant Operating Budget, and Manager may not exceed any item in the Operating Budget by more than fifteen (15%) in any Quarterly Accounting Period without the prior consent of the UG. Manager acknowledges and agrees that its rights with respect to accessing funds in the Stabilization Fund Reserve are conditioned upon Manager's performance of its obligations pursuant to this Section 5.8.