Establishment of Operating Budget Sample Clauses

Establishment of Operating Budget. 4.1.1 The Operating Budget for the First Contract Year is attached hereto as Exhibit IIA. 4.1.2 For years subsequent to the First Contract Year, Operator shall submit a proposed operating budget to Pepco by August 31. Pepco shall provide a written response thereto within forty-five (45) days of receipt of Operator's proposed operating budget. The parties shall establish the Operating Budget through good faith negotiations thereafter. If the Parties are unable to agree upon an operating budget, the Operating Budget shall be established at an amount equal to the Operating Budget for the prior Contract Year, escalated pursuant to the Escalation Index; and either Party may seek modification of the Operating Budget pursuant to mediation procedures of the American Arbitration Association. Mediation shall be the exclusive dispute resolution mechanism with respect to the matters addressed in this Article 4. For purposes of the Operating Budget, the cost of fuel shall be determined as follows: Pepco will compensate Operator each month for fuel use on the following basis: FP = ((Qe x E) + (Qs x S)) x Fi Where FP = Fuel Payment Qe = Specified amount of fuel per MWh E = MWh produced in the month Qs = Specified amount of fuel used per start S = Number of starts initiated per month Fi = Fuel index price (Platts' is suggested; for ▇▇▇▇▇▇▇, Fi will be a composite representative of No. 4 Fuel Oil.) Qe, Qs and Fi will be established for each Facility.
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Establishment of Operating Budget. Manager agrees that at least one hundred twenty (120) days prior to the commencement of each Contract Year in respect of such year, it will prepare and submit to CRDA its proposed Operating Budget for the Civic Center. The proposed Operating Budgets shall include Manager’s good faith projection of Gross Revenues and Operating Expenses, Event activity and other statistics meeting the Industry Standard presented on a monthly and annual basis, for the upcoming Contract Year. ▇▇▇▇ agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
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Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the Stub Operating Year and first Operating Year, which Operating Budgets are hereby approved by both OVG and Owner. OVG agrees that at least 90 days prior to the commencement of each subsequent Operating Year, in respect of such year, it will prepare and submit to Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include OVG’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. Owner agrees to provide OVG with all information in its possession necessary to enable OVG to prepare each Operating Budget. Notwithstanding the foregoing, Owner shall have no duty to provide any information which is subject to confidentiality agreements with third parties, which constitutes confidential or proprietary information or trade secrets, or which is prohibited from disclosure by any applicable Laws, but shall be solely responsible to the extent such information has a material impact on any applicable Operating Budget (i.e., if withholding such information has prevented OVG from reasonably foreseeing an expense, such expense shall be borne by Owner directly).
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Establishment of Operating Budget. At least 60 days prior to the commencement of each Operating Year in respect of such year, Manager will prepare and submit to the City its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year, and shall include a separate, dedicated capital improvements budget. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The City acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of facilities similar to the Facility, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control. Manager will include in each Operating Budget expenses for public use of the building for four (4) events per Operating Year in coordination with the City.
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Establishment of Operating Budget. (a) Manager agrees that prior to each Operating Year in respect of such year, it will prepare and submit to the University a line item budget for the Facility (as approved by the University pursuant to Section 9.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis: (a) gross revenues, (b) operating expenses, and (c) cash flow budget, and shall include appropriate back-up detail regarding events, attendance, and other relevant event-related financial information. The Operating Budget shall serve as an estimate of expected revenue and expenses for the Facility. The University agrees to provide Manager with all information in its possession necessary to enable Manager to prepare the Operating Budget. The parties agree that the operating expenses of the Facility shall not include Capital Expenditures (as defined in Article 13), and debt service. (b) The projected expenses in each annual Operating Budget (“Operating Expenses”) shall include, but not be limited to, the following expenses on a line item basis, all of which shall be payable by the University pursuant to the terms hereof: (i) employee payroll, benefits, relocation costs, bonus and related costs, (ii) cost of operating supplies (including general office supplies), (iii) advertising, marketing, group sales, and public relations costs, (iv) cleaning expenses, (v) data processing costs, (vi) dues, subscriptions and membership costs, (vii) the Guaranteed Management Fee, (viii) Taxes,
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Establishment of Operating Budget. Attached hereto as Exhibit B is the Operating Budget for each of the Event Center and the Theatre for the first (1st) Operating Year (Effective Date through June 30, 2018), which Operating Budgets are hereby approved by both Manager and City, provided that such Operating Budgets shall be deemed amended to include the cost of the fees due to Manager under Article 3 above for such period. Manager agrees that in August prior to the next Operating Year, it will prepare and submit to the City a proposed initial Operating Budget for each of the Event Center and the Theatre for such year. The parties shall then review, discuss and modify (as necessary) such proposed initial budget, with the goal of reaching a final budget in accordance with City policy prior to the next Operating Year. Each annual Operating Budget for the Event Center and Theatre shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year for such facility. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The parties acknowledge that Manager may, subject to the approval of the City, utilize certain staff members or other resources from its management of the Event Center to assist at the Theatre, and vice versa. In such case, the cost of employing such individuals or cost of other shared resources shall be allocated between the Operating Budgets for the Event Center and the Theatre in a manner mutually agreed by the Manager and the City.
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Establishment of Operating Budget. (a) Manager agrees that prior to the Effective Date in respect of the first Operating Year, and prior to the commencement of each subsequent Operating Year in respect of such year, it will prepare and submit to the City a line item budget for the Facility (as approved by the City pursuant to Section 8.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis: (a) gross revenues, (b) operating expenses, (c) incomes, (d) administrative and general expenses, (e) marketing, advertising, and promotion expenses, (f) energy costs, (g) repairs and maintenance, and
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Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the first (1st) Operating Year, which the parties acknowledge was established without Manager’s input. Such Operating Budget shall be deemed amended to include the Fixed Management Fee for the first Operating Year. Manager agrees that by the September 30 immediately preceding the commencement of each subsequent Operating Year, it will prepare and submit to the Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. The Owner agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
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Establishment of Operating Budget. (a) TSJ shall submit to the City, on or before February 1st of each Operating Year (unless otherwise indicated), a proposed operating budget (the “Proposed Operating Budget”) which shall address each of the Performance Measures and Incentive Fee Measures, and shall include revenue and estimated Transient Occupancy Tax transfer needed from Fund 536 to support operations. The City will review the Proposed Operating Budget and, during the period between February 1st and March 1st, City and TSJ will work toward developing a final Proposed Operating Budget. The Proposed Operating Budget will address each of the following: (i) Property operation and maintenance; (ii) Furnishings, fixtures, and equipment purchases and replacement and repair; (iii) Major City economic driven events and the associated budget and performance impacts and event costs (See Schedule 9.2(a)(iii)); (iv) Economic driven and financial performance measures, theater and customer service measures; and (v) Amount of Transient Occupancy Tax funding needed to support TSJ’s convention and facility operations. (b) In addition to the foregoing items, TSJ shall provide the following separate reports with the Proposed Operating Budget (each of which shall support such Proposed Operating Budget): (i) Individual Facility budgets, including revenue estimates from secured and potential clients; (ii) Cash flow forecasts by month for the full Operating Year; and (iii) A summary income statement. T-26492.002\1086141 -29- 133\1100388.5 (c) TSJ shall prepare each Proposed Operating Budget with appropriate diligence and after giving due consideration to all relevant factors affecting the operation of the Facilities, including, without limitation, reasonably anticipated market and economic conditions applicable to the Operating Year and operation of the Facilities in accordance with the terms of this Agreement. The Proposed Operating Budget shall be subject to the approval in writing by the City, and the City hereby agrees to examine each Proposed Operating Budget submitted to it. If found reasonable and proper, the City will approve in writing such Proposed Operating Budget, it being contemplated that the Proposed Operating Budget will be agreed upon by the parties hereto and approved by the City Council on or before June 30th of the Operating Year during which said Proposed Operating Budget is submitted. If City fails to either approve the Proposed Operating Budget on or before June 30th of the Operating Year ...
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Related to Establishment of Operating Budget

  • Budget 1. The Grantee budget for grant activities for the 2023 Summer Program and State fiscal year 2024 is $ 1,000,267. Any funds received under this grant will not be used to supplant funds normally budgeted for programs or service of the same or similar type. 2. The Grantee may transfer funds among its administrative budget line items as required to carry out the purposes of the grant. Transfer of funds within specified budget categories do not require approval from OSHE (i.e. moving funds from one counselor position to pay for another), however, any transfer of funds from one category to another will require prior approval from OSHE and will be treated as a modification to the program’s contract Attachment. 3. Any request for a budget modification must be in writing and must include a revised budget. All budget revisions and modifications must be in accordance with the EOF Regulations, Section N.J.A.C. 9A:11-6.11. The Grantee will be liable for all unapproved debts.

  • Operating Budget (a) No less than forty-five (45) days prior to the Substantial Completion of each train of the Project, and no less than forty-five (45) days prior to the beginning of each calendar year thereafter, the Borrower shall prepare a proposed operating plan and a budget setting forth in reasonable detail the projected requirements for Operation and Maintenance Expenses for the Borrower and the Project for the ensuing calendar year (or, in the case of the initial Operating Budget, the remaining portion thereof) and provide the Independent Engineer, the Common Security Trustee, and each Secured Debt Holder Group Representative with a copy of such operating plan and budget (the "Operating Budget"). Each Operating Budget shall be prepared in accordance with a form approved by the Independent Engineer, shall set forth all material assumptions used in the preparation of such Operating Budget, and shall become effective upon approval of the Common Security Trustee, acting reasonably and in consultation with the Independent Engineer; provided, that if the Common Security Trustee shall not have approved or disapproved the Operating Budget within thirty (30) days after receipt thereof, such Operating Budget shall be deemed to have been approved; and provided further that the Common Security Trustee shall have neither the right nor the obligation to approve costs for Gas purchase contracts for the Project contained in the Operating Budget. If the Borrower does not have an effective annual Operating Budget before the beginning of any calendar year, until such proposed Operating Budget is approved, the Operating Budget most recently in effect shall continue to apply; provided, that (A) any items of the proposed Operating Budget that have been approved shall be given effect in substitution of the corresponding items in the Operating Budget most recently in effect, (B) costs for Gas purchase contracts for the Project shall be as provided by the Borrower and (C) all other items shall be increased by the lesser of (x) two and one-half percent (2.5%) and (y) the increase proposed by the Borrower for such item in such proposed Operating Budget. (b) Each Operating Budget delivered pursuant to this Section 6.12 shall contain Operating Budget Categories, and shall specify for each Fiscal Quarter and for each such Operating Budget Category the amount budgeted for such category for such Fiscal Quarter. (c) Each Operating Budget may only be amended with the prior written consent of the Common Security Trustee (in consultation with the Independent Engineer), which consent shall not be unreasonably withheld, conditioned, or delayed.

  • Business Plan The Lenders shall have received a satisfactory detailed business plan of the Borrowers for fiscal years 1996 - 2002 and a satisfactory written analysis of the business and prospects of the Borrowers for the period from the Closing Date through the final maturity of the Term Loans.

  • Operating Budgets Manager has submitted to Owner, for Owner's approval, a proposed operating budget for the ensuing full or partial fiscal year, as the case may be ("Operating Budget"). Hereafter, Manager shall, not less than forty-five (45) days prior to the commencement of each full fiscal year, submit to Owner, for Owner's approval, a proposed Operating Budget for the ensuing full or partial fiscal year, as the case may be. Each Operating Budget shall be accompanied by, and shall include, a business plan which shall describe business objectives and strategies for the period covered by the Operating Budget. The business plan shall include, without limitation, an analysis of the market area in which the Hotel competes, a comparison of the Hotel and its business with competitive hotels, an analysis of categories of potential guests, and a description of sales and marketing activities designed to achieve and implement identified objectives and strategies. Fee Owner shall have no right to approve any Operating Budget. Owner's approval of the Operating Budget shall not be unreasonably withheld and shall be deemed given unless a specific written objection thereto is delivered by Owner to Manager within fifteen (15) days after submission. Owner shall review the Operating Budget on a line-by-line basis. To be effective, any notice which disapproves a proposed Operating Budget must contain specific objections in reasonable detail to individual line items. If the initial Operating Budget contains disputed budget item(s), said item(s) shall be deemed adopted until Owner and Manager have resolved the item(s) objected to by Owner or the Accountant(s) (hereinafter defined in Section 10.02) have resolved the item(s) objected to by Owner. Thereafter, if Owner disapproves or raises objections to a proposed Operating Budget in the manner and within the time period provided therefor, and Owner and Manager are unable to resolve the disputed or objectionable matters submitted by Owner prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Operating Budget shall be deemed to be adopted and approved and the corresponding line item contained in the Operating Budget for the preceding fiscal year shall be adjusted as set forth herein and shall be substituted in lieu of the disputed items in the proposed Operating Budget. Those line items which are in dispute shall be determined by increasing the preceding fiscal year's corresponding line items by an amount determined by Manager which does not exceed the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, U.S. City Average, all items (1984-1986=100) for the fiscal year prior to the fiscal year with respect to which the adjustment to the line item is being calculated or any successor or replacement index thereto. The resulting Operating Budget obtained in accordance with the preceding sentence shall be deemed to be the Operating Budget in effect until such time as Manager and Owner have resolved the items objected to by Owner. Manager shall revise the Operating Budget from time to time, as necessary, to reflect any unpredicted significant changes, variables or events or to include significant, additional, unanticipated items of income or expense. Any such revision shall be submitted to Owner for approval,

  • Business Plan and Budget As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a fiscal year basis and, in the case of such forecasted statements of income, on a fiscal quarterly basis for the immediately following fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(f), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.