Operating and Capital Budgets Clause Samples

Operating and Capital Budgets. To the extent that MPL is required to review or approve, on behalf of MLH, any operating or capital expenditure budgets with respect to the MLH Pipelines, MPL must first obtain MLH’s prior consent before reviewing or approving such budgets. MPL will provide to MLH all expense budgets, capital budgets and forecasted statements of income and cash flow prepared by the co-owners and/or operators of the MLH Pipelines.

Operating and Capital Budgets. The Borrower will deliver to the Agent an annual operating and capital budget on the later of the date the annual Compliance Certificate referred to in Section 14.1(g) is delivered to the Agent and within 5 Banking Days of the date of internal approval thereof by the management and directors of the Borrower.

Operating and Capital Budgets. Immediately upon the execution hereof the Annual Operating Budget and Annual Plan (each as defined in the Management Agreement) previously submitted by HLVMC to the Company on September 30, 1996, shall be deemed approved NUNC PRO TUNC as of November 1, 1996.

Operating and Capital Budgets. (a) The Borrower (on a consolidating basis) shall, on or before the Closing Date, adopt an Operating and Capital Budget for the Project for the period from such date to the conclusion of the then current fiscal year (and for each month during such period), and, no less than fifteen (15) days in advance of the beginning of each fiscal year of the Borrower thereafter, the Borrower shall adopt an Operating and Capital Budget for the Project for the succeeding fiscal year (and for each month during such period). Copies of such proposed Operating and Capital Budget, together with a comparison of the costs in the proposed Operating and Capital Budget with the costs set forth in the Operating and Capital Budget for the Project for the current fiscal year and an explanation of the reasons for any significant increase or decrease in any category shall be furnished to the Administrative Agent at least sixty (60) days before the beginning of the fiscal year to which such proposed Operating and Capital Budget applies. Prior to adoption thereof, each proposed Operating and Capital Budget for the Project shall be subject to the prior approval of the Administrative Agent, following consultation with the Independent Engineer, which approval shall not be unreasonably withheld or delayed. Copies of the final Operating and Capital Budget so adopted for the Project shall be furnished to the Administrative Agent promptly upon their adoption. In the event that any proposed Operating and Capital Budget for the Project is not approved by the Administrative Agent, the Operating and Capital Budget for the Project from the previous fiscal year increased by the CPI for the then-current fiscal year shall apply for the then-current fiscal year until an Operating and Capital Budget for the Project is approved. The Administrative Agent shall have the right to approve all or a portion of any proposed Operating and Capital Budget for the Project. To the extent the Administrative Agent does not approve a portion of a proposed Operating and Capital Budget for the Project, such portion of the Budget from the previous fiscal year increased by the CPI for the then-current fiscal year shall apply for the then-current fiscal year until such portion of the proposed Operating and Capital Budget for the Project is approved. (b) The Borrower shall comply, within the ten percent (10%) variance described below, with the Operating and Capital Budget. If during any fiscal year the Borrower reasonably pro...

Operating and Capital Budgets. To the extent that MPL is required to review or approve, on behalf of HSH, any operating or capital expenditure budgets with respect to the HSH Pipelines, MPL must first obtain HSH’s prior consent before creating, reviewing or approving such budgets. MPL will provide to HSH all expense budgets, capital budgets and forecasted statements of income and cash flow prepared by the co-owners and/or operators of the HSH Pipelines.

Operating and Capital Budgets. Annually, the City and the MPC shall mutually agree upon a comprehensive budget and operations plan relating the Management Services. The City and the MPC shall agree to all operating and capital expenditures and the responsibility for any such payments. At least quarterly, the City and the MPC, shall meet to make adjustments, if any, necessary for the continued operation of the Golf Course.

Operating and Capital Budgets. Not less than seventy-five (75) days prior to the commencement of each fiscal year, the General Partner shall transmit to the Lender and to BCTC 94, proposed operating and capital budgets for the Apartment Complex and the Partnership for the next fiscal year. Such budgets shall specifically list all budgeted expenses in all major categories including, but not limited to, administration, operation, repairs and maintenance, utilities, taxes, insurance, interest, Mortgage Loan debt service, capital improvements, and all budgeted expenses which are to be paid to the General Partner or its Affiliates. Any such proposed operating budget also shall include the Asset Management Fee and all other Partnership obligations or expenditures which: (a) are reasonable and necessary for the proper operation of the Partnership, (b) are currently and unconditionally due and payable, and (c) are not payable from Net Cash Flow; thus, no provision for payment(s) with respect to the Incentive Partnership Management Fee or debt service on the Second Loan is to be included in any such proposed operating budget. Any such proposed operating budget shall be subject to review and approval by the Lender, prior to its effectiveness, if: (i) the Partnership is requesting the Lender's approval of an increase in the rents of units within the Apartment Complex; or (ii) an Operating Deficit existed with respect to the previous fiscal year of the Partnership. ARTICLE IX

Operating and Capital Budgets. 4.10.1 Manager shall, at least sixty (60) days prior to the scheduled Commencement Date, submit to the Tribe, for its approval, a proposed Operating Budget and Capital Expense Budget for the remainder of the current fiscal year. Thereafter, Manager shall, not less than sixty (60) days prior to the commencement of each full or partial fiscal year, submit to the Tribe, for its approval, proposed Budgets for the ensuing full or partial fiscal year, as the case may be. Manager shall meet with the Tribe to discuss the proposed Budgets and the Tribe's approval of the Budgets shall not be unreasonably withheld. 4.10.2 If the Budgets contain a disputed budget item (or items), the Tribe and Manager agree to cooperate with each other in good faith to resolve the disputed or objectionable proposed item(s). In the event the Tribe and Manager are not able to reach mutual agreement concerning any disputed or objectionable item(s) within a period of fifteen (15) days after the date the Tribe provides written notice of its objection to Manager, either party shall be entitled to submit the dispute to arbitration in accordance with Section 17. If the Tribe and Manager are unable to resolve the disputed or objectionable item(s) prior to the commencement of the applicable fiscal year, the corresponding line item(s) contained in the Budgets for the preceding fiscal year shall be substituted in lieu of the disputed item(s) in the proposed Budgets. 4.10.3 Manager may submit to the Tribe revisions in the Budgets from time to time, as necessary, to reflect any unpredicted significant changes, variables or events or to include significant, additional, unanticipated items of expense. Manager may with approval of the Tribe reallocate part or all of the amount budgeted with respect to any line item to another line item and to make such other modifications to the Budgets as Manager deems necessary. The Manager shall not make any expenditures from funds or assets of the Enterprise except as set forth in the Budgets.

Operating and Capital Budgets. The Members shall take all actions necessary to assist and cause the Company to prepare and deliver proposed Annual Budgets to each Member no later than one (1) month prior to the beginning of each Fiscal Year. The "ANNUAL OPERATING BUDGET" shall include the then-current Fiscal Year's budgeted and actual results up to the end of the third Fiscal Quarter of such Fiscal Year and forecast for the final Fiscal Quarter of such Fiscal Year and the next Fiscal Year's budgeted items of operating income and expenses (including, but not limited to, budgeted amounts for repair and maintenance). The "ANNUAL CAPITAL BUDGET" shall include the then-current Fiscal Year's budgeted and actual capital expenditures up to the end of the third Fiscal Quarter of such Fiscal Year and forecast for the final Fiscal Quarter of such Fiscal Year and the next Fiscal Year's budgeted amount for capital expenditures. ( *