Operating Budgets. The Company shall operate under annual Operating Budgets which shall be prepared by or at the direction of the Members. After an annual Operating Budget has been the subject of Approval by Company Vote, the Members shall implement it on behalf of the Company and may cause the Company to incur the expenditures and obligations therein provided.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Behringer Harvard Opportunity REIT I, Inc.), Limited Liability Company Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Operating Budgets. The After Substantial Completion, the Company shall operate under annual Operating Budgets which shall be prepared and submitted by or at the direction of the MembersProperty Manager to Dividend Member for approval. After an annual Administrative Member shall implement each Operating Budget has been the subject of Approval by Company Vote, the Members shall implement it on behalf of the Company and may cause the Company to incur the expenditures and obligations therein provided.
Appears in 1 contract
Sources: Limited Liability Company Agreement (DCT Chino LLC)