Projections and Budgets Clause Samples
The "Projections and Budgets" clause establishes the requirements and procedures for preparing, submitting, and updating financial forecasts and spending plans related to a project or agreement. Typically, this clause outlines who is responsible for creating the projections and budgets, the timelines for submission, and the process for approval or revision. For example, it may require the service provider to deliver quarterly budget updates or to notify the client of any significant deviations from projected costs. The core function of this clause is to ensure financial transparency and accountability, helping both parties manage expectations and control costs throughout the duration of the agreement.
Projections and Budgets. (a) The parties shall use their best efforts to project expected revenues and expenses for the first three (3) years of Lakes' operation of the Project, and the projections, as described in the business plan to be submitted to the NIGC with this Management Agreement, represent the parties' mutual expectations.
(b) Lakes shall prepare an initial operating budget for the first Fiscal Year of Project operations under its management pursuant to this Management Agreement and submit the same to Pawnee for approval by Pawnee prior to the Commencement Date. Annual operating budgets shall be submitted by Lakes to Pawnee thereafter by no later than thirty (30) days prior to the commencement of the next Fiscal Year. The proposed initial operating budget and each subsequent annual operating budget shall be subject to approval or disapproval within thirty (30) days of submission to Pawnee, such approval not to be unreasonably withheld. Pawnee may approve or disapprove of any item on such proposed budget. The parties recognize that mutually agreeable adjustments may be made to previously approved operating budgets from time to time during any Fiscal Year, to reflect the impact of unforeseen circumstances, financial constraints, or other events. Lakes agrees to keep Pawnee informed regarding any items of revenue or expense that are reasonably anticipated to cause a material change to the operating budget previously approved by Pawnee. Lakes shall operate the Project and make expenditures in connection therewith in accordance with such approved operating budget. In the event Pawnee and Lakes are unable to resolve any disputed portions of the proposed operating budget before commencement of the Fiscal Year, the undisputed portions of the operating budget shall be deemed adopted and approved, and those line items in dispute shall be determined by increasing the preceding Fiscal Year's actual expense for the corresponding line items by an amount determined by Lakes which does not exceed the increase in the Consumer Price Index for All Urban Consumers published by the U.S. Bureau of Labor Statistics, U.S. City Average, all items (1997-98=100), or any successor or replacement index thereto, for the Fiscal Year prior to the Fiscal Year with respect to which adjustment to the line item(s) is being calculated. The resulting adjusted operating budget shall be deemed to be in effect for that Fiscal Year until such time as Pawnee and Lakes have resolved the disputed items.
(c) Lakes...
Projections and Budgets. Within ninety (90) days after the end of each calendar year ending prior to the Termination Date, a schedule summarizing the gross operating revenues, gross operating expenses, Net Operating Income, FF&E Reserves and Adjusted NOI, along with the average daily rate, occupancy levels and revenue per available room on an individual basis for each Unencumbered Property;
Projections and Budgets. The projections and budgets provided to Buyer (including those provided to ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ & Company, Incorporated, the financial advisor to the conflicts committee of the board of directors of the General Partner) by the SN Parties and their Affiliates as part of Buyer’s review of the Company Assets in connection with this Agreement have a reasonable basis, were prepared in good faith and are consistent with the expectations of the management of the SN Parties and their Affiliates. To the extent such information related to the period during which the SN Parties owned the Company Assets, to the Knowledge of the SN Parties, the other financial and operational informational provided by the SN Parties and its Affiliates to Buyer (including those provided to ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ & Company Incorporated, the financial advisor to the conflicts committee of the board of directors of the General Partner) is correct in all material respects for the respective periods covered in which the SN Parties owned such Company Assets, and is derived from the books and records of the SN Parties, the Company and their Affiliates.
Projections and Budgets. Within ninety (90) days after the end of each calendar year ending prior to the Termination Date, (x) projected sources and uses of cash statements, balance sheets, income statements, and EBITDA, of the Parent, the Borrower and the other Subsidiaries on a consolidated and annual basis for the next succeeding fiscal year, all itemized in reasonable detail and (y) operating statements for the prior year, a property budget for the then current year and planned capital expenditure budget on both an individual and consolidated basis for each Property of the Parent, the Borrower and each of the other Subsidiaries. The foregoing shall be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Section 10.1. at the end of each fiscal quarter of the next succeeding fiscal year; and
Projections and Budgets. The Company shall provide quarterly financial projections and budgets of the Company for the two-year period following the Offering.
Projections and Budgets. Within ninety (90) days after the end of each calendar year ending prior to the Termination Date, a schedule summarizing the gross operating revenues, gross operating expenses, Net Operating Income, FF&E Reserves and Adjusted NOI, along with the average daily rate, occupancy levels and revenue per available room on an individual basis for each Unencumbered Property; (q) PATRIOT Act Information. Promptly upon the request thereof, such other information and documentation required under applicable “know your customer” rules and regulations, the PATRIOT Act or any applicable Anti-Money Laundering Laws, in each case as from time to time reasonably requested by the Administrative Agent or any Lender; and (r)
Projections and Budgets. No later than the sixty (60) days after the end of each Fiscal Year of Holdings, a budget in form reasonably satisfactory to the Administrative Agent (including budgeted statements of income, cash flow statement and balance sheets for Holdings and its Subsidiaries on a consolidated basis) for each Fiscal Quarter of the next Fiscal Year and for each of the next two succeeding Fiscal Years (on an annual basis) prepared in detail setting forth, in reasonable detail, the principal assumptions upon which such budget is based.
Projections and Budgets. As soon as practicable, and in any event within 45 days after the commencement of each Fiscal Year, financial projections for the Parent and its Subsidiaries for such Fiscal Year (including an operating budget and a cash flow budget) prepared in a manner consistent with those projections delivered by the Parent to the Lenders prior to the Initial Closing Date or otherwise in a manner reasonably satisfactory to the Agents, accompanied by a certificate of a Responsible Officer of the Parent on behalf of the Borrowers to the effect that (i) such projections were prepared by the Borrowers in good faith, (ii) the Parent has a reasonable basis for the assumptions contained in such projections and (iii) such projections have been prepared in accordance with such assumptions.
Projections and Budgets. Within ninety (90) days after the end of each calendar year ending prior to the Termination Date, (x) projected sources and uses of cash statements, balance sheets, income statements, EBITDA, and Adjusted Funds From Operation, of the Parent, the Borrower and the other Subsidiaries on a consolidated and annual basis for the next succeeding fiscal year and, to the extent available, for the next three succeeding fiscal years, all itemized in reasonable detail; (y) operating statements for the prior year, a property budget for the then current year and planned capital expenditure budget on both an individual and consolidated basis for each Property of the Parent, the Borrower and each of the other Subsidiaries and (z) the most current ▇▇▇▇▇ Travel Research STAR Report available, which will compare the individual Unencumbered Borrowing Base Properties to the primary competitive set. The foregoing shall be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Section 10.1. at the end of each fiscal quarter of the next succeeding fiscal year;
Projections and Budgets. All projections and budgets furnished to Agent by or on behalf of Borrower and the summaries of significant assumptions related thereto (a) have been prepared with due care, (b) fairly present, to the best of Borrower’s knowledge, Borrower’s expectations as to the matters covered thereby as of their date, (c) are based on reasonable assumptions as to all factual and legal matters material to the estimates therein (including interest rates and Project Costs) and (d) are consistent with the provisions of the Loan Instruments and applicable Project Documents.