Proposed Operating Budget Clause Samples

The Proposed Operating Budget clause outlines the process by which one party, typically the manager or operator, must prepare and submit a detailed budget for the upcoming operating period. This clause usually specifies the timeline for submission, the required contents of the budget (such as projected revenues, expenses, and capital expenditures), and the procedure for review or approval by the other party. Its core practical function is to ensure transparency and provide a structured framework for financial planning, helping all parties anticipate costs and manage resources effectively.
Proposed Operating Budget. From and after any Triggering Event, no later than September 1st of each year, Operator shall prepare and submit to Owner a proposed budget (“Proposed Operating Budget”) for the operation of the Facility for the ensuing calendar year beginning January 1st. The Proposed Operating Budget shall set forth all of the labor, direct materials and service costs that Operator anticipates will be necessary for the operation of the Facility, both (i) during the ensuing year and (ii) during the succeeding four years, all within the scope of Operator’s obligations hereunder and as determined in accordance with Exhibit A to this Agreement. Each Proposed Operating Budget shall be based on reasonable methods of operating and maintaining the Facility consistent with Prudent Operating Practices, which will enable Operator to perform its obligations under this Agreement and which incorporates the allowances, costs and fees set forth in Exhibit A hereto.
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Proposed Operating Budget. The term “Proposed Operating Budget” shall mean the Marketing Plan, Proposed Marketing Budget, and an estimate on an Accounting Period basis, of Gross Revenues and Facility Expenses for the next ensuing Fiscal Year, together with an explanation of anticipated changes to resident charges, payroll rates and positions, non-wage cost increases, the proposed methodology and formula employed by Manager in allocating Shared Services, and all other factors differing from the then current Fiscal Year.
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Proposed Operating Budget. As soon as reasonably possible after having received and considered the Proposed Operating Budget pursuant to either clause 3(1) or clause 3(4) the Council of the Shire shall advise the Management Committee either that: (a) the Shire has approved the Proposed Operating Budget, or; (b) the Shire has not approved the Proposed Operating Budget. The Shire shall not unreasonably fail to approve or withhold approval of the Proposed Operating Budget. If the Shire does not approve the Proposed Operating Budget it will, within 14 days of advising the Management Committee of its decision not to approve the Proposed Operating Budget, provide to the Management Committee and the YMCA written reasons for the decision not to approve the Proposed Operating Budget, and will provide the Management Committee and the YMCA with a reasonable opportunity to submit a further Proposed Operating Budget. In the event that the Shire does not approve the Proposed Operating Budget and without prejudice to any rights of the ▇▇▇▇▇ ▇▇▇▇, the Shire will continue to fully support the operations of the Centre until the Proposed Operating Budget is finally approved.
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Proposed Operating Budget. On or before September 1 of each year, Manager shall submit to the Executive Committee a proposed budget ("Proposed Annual Operating Budget"), which shall be prepared by the Manager in good faith and shall set forth an overall program for the Partnership for the twelve (12) month period commencing on November 1 of that same year and ending on October 31 of the following year, showing in reasonable detail (i) all anticipated operating expenses and operating receipts to be incurred or received (as the case may be) by the Partnership for such twelve (12) month period, (ii) the estimated amount of R&D Expenditures to be expended by the Partnership for such twelve (12) month period and (iii) the projected amount of general and administrative expenses for the Partnership during such twelve
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Proposed Operating Budget. The Borrower shall provide or cause the Operator to provide the Lenders with copies of the proposed operating budget setting forth the anticipated revenues and expenses (both operating and capital) of the Subsidiaries and the Projects for each fiscal year, including, in the case of the Operating Budget for the Yaphank Project Company, each time it is provided to the Class A Equity Investors pursuant to the Yaphank Project Holdco LLC Agreement, but in any event not later than November 1 of the immediately prior fiscal year. In the event the aggregate budgeted amount of proposed expenses of Borrower and the Subsidiaries, as set forth in the proposed Operating Budget is greater than one hundred and fifteen percent (115%) of such aggregate budgeted amounts set forth in the Base Case Model for the applicable calendar year, then such proposed Operating Budget shall become the Operating Budget for purposes of this Agreement only after the Administrative Agent, acting at the direction of the Required Lenders (upon consultation with the Independent Engineer), has approved such draft (such approval or disapproval to be notified to the Borrower within thirty (30) days after the Administrative Agent’s receipt of such draft Operating Budget).
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Related to Proposed Operating Budget

  • Projected Operating Budget Furnish Agent, no later than thirty (30) days prior to the beginning of Borrower’s fiscal years commencing with fiscal year 2010, a month by month projected operating budget and cash flow of Borrower on a condolidated and consolidating basis for such fiscal year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter), such projections to be accompanied by a certificate signed by the President or Chief Financial Officer of Borrower to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.

  • 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.

  • Annual Budget For the partial year period commencing on the date hereof, and for each calendar year thereafter, the Borrower shall submit to Lender an Annual Budget not later than sixty (60) days prior to the commencement of such period or calendar year in form reasonably satisfactory to Lender, or for so long as an Operating Lease remains in effect, no later than five (5) Business Days after a budget is delivered to Borrower by an Operating Lessee pursuant to the terms of an Operating Lease. The Annual Budget submitted for the calendar year in which a Trigger Event occurs, and for each calendar year thereafter during a Trigger Period, shall be subject to Lender's written approval, which approval shall not be unreasonably withheld (each such Annual Budget as approved by Lender, an "Approved Annual Budget"). In the event that Lender objects to a proposed Annual Budget submitted by Borrower or an Operating Lessee, Lender shall advise Borrower of such objections within thirty (30) days after receipt thereof (and deliver to such party a reasonably detailed description of such objections) and Borrower shall promptly revise, or cause Operating Lessee to revise, such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise, or cause Operating Lessee to revise, the same in accordance with the process described in this subsection until the Lender approves the Annual Budget. Until such time that Lender approves a proposed Annual Budget, the most recently Approved Annual Budget shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in real estate taxes, insurance premiums and utilities expenses.

  • Annual Operating Budget Borrower shall prepare and deliver to Lender, within thirty (30) days prior to the beginning of each calendar year, an annual expenditure budget for (A) Borrower and its Subsidiaries and (B) each Property, and in each case showing, in reasonable detail (i) each line item of anticipated income and operating expenses, including amounts required to establish, maintain, and/or increase reserves, and (ii) each line item of anticipated Capital Expenditures (“Operating Budget”). The Operating Budget shall also include a business plan (“Business Plan”) for Borrower’s and its Subsidiaries’ proposed operations during the forthcoming calendar year which shall include a projection of income and expenses for the coming year(“Projections”). The Operating Budget shall be prepared and submitted in a form reasonably acceptable to Lender. The Operating Budget for each Property through December 31, 2006 is attached hereto as Exhibit G. Lender shall have the right at any time following the occurrence and during the continuance of an Event of Default to approve each Operating Budget in Lender’s reasonable discretion. In the event that Lender objects to the proposed Operating Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen (15) Business Days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objection) and Borrower shall promptly revise such Operating Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Operating Budget within ten (10) Business Days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objection) and Borrower shall promptly revise the same in accordance with the process described in this sentence until Lender approves an Operating Budget. Each such Operating Budget approved by Lender in accordance with terms hereof shall hereinafter be referred to as an “Approved Operating Budget.”

  • 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,