Updated Budgets Clause Samples

The "Updated Budgets" clause establishes the process and requirements for revising and communicating changes to a project's budget during the course of an agreement. Typically, this clause outlines how and when budget updates must be submitted, who is responsible for preparing them, and the approval process required before any changes take effect. For example, it may require the service provider to submit revised budgets for client approval if project scope or costs change. The core function of this clause is to ensure transparency and mutual agreement regarding financial adjustments, thereby preventing disputes over costs and maintaining control over project expenditures.
Updated Budgets. As reasonably necessary in accordance with the Standards, and when otherwise requested by Operating Partnership, Property Manager shall prepare and submit to Operating Partnership for Operating Partnership’s approval a proposed updated budget for the Property (broken out for each Property). The applicable (initial or updated) budget is the “Approved Budget”.
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Updated Budgets. Pro Forma Financial Statements. Not later than March 31 of each fiscal year (beginning with March 31, 2003, for the 2003 fiscal year), (i) with respect to RPI, pro forma financial statements and operating budgets for such fiscal year and (ii) with respect to each of the Credit Parties which owns a Borrowing Base Asset (and in the case of the Prime Care Lease, each real property asset which is the subject of the Prime Care Lease), operating budgets for such fiscal year.
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Updated Budgets. Furnish to the Agent and the Banks: (a) Commencing on January 15, 1999 and on every other successive Friday thereafter (or if such Friday is not a Business Day, then on the next succeeding Business Day), an updated Budget and Cash Flow which projects the revenues and Budgeted Expenses of the Borrowers for the next Budgeted Period and which is in a form substantially similar to the form attached to the Third Amendment as Exhibit "B". Each Budget following the initial Budget shall not, without the prior consent of the Required Overadvance Banks, restate and amend the Budgeted Expenses for the weeks covered in prior Budgets, except to the extent necessary to incorporate actual variances in cash received. Notwithstanding the foregoing, the Banks acknowledge that changes will be made to the initial Budget and Cash Flow as a direct result of the Borrowers entering into revenue sharing agreements with certain of their vendors after the date of the initial Budget. All such changes must be in form and content acceptable to the Required Overadvance Banks, or if there are no Overadvance Loans outstanding and the Overadvance Commitments have expired, by the Required Banks; (b) on Wednesday of each week until the Bank Debt is fully paid, a written report in a form acceptable to the Agent and the Banks relating to the week ending on the immediately preceding Friday, which report shall (i) set forth the manner in which Overadvance Loans and any other funds in the Borrowers' possession have been 21 applied, and (ii) compares the projected Cash Flow and Budgeted Expenses of the Borrowers on the Budget for such week with the actual Cash Flow and actual expenditures of the Borrowers during such week, together with a reasonable explanation of the variances, if any, between the Borrowers' actual and projected performance. Each report shall be certified by the chief financial officer of the Company; and (c) on April 1, 1999, a Cash Flow projection, in form and content acceptable to the Required Overadvance Banks, covering the time period from July 1, 1999 through the Termination Date.
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Updated Budgets. No later than 5:00 p.m. (New York City time) on every fourth Thursday (commencing with the Thursday occurring four weeks after entry of the Interim DIP/Cash Collateral Order, each such Thursday, the “Updated Budget Deadline”), the Loan Parties shall deliver to the Agent and the Lender Professionals a supplement to the Initial Budget (each, an “Updated Budget”), covering the 6-week period commencing with the Saturday of the calendar week immediately preceding such Updated Budget Deadline, in each case consistent with the form and detail set forth in the Initial Budget and including a forecasted cash balance as well as a line-item report setting forth the estimated fees and expenses to be incurred by each professional advisor on a weekly basis; provided, however, that (i) the Updated Budget will be deemed approved unless the Required Lenders provide written notice of their objection to such Updated Budget (which notice may be provided by any of the Lender Professionals on their behalf via e-mail) within three (3) Business Days of the delivery of such Updated Budget, and if such objection is delivered, the Initial Budget or the most recent approved Updated Budget shall be the Approved Budget and (ii) if Required Lenders do not provide written notice of their objection to such Updated Budget pursuant to the foregoing clause (i), such Updated Budget shall be in full force and effect and shall constitute the Approved Budget for all purposes hereunder, and (iii) the Required Lenders shall not have any obligation to approve any Updated Budget.
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Updated Budgets. Within 30 days after the end of each fiscal month of the Parent and its Subsidiaries, commencing with the first fiscal month of the Parent and its Subsidiaries ending after the First Amendment Effective Date, the Borrower shall deliver to the Agents and the Lenders updated versions of each of the LaGuardia-C Approved Budget, the Newark Approved Budget, the Philadelphia-B Approved Budget and the ▇▇▇▇▇▇-A Approved Budget, in each case, in form, substance and detail reasonably satisfactory to the Agents and the Engineering Consultant, which, upon acceptance thereof, shall be deemed to be the LaGuardia-C Approved Budget, the Newark Approved Budget, the Philadelphia-B Approved Budget and the ▇▇▇▇▇▇-A Approved Budget, as applicable, for all purposes hereunder.” (n) Section 7.02(e) (Investments). Section 7.02(e) of the Financing Agreement is hereby amended by (i) amending and restating clause (i) in its entirety to read as follows: (i) investments in (A) JV Entities and Subsidiaries of the Loan Parties existing on the date hereof, as set forth on Schedule 6.0l(e) hereto and in the amounts existing on the date hereof, and investments by a Loan Party in Permitted Projects permitted to be made therein, (B) newly formed Subsidiaries or JV Entities (other than Approved Joint Ventures); provided that (x) at least 80% of the Equity Interests of such Subsidiary or JV Entity are owned by a Loan Party and (y) such Subsidiary or JV Entity becomes a Loan Party promptly following the formation thereof in accordance with the terms of Section 7.01(b), and (C) Approved Joint Ventures; provided that no Loan Party makes any investments in (or otherwise transfers any funds or assets into) any Approved Joint Venture in excess of (1) in the case of the 2-unit joint venture at JFK Terminal 2 described in clause (a) of the definition thereof, $620,944 (including loans of $167,655 to JV Partners permitted pursuant to clause (v) below) (which funds have been expended prior to the First Amendment Effective Date), (2) in the case of the 2-unit joint venture at Philadelphia Terminal F described in clause (b) of the definition thereof, $6,685,000 (which funds have been expended prior to the First Amendment Effective Date), and (3) in the case of the multiple unit joint venture at ▇▇▇▇▇▇ Terminal A described in clause (c) of the definition thereof, $14,500,000 (including loans of $4,567,500 to JV Partners permitted pursuant to clause (v) below).” (ii) deleting “and” at the end of clause (iii)...
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Updated Budgets. On a monthly basis, Manager shall prepare and submit to Master Servicer for Master Servicer’s approval a proposed updated budget for the Properties. If Master Servicer disapproves of such proposed budget, Master Servicer shall provide Manager with specific reasons for Master Servicer’s disapproval within five (5) business days after receiving Manager’s proposed budget. In that event, Manager shall within five (5) business days provide an appropriately revised budget to Master Servicer. This process will continue until Master Servicer has approved the budget for the Properties for the next calendar year (each, an “Approved Budget”). Any Approved Budget shall be included in the applicable Property Management Report. If Master Servicer or Owner has not requested an updated budget or if a proposed updated budget has not yet been approved, Manager shall continue to operate on the basis of the Initial Budgets or the prior year’s Approved Budget (if there is one) until the new annual budget is approved.
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Updated Budgets. [To follow]
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Updated Budgets. Within 30 days after the end of each fiscal month of the Parent and its Subsidiaries, commencing with the first fiscal month of the Parent and its Subsidiaries ending after the First Amendment Effective Date, the Company shall deliver to the Collateral Agent and the Holders updated versions of each of the LaGuardia-C Approved Budget, the Newark Approved Budget, the Philadelphia-B Approved Budget and the ▇▇▇▇▇▇-A Approved Budget, in each case, in form, substance and detail reasonably satisfactory to the Collateral Agent and the Engineering Consultant, which, upon acceptance thereof, shall be deemed to be the LaGuardia-C Approved Budget, the Newark Approved Budget, the Philadelphia-B Approved Budget and the ▇▇▇▇▇▇-A Approved Budget, as applicable, for all purposes hereunder." (i) Paragraph 6B of the Purchase Agreement is hereby amended by (i) replacing the amount "$2,500,000" where it appears in subclause (8) thereof with "$5,000,000", (ii) amending and restating subclause (9) thereof in its entirety to read as follows:
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Related to Updated Budgets

  • Approved Budget (a) On the last Thursday of each month after the Second Amendment Effective Time, on or before 12:00 pm (New York City time) on such Thursday, Administrative Borrower shall prepare and deliver to the Administrative Agent, for review and approval by the Required DDTL Approving Lenders, an updated week-by-week operating budget for the then subsequent month (each a “Budget” and, once approved as set forth below, the “Approved Budget”), which shall reflect Administrative Borrower’s good faith projection, for the Borrowers and their respective Restricted Subsidiaries, of (a) all weekly receipts (including from asset sales) and expenditures (including ordinary course operating expenses and any other fees and expenses related to the Loan Documents) in connection with the operation of their businesses, (b) weekly disbursements, and (c) net cash flow, in each case, for such month. The Budget delivered during the week of March 4, 2024 shall be the Approved Budget for March 2024. Together with delivery of the Budget, Administrative Borrower shall provide the Administrative Agent (for subsequent delivery to the Lenders) a variance report (“Variance Report”) in a form and substance reasonably acceptable to the Required DDTL Approving Lenders, comparing the actual receipts, disbursements, and net cash flow for such month through the immediately preceding week compared to the Approved Budget, both in dollar ($) and percentage (%) figures and an explanation of the variance. Each week promptly after the delivery of the Variance Report, the Borrower’s senior management and financial professionals shall review the Variance Report in detail during a telephonic conference with the Lenders. If the proposed Budget was timely delivered and contains the requisite information, the Lenders shall have until 2:00 p.m. (New York City Time) on the first Business Day of the following week to review any Budget after which time such Budget shall become an Approved Budget for all purposes hereunder; provided, no such Budget shall become an Approved Budget if reasonably objected to in writing (which may include e-mail) during the review period by the Administrative Agent (at the direction of the Required DDTL Approving Lenders) or Required DDTL Approving Lenders. (b) In the event that an event or circumstance occurs in between the monthly dates on which the Budgets are otherwise due pursuant to Section 6.24(a) which would make the then current Budget materially inaccurate, within two (2) Business Days of becoming aware of such event or circumstance, the Administrative Borrower shall provide notice of such event or circumstance to the Administrative Agent and the Lenders and promptly deliver a revised Budget reflecting the impact thereof. Without limiting the foregoing, the Budget shall be updated, modified or supplemented by the Administrative Borrower with the written consent of the Administrative Agent (at the direction of the Required DDTL Approving Lenders), and upon the request of the Administrative Agent (at the direction of the Required DDTL Approving Lenders) from time to time. (c) Each Budget delivered to the Administrative Agent and the Lenders shall be accompanied by such supporting documentation as reasonably requested by the Administrative Agent (at the direction of the Required DDTL Approving Lenders) and shall be prepared in good faith, with due care and based upon assumptions the Borrower believe to be reasonable. (d) Within one (1) Business Day of any Loan Party having knowledge of their occurrence or existence, Administrative Borrower shall provide the Administrative Agent and Lenders with written notice of any event or condition which is reasonably likely to entail expenditures of more than $100,000 which is not included in the Approved Budget (including, but not limited, on account of an accident, environmental event or other unanticipated occurrence) or which would otherwise be reasonably likely to have a negative impact on the value of the Loan Parties’ and their Subsidiaries’ assets or future business prospects or a similar event.

  • 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.

  • 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,

  • Annual Budgets The School shall adopt a budget for each fiscal year, prior to the beginning of the fiscal year. The budget shall be in the Idaho Financial Accounting Reporting Management Systems (IFARMS) format and any other format as may be reasonably requested by the Authorizer.

  • 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.