Examples of Subsequent Budget in a sentence
During the Interim Period, Seller will (a), promptly after its preparation, and in no event later than fifteen (15) Business Days after the end of each calendar month, provide Buyer with the monthly operating report with respect to the Project in the form attached as Exhibit 5.17 and (b) as promptly as practicable after the adoption thereof, provide Buyer with a copy of each Subsequent Budget.
On each Monday during the term of the Budget or any Subsequent Budget, the Debtor shall deliver to Wachovia and Wachovia's counsel a detailed report showing all Cash Collateral received and all disbursements (including outstanding checks) made by the Debtor during the previous seven (7) calendar days (indicating any receipt or disbursement variance from the Budget), and copies of all deposit receipts showing that such Cash Collateral has been deposited into the Wachovia DIP Account.
Prior to the end of the First Tariff Period, and prior to the end of each calendar year following the end of the First Tariff Period, (each calendar year following the end of the First Tariff Period being hereinafter referred to as a "Subsequent Tariff Period"), the Seller's board of directors shall prepare a new budget (a "Subsequent Budget") for the costs the Seller estimates will be incurred with respect to the Power Station in the applicable Subsequent Tariff Period.
The Interim Budget and any Subsequent Budget are referred to as an “Approved Budget.” If the Board of Managers cannot agree on a Subsequent Budget for the Company with respect to any Fiscal Year, the Members shall fund each category of operating expenses of the Company in an amount that is equal to the amount of such category of operating expenses set forth in the previous Approved Budget or the Interim Budget, as the case may be, increased by five percent (5%).
Such amounts in a Subsequent Budget also shall be the basis for any adjustments to the Current Tariff to be made pursuant to Section 8 hereof during such applicable Subsequent Tariff Period.
Unless and until Wachovia and the Debtor agree in writing to a Subsequent Budget, and unless sooner terminated pursuant to paragraph 8 hereof, the Debtor shall not be permitted to use Cash Collateral for any purpose after August 23, 2002.
As consideration for acting as the Escrow Agent hereunder, the Escrow Agent shall be paid (a) $15,000.00 on the Closing Date, and (b) $5,000.00 on each Initial Day of a Subsequent Budget Period (such amounts are hereinafter referred to as the “Escrow Agent Compensation”).
If during the Term, in any year, there is a Significant Change in Costs (which for purposes of this Method shall be defined as a five percent (5%) or more increase in Fuel Costs beyond the amounts budgeted for Fuel Costs in the Initial Budget or applicable Subsequent Budget, as the case may be), such Significant Change in Costs shall be reflected in a corresponding adjustment to the Current Tariff.
The amounts in a Subsequent Budget which are adopted by the Seller's board of directors, as adjusted for fluctuations in the exchange rate and for the differences between actual and budgeted costs, shall be the basis for determining the Current Tariff which shall be payable by the Purchaser in applicable Subsequent Tariff Periods.
The Subsequent Budget shall contain specific line items and cost estimates for the various components of the Current Tariff defined in Section 6 hereof, and where appropriate, adjustments to such costs for fluctuations in the exchange rate.