Common use of Annual Operating Budgets Clause in Contracts

Annual Operating Budgets. On or before November 30 of each calendar year during the existence of the Partnership, commencing on November 30, 1996, the Managing Partner shall provide to Ardee (i) a proposed Operating Budget for the next Amphitheater Fiscal Year setting forth in reasonable detail the various categories of Operating Expenses and the budgeted amounts for each such category to be incurred by the Partnership during such Amphitheater Fiscal Year and (ii) such reasonable information and materials related to the proposed Operating Budget as may be reasonably requested by Ardee. If a final Operating Budget for any Amphitheater Fiscal Year is not adopted by mutual agreement between the Partners within thirty (30) days after submission by the Managing Partner of a proposed Operating Budget for such Amphitheater Fiscal Year, then, so long as no such final Operating Budget has been mutually approved, the Operating Budget for such Amphitheater Fiscal Year shall be deemed to include all line items as to which unanimous agreement between the Partners has been reached and, with respect to each other line item, the Operating Budget for such Amphitheater Fiscal Year shall be deemed to be the greater of (i) the smallest amount for such line item approved by the Partners, (ii) the amount for the same line items specified in the Operating Budget for the immediately preceding Amphitheater Fiscal Year with such line item increased in the same proportion and amount by which the CPI Index most recently reported prior to the first day of such Amphitheater Fiscal Year exceeds the CPI Index most recently reported prior to the first day of the immediately preceding Amphitheater Fiscal Year or (iii) if such Operating Budget relates to the first Amphitheater Fiscal Year following the last Non-Expanded Amphitheater Season, the amount for the same line item specified in the Operating Budget for the immediately preceding Amphitheater Fiscal Year with such line item increased in such amount as is necessary to address increased operational or logistical requirements attributable to the expansion of the Amphitheater's capacity as a result of the Renovation Work. For purposes hereof, the Operating Budget for the first Amphitheater Fiscal Year shall be deemed to be a budget of Operating Expenses containing the actual amount of Operating Expenses paid and incurred by the Partnership during the first Amphitheater Fiscal Year.

Annual Operating Budgets. On or before November 30 October 15 of each calendar year during the existence of the Partnership, commencing on November 30, 1996, the Managing Partner shall provide to Ardee Cellar Door (i) a proposed Operating Budget for the next forthcoming Amphitheater Fiscal Year setting forth in reasonable detail the various categories of Operating Expenses and the budgeted amounts for each such category to be incurred by the Partnership during such the forthcoming Amphitheater Fiscal Year and (ii) such reasonable information and materials related to the proposed Operating Budget as may be reasonably requested by ArdeeCellar Door; provided, however, if such information and materials cannot be generated in the ordinary course of business by the Managing Partner, then (x) the Managing Partner shall provide notice thereof to Cellar Door ("Additional Cost Notice") and (y) Cellar Door shall be required to reimburse to the Managing Partner the reasonable costs incurred by the Managing Partner in generating such requested information or materials if Cellar Door renews its request for such information and materials after receipt of the Additional Cost Notice. If To be adopted, a final proposed Operating Budget must be approved unanimously by both Partners; however, if no Agreement is reached as to an Operating Budget for any Amphitheater Fiscal Year is not adopted by mutual agreement between the Partners within thirty forty-five (3045) days after submission by the Managing Partner commencement of a proposed Operating Budget for such Amphitheater Fiscal Year, then, so long as no such final Operating Budget has been mutually approved, then the Operating Budget for such Amphitheater Fiscal Year shall be deemed to include all line items as to which unanimous agreement between be, until a different Operating Budget is mutually approved by the Partners has been reached and, with respect to each other line itemPartners, the Operating Budget for such the prior Amphitheater Fiscal Year shall be deemed to be with each line item increased by the greater of (i) the smallest amount for such line item approved by the Partners, 5% or (ii) the amount for the same line items specified percentage increase in the Operating Budget for CPI Index during the immediately preceding Amphitheater Fiscal Year with such line item increased in the same proportion and amount by which the CPI Index most recently reported prior to the first day of such Amphitheater Fiscal Year exceeds the CPI Index most recently reported prior to the first day of the immediately preceding Amphitheater Fiscal Year or (iii) if such Operating Budget relates to the first Amphitheater Fiscal Year following the last Non-Expanded Amphitheater Season, the amount for the same line item specified in the Operating Budget for the immediately preceding Amphitheater Fiscal Year with such line item increased in such amount as is necessary to address increased operational or logistical requirements attributable to the expansion of the Amphitheater's capacity as a result of the Renovation Work. For purposes hereof, the Operating Budget for the first Amphitheater Fiscal Year shall be deemed to be a budget of Operating Expenses containing the actual amount of Operating Expenses paid and incurred by the Partnership during the first Amphitheater Fiscal Year.

Annual Operating Budgets. On or before November 30 (a) No later than December 21, 2009 for the Fiscal Year commencing on January 1, 2010 and thereafter no later than the 15th Business Day in the month of December immediately preceding the commencement of each calendar year during the existence Fiscal Year of the Partnership, commencing on November 30, 1996Borrower thereafter, the Managing Partner Borrower shall provide adopt, and deliver a copy thereof to Ardee (i) a proposed the Administrative Agent, an Annual Operating Budget for the next Amphitheater Fiscal Year setting forth Borrower. Each such Annual Operating Budget shall be in reasonable detail form reasonably acceptable to the various categories of Operating Expenses Administrative Agent and the budgeted amounts for each such category to be incurred shall become effective if it shall have not been rejected by the Partnership during such Amphitheater Fiscal Year and Administrative Agent (iiacting reasonably in consultation with the Independent Engineer) such reasonable information and materials related to the proposed Operating Budget as may be reasonably requested by Ardeewithin 15 Business Days of receipt. If a final the Borrower shall not have adopted an Annual Operating Budget for the Borrower before the beginning of any Amphitheater Fiscal Year is not calendar year or any Operating Budget for the Borrower adopted by mutual agreement between the Partners within thirty (30) days after submission Borrower shall have been rejected by the Managing Partner Administrative Agent (acting reasonably and in consultation with the Independent Engineer) before the beginning of a proposed any upcoming calendar year, the Annual Operating Budget for the Borrower for the preceding calendar year shall, until the adoption of an Annual Operating Budget for the Borrower by the Borrower and acceptance of such Annual Operating Budget by the Administrative Agent (acting in consultation with the Independent Engineer), as the case may be, be deemed to be in force and effective as the Annual Operating Budget for such Amphitheater Fiscal Year, then, so long as no such final Operating Budget has been mutually approved, upcoming calendar year; provided that if the Operating Budget for such Amphitheater Fiscal Year shall be deemed to include all line items as to which unanimous agreement between the Partners has been reached and, with respect to each other line item, the Operating Budget for such Amphitheater Fiscal Year shall be deemed to be the greater of (i) the smallest amount for such line item approved by the Partners, (ii) the amount for the same line items specified in the initial Annual Operating Budget for the immediately preceding Amphitheater Fiscal Year Borrower is not accepted by the Administrative Agent (acting in consultation with such line item increased in the same proportion and amount by which the CPI Index most recently reported prior to the first day of such Amphitheater Fiscal Year exceeds the CPI Index most recently reported prior to the first day of the immediately preceding Amphitheater Fiscal Year or (iii) if such Operating Budget relates to the first Amphitheater Fiscal Year following the last Non-Expanded Amphitheater SeasonIndependent Engineer), the amount for Borrower may use a budget that is consistent with the same line item specified in the Initial Projections until an initial Annual Operating Budget for the immediately preceding Amphitheater Fiscal Year with such line item increased in such amount as Borrower is necessary approved, and shall work diligently to address increased operational or logistical requirements attributable to the expansion of the Amphitheater's capacity as a result of the Renovation Work. For purposes hereof, the prepare an initial Annual Operating Budget for the first Amphitheater Fiscal Year Borrower that is reasonably acceptable to the Administrative Agent (acting in consultation with the Independent Engineer). Each Annual Operating Budget delivered to the Administrative Agent pursuant to this Section 7.15(a) shall be accompanied by a memorandum detailing all material assumptions used in the preparation of such Annual Operating Budget, shall contain a line item for each budget category (which budget categories shall be acceptable to the Administrative Agent), and shall specify for each month and for each such budget category, the amount budgeted for such category for such month. The Borrower shall operate its business generally in accordance with the applicable Annual Operating Budget for the Borrower as approved or deemed to be a budget of Operating Expenses containing the actual amount of Operating Expenses paid and incurred approved by the Partnership during Administrative Agent. Any Annual Operating Budget for the first Amphitheater Fiscal YearBorrower may be amended with the Administrative Agent’s prior written consent, and in such event the Borrower shall operate its business generally in accordance with such Annual Operating Budget as so amended.