Approval and Disapproval of Documents and Funding Sample Clauses

Approval and Disapproval of Documents and Funding. (i) Metro will have up ten (10) Days following a Quarterly Meeting or Annual Meeting to Approve or object to any payments or documents not Approved at the Quarterly or Annual Meeting. If Metro fails to provide comments, raise questions, or expressly refuses to accept part or all of the documents submitted by Parking Company within the above referred 10- Day term, then Parking Company’s payments or documents will be deemed Approved by Metro. Absent reasonable objection by Metro to the disbursements requested by Parking Company, and contingent on the occurrence of the Quarterly Meeting and receipt of supporting documentation reasonably requested by Metro, on or before the last Day of the calendar month following the end of each Quarter, Metro will direct disbursements of available funds in the Metro Account to the Operating Expense Account, the Capital Expense Account and to the designated accounts of Metro and Parking Company for receipt of funds under the Waterfall. If Metro reasonably objects to proposed disbursements and the Parties are not able to resolve the disagreement, Metro will authorize disbursements in the amount not subject to dispute and withhold any amounts subject to dispute for resolution as provided in Article 20. Metro agrees that it shall not object to any disbursements proposed by Parking Company if such disbursements conform to the Business Plan, Operations Plan or Capital Improvements Plan, as applicable, previously approved by Metro, unless there has been a change of circumstances that has resulted in such plans being outdated. Metro will have no obligation to modify the Business Plan or the Operating Standards or to Approve payments or documents not conforming to the Business Plan or the Operating Standards most recently Approved by Metro.
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