Approval of Annual Budget. Subject to Section 3.24(a), the Servicer and the Special Servicer each hereby agree and acknowledge that the Servicer or the Special Servicer, as applicable, shall respond to any request by the Borrower Related Parties under Section 4.9.5 of the Mortgage Loan Agreement for written approval of the Annual Budget.
Approval of Annual Budget. Tenant shall review the proposed operating plan and budget and shall provide Manager with its written approval of or any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and budget from Manager; provided that any line items in the proposed operating plan and budget shall not be adopted and implemented by Manager until Tenant shall have approved or be deemed to have approved such operating plan and budget and/or any items therein in dispute shall have been determined pursuant to Section 5.1.3. Tenant shall be deemed to have approved that portion of any proposed operating plan and budget to which Tenant has not approved in writing or objected to in writing within such forty-five (45) day period. If Tenant objects to any portion of the proposed operating plan and budget to which it is entitled to object within such forty-five (45) day period, Tenant and Manager shall meet within twenty (20) days after Manager’s receipt of Tenant’s objections and discuss such objections, and then Manager shall submit written revisions to the proposed operating plan and budget after such discussion. Tenant and Manager shall use good faith efforts to reach an agreement on the operating plan and budget prior to January 1 of each Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, agreed to by Tenant and Manager pursuant to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Tenant shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion of any proposed operating plan and budget.
Approval of Annual Budget. The Board alone shall have the power to approve the LLC's annual budget. If the LLC's annual budget is not approved in its entirety by the Board under this Section 5.11, the Board shall approve the budget to the extent of those items on which there is agreement, and shall continue to negotiate in good faith until all items of the budget are agreed upon.
Approval of Annual Budget. Lessor and Lessee shall endeavor in good faith to approve the Annual Budget within the time periods specified in the Management Agreement. Within the time periods specified in the Management Agreement, Lessor shall give Lessee written notice either (a) that Lessor approves the Annual Budget (which approval may not be unreasonably withheld, conditioned or delayed) or (b) indicating with reasonable specificity the respects in which Lessor objects to the Annual Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor’s objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Annual Budget within thirty (30) days after receipt of Lessor’s written notice, any contested matter within the Annual Budget then remaining shall be submitted to arbitration in accordance with the procedure therefor set forth in Article XXXIX of this Lease.
Approval of Annual Budget. Not later than November 30 of each fiscal year, the Company shall deliver to the iStar Representative and the BREDS Representative a copy of the proposed budget for the Company and its Component Entities for the next succeeding fiscal year, including estimated operating costs, capital expenditures, material Indebtedness proposed to be incurred, estimated Required Reserves, material asset dispositions and acquisitions and other material transactions. The Company will promptly respond to any questions from the holders of Series D Preferred Stock with regard to the proposed budget. The iStar Representative and the BREDS Representative will have 15 Business Days from the date of their receipt of the draft budget to approve such draft budget, in their reasonable discretion, by the written consent of both the iStar Representative and the BREDS Representative. Failure to deliver such written consent within the period specified above shall be deemed a rejection of such draft budget. If the budget is approved, it will be the “Approved Budget” for the next succeeding fiscal year. If the budget is rejected, the Company, the iStar Representative and the BREDS Representative will work in good faith to resolve the objections, but until such objections are resolved, the Company shall continue to operate in accordance with the Approved Budget then in effect for the prior fiscal year and such budget shall remain the “Approved Budget” for all purposes hereunder; provided, however, that the Company shall be authorized to continue to operate in the ordinary course and meet its contractual obligations as they come due, subject to the provisions of Section 2(a) hereof and Section 8(c) of the Articles Supplementary.
Approval of Annual Budget. Except as expressly provided herein, all final decisions with respect to the operating plans and budgets shall be made by Owner in its sole discretion. If Owner objects to any portion of the proposed annual operating plan or budgets (other than portions to the extent they relate exclusively to discretionary capital expenditures (i.e., capital expenditures not required to comply with law or for life safety reasons)) and Owner and Manager fail to agree on such portion before the end of the first calendar month of the Operating Year to which the proposed annual operating plan and budgets relate, then the dispute will be resolved by an independent internationally recognized hotel and gaming consultant, selected and retained jointly by Manager and Owner. Any such consultant will (i) have no fewer than ten (10) years of experience in the casino/hotel business, (ii) not be an Affiliate of or a person who has any past, present or currently contemplated future business or personal relationship with either Owner or Manager and (iii) not have its compensation fixed based on the results of the issue at dispute. If the Parties are unable to agree on such consultant, the dispute shall be resolved in accordance with Section 17.10. If the consultant agrees with Manager’s proposal with respect to any Owner Controlled Issue (as defined below), the applicable budget or plan shall nevertheless incorporate Owner’s proposal with respect to such issue, but the Base Management Fee and Incentive Management Fee for the period covered by such budget or plan shall be adjusted after such period to reflect the consultant’s best estimate as to what Gross Operating Revenue and EBITDA would have been if Manager’s proposal had been implemented. As used herein, “Owner Controlled Issues” shall mean all issues submitted to the consultant other than (a) issues relating to life safety or legal and regulatory compliance and (b) issues as to which the Manager asserts in good faith that its proposal is necessary in order for the Hotel to comply with the brand standards of Manager and its Affiliates applied to all properties branded as “Station” casinos. The proposed operating plan and budget, including the Capital Budget, as modified to reflect the revisions, if any, either agreed to by the Parties or determined by resolution pursuant to this section shall become the “Annual Budget” for the next Operating Year.
Approval of Annual Budget. 19 5.13 Officers......................................................... 19 5.14 Powers of the Board; Powers of Officers.......................... 19 5.15 Reimbursement.................................................... 20 5.16
Approval of Annual Budget. Within thirty (30) days following submission of the Annual Budget to Lessor, Lessor shall give Lessee written notice either (a) that Lessor approves the Annual Budget or (b) indicating with reasonable specificity the respects in which Lessor objects to the Annual Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor's objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Annual Budget within thirty (30) days after receipt of Lessor's written notice, Lessee and Lessor shall refer any disputed Annual Budget matter to arbitration using procedures set forth in Article XL hereto and each party shall endeavor to cause such arbitration to be completed as quickly as possible, but in any event not later than six (6) months following referral to arbitration.
Approval of Annual Budget. 21 3.8. Capital Improvements................................................21 3.9.
Approval of Annual Budget. The MANAGEMENT COMMITTEE shall meet within Thirty (30) days of the submission of the proposed Joint Program and Joint Budget for the purpose of reviewing same and considering charges. A Joint Program and Joint Budget shall be approved by the MANAGEMENT COMMITTEE by December 3Oth of the Budget Year; provided, However, that when deliberating on such Joint Programs and Joint Budgets, the MANAGEMENT COMMITTEE shall approve a Joint Program and Budget sufficient to satisfy the Minimum Work Obligations under the Licence.
