Approved Budget. (a) Subject to subsection (b) and subsection (c) below, none of the Credit Parties shall pay any obligations or expenses (including, without limitation, bonus payments or other compensation to senior management personnel, but excluding legal fees and expenses) except to the extent expressly contemplated and permitted in the Current Period of the Approved Budget applicable at the time of such payment. On or before the Wednesday prior to the first Monday of each Fiscal Month of the Borrower, commencing with the Wednesday prior to the first Monday of October 2010, the Borrower shall deliver an updated budget (for the period of 13 weeks commencing with the first day of such Fiscal Month) (each, a “Proposed Budget”) to Agent. Each such Proposed Budget shall be accompanied by a variance report setting forth actual cash receipts and disbursements from the Petition Date through the last day of the preceding month and all variances, on an aggregate basis and, with respect to Specified Budget Line Items, on a line-item basis, for such period from the amounts set forth for the corresponding period in the preceding Approved Budgets (including explanations for each such material variance), certified by the Chief Restructuring Officer as being prepared in good faith and fairly presenting in all material respects the information set forth therein. Each Proposed Budget provided to Agent shall be of no force and effect unless and until it is approved in writing by the Requisite Lenders, and until such approval is given the prior Approved Budget shall remain in effect and no Credit Party may pay any obligations or expenses (excluding legal fees and expenses) other than as permitted (subject to subsection (b) below) in the Current Period of such prior Approved Budget. The Requisite Lenders shall approve or reject each Proposed Budget within four Business Days after delivery by the Borrower to Agent as set forth above, provided that any failure to approve a Proposed Budget shall constitute a rejection of such Proposed Budget. Any such Proposed Budget, upon the written approval of the Requisite Lenders shall become, as of the date of such approval and for the period of time covered thereby, the Approved Budget, and shall prospectively replace any prior Approved Budget.
Approved Budget. The Manager shall use its commercially reasonable efforts to prepare and deliver to the Company a revised budget that has been approved by the Board of Directors (the “Approved Budget”) by December 31 of the preceding Fiscal Year. However, the Company acknowledges that the Approved Budget is only an estimate of the performance of the Vessels and the Manager makes no assurance, representation or warranty that the actual performance of the Vessels in the applicable Fiscal Year will correspond to the estimates contained in the Approved Budget for such Fiscal Year. The Parties acknowledge that any projections contained in the Approved Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the control of the Parties.
Approved Budget. 3.1.2. Written detailed description of the Project;
Approved Budget. The recipient’s budget documents are attached in this Notice of Award Package. The documents are: 1) the SF-424, included at Attachment A; 2) the SF-424 A, included at Attachment B; and 3) the Budget Narrative, included at Attachment C. The recipient must confirm that all costs are allowable before expenditure. Pursuant 2 CFR 2900.1, approval of the budget as awarded does not constitute prior approval of those specified in 2 CFR 200 or this grant award as requiring prior approval. The Grant Officer is the only official with the authority to provide such approval.
Approved Budget. The County-approved Budget for the Subaward is attached to this Agreement as “Exhibit B” and shall be the basis for which the County provides payment to the Subrecipient.
Approved Budget. Lender shall have received the Approved Budget. The Borrower shall have complied with such Approved Budget, and the aggregate amount of Loans, after giving effect to such disbursement, shall not exceed the amount set forth in the Approved Budget without giving effect to any variance permitted by the proviso of the definition of “Approved Budget.”
Approved Budget. The Approved Budget is attached hereto as Exhibit “F”. All Improvements to the Property shall be constructed in accordance with the Approved Budget. Borrower shall not construct any Improvements on the Property, enter into any Construction Contract, or order any supplies or materials, until Borrower as received notice that Lender has consented to the Approved Budget. Borrower and the Borrower-Related Parties shall not make, consent to, approve, adopt or vote in favor of any modification, amendment, supplement, or other change to the Approved Budget (except for changes in line items that do not increase the overall budget amount) without Lender’s prior written consent, which may be given or withheld in Lender’s sole discretion. Borrower and the Borrower-Related Parties shall construct the Improvements and manage the Property in strict accordance with the Approved Budget.
Approved Budget. (a) An initial annual capital and operating budget on a monthly basis for the projected revenue and the promotion, operation, staffing, repair, maintenance and improvement of the Property is attached hereto as Exhibit A. Such budget as amended by Owner from time to time and each subsequent annual budget as approved and amended from time to time by Owner is referred to herein as the Approved Budget. Owner may amend prospectively such Approved Budget at any time in its good faith discretion upon thirty (30) days prior notice to Manager. Manager shall promptly provide Owner with such information and explanation as may be, from time to time, requested by Owner in order to monitor compliance with or evaluate changes to such Approved Budget. Any staff changes, including salary, hourly compensation levels, and bonus plans must be approved in writing by Owner.
Approved Budget. On or before December 1 of each year, beginning on December 1, 2006, the Manager shall prepare a proposed operating budget for the following fiscal year and each of the four quarters in such fiscal year, which such operating budget shall include such items as determined by the Manager from time to time which reflect the actual and proposed operations of the LLC. Each such operating budget shall include a projected income statement, a projected statement of cash flows and a projected balance sheet for the following fiscal year and for each of the four quarters in such fiscal year, and shall identify costs allocated to the LLC and to be paid to a Member for overhead, personnel, and other shared resources, which allocation shall be directly proportional to the portion of such shared resources actually used by the LLC during the applicable period. Each such operating budget shall be unanimously approved by the Members on or before the first day of the applicable fiscal year (each, an "APPROVED BUDGET"). The Members shall use good faith efforts to resolve any differences regarding any item in a proposed operating budget to ensure that any such differences have been resolved prior to the first business day of the next fiscal year; PROVIDED, HOWEVER, that if the Members cannot reach unanimity prior to the first day of the applicable fiscal year, then the Approved Budget which was last approved by the Members in accordance with this SECTION 6.8 shall apply to the then-current fiscal year until a new operating budget is approved. The Manager shall use good faith efforts to update the projected quarterly amounts in the Approved Budget on a quarterly basis at least ten (10) days in advance of the commencement of the applicable quarter, to the extent necessary based on changes occurring during the course of the fiscal year. Any updates to the budget submitted to and approved by the Members during the course of any fiscal year shall be incorporated into and shall constitute the Approved Budget for the remainder of the fiscal year.
Approved Budget. The grant award recipient’s budget documents are attached in this NOA. The documents are: 1) the SF-424, included as Attachment A. As the grant award recipient, the grantee must confirm that all costs are allowable before creating any expenses. Pursuant to 2 CFR 2900.1, the approval of the budget as awarded does not constitute prior approval of those items specified in 2 CFR part 200 or as a part of the grant award as requiring prior approval. The Grant Officer is the only official with the authority to provide such approval. Any changes to the budget that impact the Statement of Work (SOW) and agreed upon outcomes or deliverables will require a request for modification and prior approval from the Grant Officer. If the period of performance will include multiple budget periods, subsequent budget periods are subject to the availability of funds, program authority, satisfactory performance, and compliance terms and conditions of the Federal award.
