Approved Budget Sample Clauses

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. 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. (a) The use of Loans and other extensions of credit by the Loan Parties under this Agreement and the other Loan Documents shall be limited in accordance with the Approved Budget (subject to variances permitted under this Section 5.14) and the terms hereof. The initial Approved Budget shall depict, on a weekly basis, cash receipts, expenses, and disbursements, net cash flows, inventory receipts, sales and costs of sales at stores being closed and proposed to be closed, Total Cash Receipts, Total Operating Disbursements, Total Non-Operating Disbursements, Professional Fees, the projected Borrowing Base, Availability and the other items set forth therein, for the first thirteen (13) week period from the Closing Date and such initial Approved Budget shall be approved by, and in form and substance satisfactory to, the Administrative Agent in its Permitted Discretion (it being acknowledged and agreed that the initial Approved Budget attached hereto as Annex A is approved by and satisfactory to the Administrative Agent). The Approved Budget shall be updated, modified or supplemented by the Borrower with the written consent of the Administrative Agent, and upon the request of the Administrative Agent from time to time, but in any event the Approved Budget shall be updated by the Borrower not less than one time in each three (3) consecutive week period, and each such updated, modified or supplemented budget shall be approved in writing (including by email) by, and shall be in form and substance satisfactory to, the Administrative Agent in its sole discretion and no such updated, modified or supplemented budget shall be effective until so approved and once so approved shall be deemed an Approved Budget; provided, however, that in the event the Administrative Agent, on the one hand, and the Borrower, on the other hand, cannot agree as to an updated, modified or supplemented budget, such disagreement shall give rise to an Event of Default once the period covered by the prior Approved Budget has terminated. Each Approved Budget delivered to the Administrative Agent shall be accompanied by such supporting documentation as reasonably requested by the Administrative Agent. Each Approved Budget shall be prepared in good faith based upon assumptions which the Borrower believe to be reasonable. 91
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. Grantee has completed a detailed budget that reflects all anticipated sources and uses of funds for the Project, including a detailed accounting of Grantee’s anticipated direct costs associated with the Project, a copy of which is attached and incorporated as Exhibit C (“Budget”). Eligible costs are described in Paragraph 10 of this Agreement. The Project Application contains a budget that may not match the approved version attached as Exhibit C and which, therefore, shall not be relied upon by GOCO or Grantee. Where discrepancies exist, the approved Budget in Exhibit C shall control until such time as GOCO approves the final version.
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 Borrowers have heretofore furnished to the Administrative Agent the initial Approved Budget. Each Approved Budget was prepared in good faith based upon assumptions the Borrowers believed to be reasonable assumptions on the date of delivery of such Approved Budget.
Approved Budget. Subject to Section 3(j) hereof, the Chief Executive Officer of the LLC shall be responsible for the preparation of a budget and business plan for each Fiscal Year, and shall, by the date designated by the Chief Financial Officer of OM(US)H (usually on or about September 15 of the year immediately preceding such Fiscal Year) and unless otherwise extended by the Chief Financial Officer of OM(US)H, submit such proposed budget and business plan to the Board of Managers for preliminary approval. If approved by the Board of Managers, such proposed budget and business plan shall be submitted by the Chief Executive Officer of the LLC to OM(US)H for final approval. If OM(US)H notifies the Chief Executive Officer of the LLC of any objection(s) to the proposed budget and business plan, the Chief Executive Officer of the LLC shall revise and resubmit such proposed budget and business plan to the Board of Managers, and, if then approved by the Board of Managers, such proposed budget and business plan shall be resubmitted by the Chief Executive Officer of the LLC to OM(US)H. The same procedures for approval, objection, revision and resubmission shall be applicable until final approval of a proposed budget and business plan by OM(US)H; provided, however, that if such final approval is not obtained, the budget and business plan then in effect will continue. Upon such final approval, such budget and business plan shall be the “Approved Budget” for the relevant period. Subject to Section 3(j) hereof, not later than 30 days prior to any fiscal quarter, the Chief Executive Officer of the LLC may submit proposed changes to the then Approved Budget for such subsequent fiscal quarter as he shall deem necessary. Such changes shall be subject to the same approval process as the initially proposed budget and to the extent finally approved by OM(US)H shall modify the previously Approved Budget, and the modified budget and business plan shall thereupon be the Approved Budget for the relevant period.