Approved Budgets. The Manager shall prepare or cause to be prepared for each Fiscal Year of the Company and the Subject Companies an operating budget on a consolidated basis setting forth the anticipated revenues and expenses of the Company and each Subject Company for such Fiscal Year. The initial operating budget for the remainder of the Fiscal Year ending December 31, 2015 is attached as Exhibit D hereto. For a succeeding Fiscal Year (commencing with the fiscal year ending December 31, 2016), the Manager shall, not later than the first day of the month preceding the month in which the then current Fiscal Year ends (currently November 1), submit the proposed operating budget for such succeeding Fiscal Year to the Members for their review. If the aggregate expense amount reflected in the proposed operating budget is not more than the lesser of ten percent (10%) above the annual spending projected in the Aggregate Tracking Model for the applicable Fiscal Year and five percent (5%) above the aggregate expense amount reflected in the Approved Budget for the previous Fiscal Year (and in each case, does not include expenditures exceeding $500,000 in aggregate of a type not included in the Aggregate Tracking Model for the applicable Fiscal Year or in the Approved Budget for the previous Fiscal Year, as the case may be), then the Consent of the Members shall not be required and such proposed operating budget shall be deemed approved by all of the Members. If such Consent of the Members is required and if either the Consent of the Members is received or if no Member objects to such proposed operating budget by the last day of the month preceding the month in which the then current Fiscal Year ends (currently November 30), then not later than such date, such operating budget shall be deemed approved by all of the Members (each budget as attached hereto, approved or deemed approved, an “Approved Budget”). If the Consent of the Members is required and not obtained as provided above, then the Manager shall prepare or cause to be prepared a revised operating budget, which shall be submitted to the Members for their approval as set forth in the preceding sentences, and, upon final approval of such operating budget by the Consent of the Members, such budget shall become an Approved Budget hereunder. To the extent that amounts relating to any items of a proposed budget are not approved, the corresponding amounts for the items in the previous Fiscal Year’s Approved Budget will continue as ...
Approved Budgets. The final approved Budget for the applicable Project itemizing the Hard Costs and Soft Costs, including direct and indirect costs, certified to be correct to the best knowledge and belief of Borrower for each type of Improvement to be constructed as part of the Project. Said Budget shall be subject to formal review and approval by Lender at Lender’s sole discretion, and if Lender reasonably determines that the Loan funds allocated for Hard Costs are inadequate to pay for all Hard Costs, then Lender may require Borrower to deposit cash into an account pledged as additional collateral for the Loan the amount of the shortfall. In no event shall the costs of the Project as set forth in any A&D Budget or any Home Construction Budget violate the applicable Maximum Allowed Advance(s).
Approved Budgets. The proposed annual budget, or any modification thereof, shall be deemed approved by Owner, if Owner does not deliver Owner’s written objections and requests for modifications to Manager on or before the date which is thirty (30) days after Owner’s receipt thereof. Once so approved, the proposed annual budget shall be the approved “Annual Budget” for purposes of this Agreement.
Approved Budgets. (a) By not later than September 30, 2013, and thereafter at least 120 days prior to the beginning of each fiscal year of Owner (which ends on December 31st of each year) (“Fiscal Year”), Manager shall prepare and submit to Owner for approval the following:
Approved Budgets. 2 1.08. Bankruptcy.................................................... 2 1.09. Basic Management Fee.......................................... 3 1.10. Call Notice................................................... 3 1.11.
Approved Budgets. (a) The initial operating budget of the Company and each Project Company for Fiscal Year 2008(1) is attached as Exhibit H hereto. The annual operating budgets of the Company and the Project Companies for succeeding Fiscal Years shall be subject to the approval of the Required Voting Percentage as provided in this Section 6.07. Notwithstanding anything to the contrary in this Section 6.07 or elsewhere in this Agreement, the Members acknowledge and agree that while the Company has Debt Obligations outstanding, the annual operating budgets of the Company and the Project Companies are subject to the approval of the Administrative Agent under the Debt Financing Documents. In the event the Administrative Agent does not approve the operating budgets approved by the Members pursuant to this Section 6.07 for a Fiscal Year, then until the Administrative Agent approves the operating budgets for such Fiscal Year, the operating budgets of the Company and the Project Companies for such year shall be as set forth in the Debt Financing Documents and, pending such approval, such budgets shall be deemed to have been approved by the Required Voting Percentage for purposes of this Agreement. Each annual operating budget attached hereto or approved or deemed approved pursuant to this Section 6.07 shall be an “Approved Budget.”
Approved Budgets. The final, approved Budgets for the Project itemizing the Hard Costs and Soft Costs for the respective A&D Improvements and Home Improvements, including direct and indirect costs, certified to be correct to the best knowledge and belief of Borrower for each type of Improvement to be constructed as part of the Project. Said Budgets shall be subject to formal review and approval by Lender at Lender’s sole discretion, and if Lender determines that the Loan funds allocated for Hard Costs are inadequate to pay for all Hard Costs, then Lender may require Borrower to deposit cash into an account pledged as additional collateral for the Loan the amount of the shortfall. In no event shall the costs of the Project to be funded from proceeds of the Loan, as set forth in any A&D Budget or any Home Construction Budget, violate the applicable Maximum Allowed Advance(s).
Approved Budgets. Agent shall prepare and submit to Owner a proposed operating budget for the promotion, operation, leasing, repair, maintenance, and preservation and improvement of the Premises for each forthcoming calendar year. The operating budget shall include schedules for capital improvements for such year. The proposed budget for the remainder of the current calendar year shall be delivered to Owner no later than sixty (60) days after the execution of this Agreement. The proposed budget for each subsequent calendar year shall be delivered to Owner no later than sixty (60) days before the end of each prior calendar year. Owner shall approve or provide comments to any such proposed budget within thirty (30) days following receipt of the proposed budget. Agent shall address any such Owner comments in good faith until such time as the Owner and Agent have agreed to a final form of operating budget (any such approved budget, the “Annual Operating Budget”). If for any reason the Owner and Agent are unable to agree on an Annual Operating Budget prior to the commencement of the year for which the budget applies, the Agent shall continue to manage the Premises based on the prior year’s Annual Operating Budget, subject to actual increases for real estate taxes, utilities, payroll and insurance. Agent agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of leasing, maintaining and operating the Premises will conform to the Annual Operating Budget as approved by the Owner. Agent agrees to secure Owner’s prior approval on all expenditures that exceed the Owner approved Annual Operating Budget by $5,000 per expense item or $10,000 cumulative. Village Gxxxx Xxx Arbor 24
Approved Budgets. Every year, on or prior to May 1st, MANAGER shall prepare and submit to OWNER, in the form required by OWNER, an operating budget ("Operating Budget") and a capital budget ("Capital Budget" and together with the Operating Budget, collectively referred to herein as the "Budgets") for the promotion, operation, repair and maintenance of the Properties for the forthcoming fiscal year beginning July 1. For the first year of this Agreement, OWNER shall prepare and submit to OWNER Budgets for fiscal year ending June 30, 2014, on or before October 15, 2013. MANAGER agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the Budgets, either in total or in any one line item within the chart of accounts. All expenses shall be charged to the proper line item contained within the chart of accounts and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. MANAGER shall secure OWNER's prior written approval for any expenditure, except for utilities charges, that will result in an excess of five percent (5%) or more in any one line item within the chart of accounts of the Operating Budget; however, if said expenditure is cumulatively less than One Thousand Dollars ($1,000.00), no approval is necessary. During each calendar year, MANAGER agrees to promptly inform OWNER in writing of any capital expenditure or increase in costs and expenses in excess of the amount budgeted for such items, and of decreases in revenue that were not foreseen during the budget preparation period and thus were not reflected in the Budgets, and shall upon request of OWNER submit to OWNER for approval a revised Operating Budget or Capital Budget, as the case may be, based upon said unforeseen costs and expenses.
Approved Budgets. Based on the appropriate Business Plan and other criteria provided by Owner or deemed relevant by Manager, Manager shall prepare and submit to Owner a proposed budget ("Budget") for the promotion, operation, development and buildout, sale and disposition, and repair and maintenance of each Property or Project for the calendar year beginning with the date the Business Plan is first requested. The Owner will consider the proposed Budgets and then will consult with Manager in order to agree on an "Approved Budget" for each Property or Project. Each Approved Budget agreed to by Owner and Manager will be dated and signed to indicate its having been approved. Manager will employ all reasonable efforts to ensure that the actual costs of developing, maintaining and operating each Property or Project shall not exceed the approved Budget pertaining thereto either in total or in any one accounting category. All expenses must be charged to the proper account as specified in the Approved Budget for the Property or Project and no expense may be classified or reclassified for the purpose of avoiding an excess in an Approved Budget specified amount for an accounting category. Manager shall secure Owner's prior written approval for any expenditure that will result in an increase in that item in the Approved Budget by more than five percent (5%) or such other amount as Owner and Manager may specify from time to time. As early as possible, Manager shall inform Owner of any major increases in costs and expenses that were not foreseen during the budgeting process period and thus were not reflected in an Approved Budget.
