Budget Approval. The Annual Operating Budget submitted to Lessee by Manager shall be subject to the approval of Lessee (such approval not to be unreasonably withheld). The Annual Operating Budget shall not be deemed accepted by Lessee in the absence of its express written approval. Not later than thirty (30) days after receipt by Lessee of a proposed Annual Operating Budget (or such longer period as Lessee may reasonably request on Notice to Manager), Lessee may deliver an AOB Objection Notice with reasonable detail to the Manager stating that Lessee objects to any information contained in or omitted from such proposed Annual Operating Budget and setting forth the nature of such objections with reasonable specificity. Failure of Lessee to deliver an AOB Objection Notice shall be deemed rejection of the Manager’s proposed Annual Operating Budget in its entirety. Upon receipt of any AOB Objection Notice, the Manager shall, after consultation with Lessee, modify the proposed Annual Operating Budget, taking into account Lessee’s objections, and shall resubmit the same to Lessee for Lessee’s approval within fifteen (15) days thereafter, and Lessee may deliver further AOB Objection Notices (if any) within fifteen (15) days thereafter (in which event, the re-submission and review process described above in this sentence shall continue until the proposed Annual Operating Budget in question is accepted and consented to by Lessee). Notwithstanding anything to the contrary set forth herein, Lessee shall have the right at any time subsequent to the acceptance and consent with respect to any Annual Operating Budget, on Notice to the Manager, to revise such Annual Operating Budget or to request that the Manager prepare for Lessee’s approval a revised Annual Operating Budget (with the approval of Manager, such approval not to be unreasonably withheld), taking into account such circumstances as Lessee deems appropriate; provided, however, that the revision of an Annual Operating Budget shall not be deemed a revocation of the Manager’s authority with respect to such actions as the Manager may have already taken prior to receipt of such revision notice in implementing a previously approved budget or plan. Lessee and Manager acknowledge and agree that the Annual Operating Budgets are merely forecasts of operating revenues and expenses for an ensuing year and shall be revised, by agreement of Lessee and Manager, from time to time as business and operating conditions shall demand. However, Man...
Budget Approval. With respect to any Flagging Costs for a particular Individual Property, Borrower and Leasehold Pledgor shall (or shall cause Owner or Operating Lessee to) provide a budget therefor for Lender’s approval, which approval shall not be unreasonably withheld, conditioned or delayed (provided that the requirement for such approval shall be deemed to have been waived if (I) the correspondence from Borrower or Leasehold Pledgor to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower is requesting the Lender’s approval of the proposed budget for the Franchise Agreement under Section 4.34(d) or Section 4.34(e) hereof, as applicable, and that Lender’s failure to respond to such request within five (5) Business Days following its receipt of such request shall result in such request being deemed granted, (C) is accompanied by a copy of the proposed budget (which information may be provided electronically in the form of a CD Rom or other portable electronic media enclosed with such notice) and (D) is also sent via electronic mail to Lender’s e-mail address provided by Lender to Borrower from time to time, (II) Lender shall fail to respond to such request within five (5) Business Days following its receipt of such request, (III) Borrower shall deliver to Lender a second written request for approval, which request is delivered in the same form and manner as contemplated in clause (I) above and states that Lender’s failure to respond to such request within two (2) Business Days following its receipt of such second request, shall result in such request being deemed granted, and (IV) Lender shall fail to respond to such request within such two (2) Business Day period), and which upon Lender’s approval thereof, shall constitute the Approved Flagging Budget for such Flagging Costs for such Individual Property.
Budget Approval. (i) The initial operating and capital budgets of the Company (each, an “Initial Budget”) are attached to this Agreement as Exhibit B, which budgets have been approved by the Manager and MCG. At least sixty (60) days prior to the commencement of each Fiscal Year of the Company (beginning for the Fiscal Year 2015), the Manager shall cause to be prepared and shall submit to MCG a budget in reasonable detail for such Fiscal Year. At the request of MCG, the Manager will meet with MCG, at a time and place reasonably agreed to by the parties, to discuss each proposed budget. At such meetings, the Manager shall provide to MCG back-up materials that MCG may reasonably request regarding each proposed budget. MCG shall consider such budget and shall, at least thirty (30) days prior to the commencement of the upcoming Fiscal Year, approve or reject such budget. If MCG rejects a budget, the Manager and MCG shall use diligent efforts to revise the proposed budget in form and substance satisfactory to both the Manager and MCG in their reasonable judgment. Each budget approved by MCG pursuant to this Section 9.1(f), including the Initial Budget, is hereafter called the
Budget Approval. A decision indicating approval or disapproval of the proposed budget shall be made by DHS within sixty (60) business days after submission by Provider.
Budget Approval. (i) The initial budget of the Company (the “Initial Budget”) is attached to this Agreement as Exhibit B, which budget has been approved by the Manager and MCG. At least sixty (60) days prior to the commencement of each Fiscal Year of the Company (beginning for the Fiscal Year 2014), the Manager shall cause to be prepared and shall submit to MCG a budget in reasonable detail for such Fiscal Year. At the request of MCG, the Manager will meet with MCG, at a time and place reasonably agreed to by the parties, to discuss each proposed budget. At such meetings, the Manager shall provide to MCG back-up materials that MCG may reasonably request regarding each proposed budget. MCG shall consider such budget and shall, at least thirty (30) days prior to the commencement of the upcoming Fiscal Year, approve or reject such budget. If MCG rejects a budget, the Manager and MCG shall use diligent efforts to revise the proposed budget in form and substance satisfactory to both the Manager and MCG in their reasonable judgment. Each budget approved by MCG pursuant to this Section 9.1(f), including the Initial Budget, is hereafter called the “Approved Budget.” If the Manager and MCG cannot agree on an Approved Budget for a Fiscal Year prior to January 31 of such Fiscal Year, then either MCG, on the one hand, or the Manager and the Keystone Investor (acting together), on the other hand, may initiate the buy-sell procedures under Section 10.4.
Budget Approval. The Executive Director shall present a proposed budget to the Governing Board by no later than August 1 preceding the next budget period and the Governing Board shall approve its budget by no later than September 15. Thereafter and in no event later than September 25, Participating Agencies shall be advised on the programs and objectives contained in the proposed budget, of any changes in the User Fee formula(e), and of the required financial participation for each Principal and Subscriber for the following year(s) based upon the proposed budget. Participation by each Principal and Subscriber is contingent upon subsequent legislative appropriation for the following fiscal year. Principals and Subscribers shall promptly notify Snohomish County 911 if it does not approve its budget allocation. Any Principal not approving its full budget allocation (Assessment and cost of any Additional Services it has agreed to purchase) shall be automatically converted to Subscriber status effective the first day of the budget year (whether biennial or annual) for which the Principal did not approve its budget allocation, and subject to penalty as described in Section 12.
Budget Approval. The agreement of the Parties is required to approve a proposed budget, or any amendment thereto. A Party’s approval of a budget shall not be unreasonably withheld or delayed.
Budget Approval. Owner shall approve, disapprove or comment on the proposed annual budget within thirty (30) days after Owner’s receipt of such proposed annual budget. Owner may approve, disapprove or modify any proposed annual budget in whole or in part.
Budget Approval. The holders of a majority of the Series C Preferred, Series B-1 Preferred, and Series B Preferred, voting together as a single class, in their reasonable discretion, shall have the right to approve the Budget (as delivered pursuant to Section 3.1(a)(iv)) in its entirety (and not in part) each year. If a notice of objection to the Budget is not provided to the Company by the holders of a majority of Series C Preferred, Series B-1 Preferred, and Series B Preferred, voting together as a single class, within ten (10) days after the Company has provided the Budget in any given year, such Budget will be deemed to have been accepted by the holders of the Series C Preferred, Series B-1 Preferred, and Series B Preferred.
Budget Approval. The Executive Director shall develop the proposed operating budget for the next budget period in consultation with the Operations Board. The Executive Director shall present a proposed budget to the Executive Board by no later than June 30 prior to the commencement of the budget period, together with any Operations Board’s recommendations with respect to the proposed budget. The Executive Board shall review and revise the budget as it deems appropriate; conduct a public hearing on the draft budget; approve a draft budget and forward same to Principals, all no later than August 31. The budget shall be adopted by Supermajority Vote of the Executive Board effective no later than December 15 prior to commencement of the budget period, following confirmation of the approval by the legislative authorities of Principals of each respective shares of the budget, as evidenced by resolution or other appropriate method received by Agency no later than December 1 preceding the commencement of the budget period. Failure of a Principal to approve its share of the budget before the commencement of the budget period shall result in the Agency no longer responding to Community Members in Crisis within the jurisdictional boundaries of the Principal, effective as of the first day of the budget period for which the budget was not approved.
