Budget Approval Process. Property Manager shall submit by September 1st of each year during the term hereof (or such other date as Owner may request) a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Property during the next Fiscal Year, including, without limitation, all estimated rentals (including fixed, percentage and escalation rents) and all estimated repairs, maintenance and capital projects (“Budget”) for the ensuing Fiscal Year. Property Manager shall submit the preliminary budget to Owner within 15 days after the date hereof for the remainder of the Fiscal Year beginning on the date of this Agreement. A “Fiscal Year” is a calendar year all or part of which falls within the term of this Agreement. In the event Owner, in Owner’s sole judgment, disapproves of any proposed Budget submitted by Property Manager, Owner shall give Property Manager written notice thereof in which event Property Manager shall make all revisions thereto which Owner shall direct. Property Manager shall resubmit the revised proposed Budget to Owner for approval. Until Owner has approved the revised approved Budget, Property Manager may continue to operate pursuant to the last approved Budget except for increased expenses relating to taxes, insurance and utilities which should be paid on a current basis. In the absence of any written notice of approval within 60 days after delivery of a proposed Budget to Owner, the proposed Budget shall be deemed to have been approved by Owner.
Budget Approval Process. Property Manager shall submit by September 1st of each year during the term hereof (or such other date as Owner may request) a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Property during the next Fiscal Year, including, without limitation, all estimated Initials: PM /s/ RY Owner
Budget Approval Process. Property Manager shall submit for approval of Owner not later than 30 days after the date of this Agreement a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Project for first full or partial Fiscal Year (as hereinafter defined), including, without limitation, all estimated rentals and all estimated repairs, maintenance and capital projects (the “Budget”) for such Fiscal Year. In addition, Property Manager shall submit a Budget for each ensuing Fiscal Year for the approval of Owner not later than thirty (30) days prior to the expiration of the Fiscal Year immediately preceding the Fiscal Year to which such Budget relates. A “Fiscal Year” is a calendar year, all or part of which falls within the Term of this Agreement. In the event Owner, in Owner’s sole judgment, disapproves of any proposed Budget submitted by Property Manager, Owner shall give Property Manager written notice of the line items that have been disapproved, in which event Property Manager and Owner shall work in good faith to establish mutually-acceptable amounts for such line items. Until Owner has approved the revised Budget, Property Manager may (i) pay the Management Fee (as hereinafter defined) and all expenses relating to taxes, insurance and utilities, (ii) operate pursuant to those portions of the Budget which have been approved, and (iii) with respect to line items that have not been approved, continue to operate pursuant to the corresponding line items in the last approved Budget. In the absence of any written notice from Owner of disapproval within 30 days after delivery of the proposed Budget to Owner, the proposed Budget shall be deemed to have been approved by Owner.
Budget Approval Process. Within sixty (60) days following the Closing Date and, thereafter, prior to the end of each calendar year during the term of the Loan, Lessee shall, or shall cause Manager to, submit to Noteholder, a proposed annual operating and capital expenditures budget for the Assisted Living Facilities for the following calendar year. Such budget shall provide detail on a month-by-month basis for all Operating Revenues, Operating Expenses and capital improvement requirements (and is referred to herein as the "BUDGET"). The Noteholder shall have the right to reasonably approve or disapprove the Budget and Lessee shall change or cause such changes to be made to the Budget as are reasonably necessary to obtain Noteholder's reasonable approval. Once the Noteholder approves such Budget, it shall become effective for the next calendar year subject to the provisions below. If the Noteholder has not approved the Budget on or prior to December 31 of the calendar year which is about to expire, the projections for the new calendar year as set forth on SCHEDULE 4.10 subject to such adjustments as are necessary to achieve, in the most economic fashion, compliance with all applicable Legal Requirements, shall be deemed to be the Budget during such new calendar year until such time as the Noteholder approves the new Budget. Lessee shall notify Noteholder of any proposed changes to the Budget (following final approval thereof as aforesaid) which contemplate or result in a change in projected Net Operating Income of more than ten percent (10%), and any such proposed change shall be subject to Noteholder's prior written approval as provided above. Following the Closing Date and until approval of the Budget as described above, the projections attached hereto as SCHEDULE 4.10 shall be deemed to be the Budget. Pursuant to the Trust Agreement, the Noteholder has delegated certain rights to the Controlling Party as more fully set forth therein. Lessee agrees that if, at any time, Noteholder shall become the Controlling Party or if the Trust Agreement shall cease to be in effect, then as of such event and for so long thereafter as such event shall continue, Noteholder shall, in addition to its foregoing rights of approval, be entitled to review the then current Budget, notwithstanding that the same may already have been approved in accordance with the above provisions and the Trust Agreement. In connection with such review, Noteholder shall be entitled to request, and Lessee shall effect, s...
Budget Approval Process. As the Project Agreement Committee’s work plan is adjusted, the Project Agreement Committee will forecast both an estimated cost at the end of each f iscal year and at the end of Phase 1 . The work plan shall be maintained to serve as the basis for preparing a fiscal year’s operating budget and revised Phase 1 budget target. The Project Agreement Committee and Authority shall cooperate on the development of each fiscal year budget to ensure the scope and effort of shared activities (e.g. engagement) align and to ensure adequate reserves are maintained and resource plans are in place to ensure adequate staffing levels can be committed to perform the work. At least 2 months prior to the end of each fiscal year, the Project Agreement Committee shall adopt a fiscal year operating budget and revised Phase 1 budget target and present them to the Authority. The Authority shall incorporate them along with budgets developed by other Project Agreement Committees (as appropriate) to approve at the project- level ( 1 ) a f iscal year operating budget and (2) a Phase 1 budget target. Should this process result in changes in the total funding amount listed in Table 1 above or Attachment 1 of Exhibit B, Attachment 1 of Exhibit B will be amended by written acknowledgement of each of the Project Agreement Members, which will supersede the amounts shown in Table 1 and Attachment 1 of Exhibit B to calculate each Members funding contribution, which is based on both the Participant’s Percentage and Actual Weighted Vote (refer to Agreement, Exhibit A1).
Budget Approval Process. (a) Borrower agrees to provide to Lender Group its Proposed Budget no later than two Business Days before the Weekly Conference Call. Borrower further agrees to make available for the Weekly Conference Call such representatives as Agent may reasonably request to review the items listed on the Proposed Budget.
Budget Approval Process. A. When the annual institutional budget process begins:
Budget Approval Process. Manager shall submit by November 15th of each year during the term hereof an estimated budget detailing all projected revenues and expenses for the operation of the Property during the next calendar year. Manager shall prepare such budget in the form and with such detail as reasonably required by Owner. Owner shall, within thirty (30) days after receipt of such budget, notify Manager of its approval or disapproval of such budget. Owner's failure to timely respond shall be deemed Owner's approval of such budget. In the event Owner disapproves of any proposed budget, Manager shall make all revisions thereto which Owner shall direct. Manager shall promptly resubmit the revised proposed budget to Owner for approval and upon such approval, or deemed approval as provided above, such budget shall be the "APPROVED BUDGET" for such calendar year. Until a proposed budget is approved, Manager shall continue to operate the Property pursuant to the Approved Budget for the prior calendar year except for increased expenses relating to taxes, insurance, then existing financing and utilities which shall be paid on a current basis.
Budget Approval Process. On or before August 31 of each year, each Party shall submit to the Board, or, if designated by the Board, the Fire Chief, a statement of such Party's anticipated Proportionate Share for the upcoming fiscal year and appropriate documentation identifying the basis for such anticipated amount. On or before September 1 of each year, the Fire Chief shall submit to the Board any such Party statements and documentation received by the Fire Chief, and a statement of anticipated expenditures for the upcoming fiscal year. Commencing September 1, or upon receipt of all Parties' anticipated Proportionate Share statements and the Fire Chief's statement of anticipated expenditures, whichever shall first occur, the Board shall prepare a preliminary draft of the Authority's upcoming fiscal year budget. On or before October 1 of each year, the Board shall submit to each Party the preliminary draft of the Authority's upcoming fiscal year budget. Each Party shall have until October 14 to provide to the Board written comments on the preliminary draft budget. Commencing October 15, or upon receipt of all Parties' comments, whichever shall first occur, the Board shall prepare a final draft of the Authority's upcoming fiscal year budget, subject to minor revisions required as a result of the Assessor's certification of the final assessed values in December. The final draft budget shall be submitted to the Parties on or before November 15. A Party shall be deemed to have approved the final draft of the Authority's upcoming fiscal year budget (including any minor revisions required as a result of the Assessor's certification of final assessed values in December), unless the Party disapproves the final draft budget in accordance with paragraph 7(a)(iv) below.
Budget Approval Process. The VA Coordinator shall provide to each Municipality, through the respective Party Representative, the annual Budget for the Unit on or before August 1 for each Municipality’s review and approval. The proposed annual Budget presented to the Municipalities for approval shall include a contingency line item equal to ten percent (10%) of the Unit’s total Budget. Each Municipality shall review the Budget and approve the same in its sole discretion through the means set forth in that Municipality’s laws, ordinances, policies, and practices. No Municipality shall be required to approve the Budget in whole or in part. A Municipality, at its sole discretion, may provide a financial contribution greater than that determined by Formula.
