Budget Deadlock Sample Clauses

A Budget Deadlock clause defines the procedures and consequences that apply when parties cannot agree on a budget within a specified timeframe. Typically, this clause outlines steps such as temporary continuation of prior budgets, escalation to higher management, or even suspension of certain obligations until a new budget is approved. Its core function is to ensure continuity and provide a clear process for resolving impasses, thereby minimizing disruption to ongoing operations when budget negotiations stall.
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Budget Deadlock. In the event that the Board fails to approve (pursuant to Section 4.8) with a Majority Director Vote any Budget on or before March 31st of each year (a “Budget Deadlock”), then the chief executive officers (or other appropriate officers) of each Founding Member shall meet during a period of the next 30 calendar days to discuss the reasons for such Budget Deadlock and to consider solutions to resolve such Budget Deadlock. If the Board approves the proposed Budget (with or without modifications and pursuant to Section 4.5(a)) during such 30-day period, then such proposed Budget (with such modifications as may have been so approved by the Board) will become the Budget for the next one-year period covered thereby, subject to the right of the Board to make further modifications thereto. If no resolution can be reached within such 30-day period, then the Budget for the immediately preceding year shall, by default, remain in effect for such year, subject to any other subsequent determination by the Board pursuant to a Majority Director Vote; provided that, if any Founding Member provides notice as set forth in Section 9.1, then such Founding Member shall have the right to withdraw from the Company as a Member in accordance with Section 9.1.
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Budget Deadlock. If the Management Committee does not approve an Operating Budget or a Capital Expense Budget, or a quorum is not obtained at a Management Committee meeting at which an Operating Budget or Capital Expense Budget was to be considered and no quorum is obtained for thirty (30) days after adjournment or postponement of any such meeting (in either case, a "Budget Deadlock"), then for the forthcoming Fiscal Year, until the Management Committee approves the applicable budget for such Fiscal Year, (a) the Operating Budget for the next succeeding Fiscal Year shall be equal to the Operating Budget applicable to the then ending Fiscal Year, plus such amounts in excess of the prior Fiscal Year's budgeted amounts necessary for the payment of taxes and other items not within the reasonable control of the Company as well as increases in contract services and personnel costs to the extent required to operate and maintain the Project in accordance with the Operating Standard, but in no event in excess of five percent (5%) of the prior Fiscal Year's Operating Budget and/or (b) the Capital Expense Budget proposed for the next six (6) year period shall not be implemented and the Capital Expense Budget previously approved by the Management Committee shall remain in full force and effect for the period covered thereby until resolution of the Budget Deadlock. No Representative on the Management Committee may object to a Capital Expense to be incurred in the then current Fiscal Year in a proposed Capital Expense Budget if that expense was previously approved by the Management Committee in the Capital Expense Budget for such Fiscal Year.
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Budget Deadlock. If the Management Committee fails to approve an Operating Budget or a Capital Expense Budget for a Fiscal Year (in either case, a “Budget Deadlock”) and such Budget Deadlock shall not be resolved prior to any deadline set forth in Section 5.4.2 of the Participation Agreement, pending the outcome of such Dispute, the Project Operator shall implement the Operating Budget or Capital Expense Budget, as applicable, for a particular Fiscal Year previously approved by the Management Committee as part of the (i) five (5) year rolling Operating Budget process or (ii) the five (5) year rolling Capital Expense Budget process, plus the amount of any additional Operating Expenses or Capital Expenses, as applicable, as recommended in good faith by the Project Operator as being necessary in order for the Facility to be operated so as to meet the requirements of Applicable Law, Prudent Industry Practice, the Operating Standards and the requirements of this Agreement. No Owner may refuse to pay its Percentage of an Operating Expense or a Capital Expense to be incurred in the then current Fiscal Year if such Operating Expense or such Capital Expense was previously approved by the Management Committee in the Operating Budget or the Capital Expense Budget, as appropriate, for such Fiscal Year or any additional Operating Expense recommended by the Project Operator as provided above pending resolution of the Budget Deadlock.
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Budget Deadlock. If by December 1 prior to any Operating Year after the Effective Date, the Management Committee does not vote to approve a Final Budget for the next Operating Year (a “Budget Deadlock”), then for the forthcoming Operating Year, until the Management Committee votes to approve such Budget, the unapproved budget proposed will not be implemented, but the Final Budget for such Operating Year previously approved by the Management Committee as part of the five (5) year rolling Final Budget process will remain in full force and effect until the Management Committee votes to approve a new Final Budget. If the applicable Operating Year is not covered by a Final Budget, then to the extent necessary, until a new Final Budget is approved, the Operating Expenses within the Final Budget currently in effect as adjusted by changes in the Inflation Factor from the commencement of the then-current Operating Year will continue in effect, plus the cost of Capital Improvements that are required for the Project to be maintained so as to meet the requirements of Applicable Law.
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Budget Deadlock. If the Members fail to agree unanimously as to a Program and Budget (such failure hereinafter referred to as a “Deadlock”), the Members will endeavor to resolve the Deadlock through good-faith discussions and (i) during a Deadlock occurring prior to the Final Investment Decision, the Company shall be operated pursuant to a budget which is consistent with Exhibit H, and (ii) during a Deadlock occurring after a Positive Final Investment Decision, the Company shall be operated pursuant to a budget which is consistent with the Life of Mine Plan.
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Budget Deadlock. Subsequent to the initial Operating Budget, no later than ninety (90) days prior to the Fiscal Year for which a Budget is to be effective, if the Management Committee fails to approve an Operating Budget or a Capital Expense Budget for such Fiscal Year (in either case, a "Budget Deadlock"), then for the forthcoming Fiscal Year, the matter shall be deemed a Specified Technical Dispute and promptly resolved pursuant to Article
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Related to Budget Deadlock

  • Removal After Your Tax Filing Deadline If you are correcting an excess contribution after your tax filing deadline, including extensions, remove only the amount of the excess contribution. The six percent excess contribution penalty tax will be imposed on the excess contribution for each year it remains in the IRA. An excess withdrawal under this method will only be taxable to you if the total contributions made in the year of the excess exceed the annual applicable contribution limit.

  • Deadlock Unless otherwise expressly set forth herein, in the event the Members are unable to reach agreement on or make a decision with respect to any matter on which the Members are entitled to vote, the matter shall be subject to the Internal Dispute Resolution Procedure described in Article 13 hereof.

  • Removal Before Your Tax Filing Deadline An excess contribution may be corrected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for which the excess contribution was made. An excess withdrawn under this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoided.

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

  • Effective Date of Dissolution Any dissolution of the Company shall be effective as of the date on which the event occurs giving rise to such dissolution, but the Company shall not terminate unless and until all its affairs have been wound up and its assets distributed in accordance with the provisions of the Act and the Certificate is cancelled.