{"component": "clause", "props": {"groups": [{"size": 23, "snippet_links": [{"key": "following-the", "type": "definition", "offset": [22, 35]}, {"key": "day-of", "type": "clause", "offset": [42, 48]}, {"key": "beginning-with", "type": "clause", "offset": [79, 93]}, {"key": "commencing-on", "type": "clause", "offset": [116, 129]}, {"key": "the-administrative-agent", "type": "clause", "offset": [192, 216]}, {"key": "consolidated-basis", "type": "clause", "offset": [297, 315]}, {"key": "in-detail", "type": "clause", "offset": [380, 389]}, {"key": "fiscal-years", "type": "clause", "offset": [436, 448]}, {"key": "in-summary", "type": "clause", "offset": [458, 468]}, {"key": "each-case", "type": "definition", "offset": [478, 487]}, {"key": "the-principal", "type": "clause", "offset": [532, 545]}], "samples": [{"hash": "5XDHVCXPIbf", "uri": "/contracts/5XDHVCXPIbf#budgets", "label": "Credit Agreement (Trico Marine Services Inc)", "score": 21.0, "published": true}, {"hash": "2m4kDbpNOMP", "uri": "/contracts/2m4kDbpNOMP#budgets", "label": "Credit Agreement (Trico Marine Services Inc)", "score": 21.0, "published": true}], "snippet": "No later than 30 days following the first day of each fiscal year of Holdings (beginning with Holdings\u2019 fiscal year commencing on January 1, 2010), a budget in form reasonably satisfactory to the Administrative Agent (including budgeted statements of income for Holdings and its Subsidiaries on a consolidated basis) (i) for each of the four quarters of such fiscal year prepared in detail and (ii) for the three immediately succeeding fiscal years prepared in summary form, in each case setting forth, with appropriate discussion, the principal assumptions upon which such budget is based.", "hash": "68ffcae5dcf997b5ccefd165ff3a9093", "id": 10}, {"size": 106, "snippet_links": [{"key": "borrower-shall", "type": "clause", "offset": [0, 14]}, {"key": "and-lender", "type": "clause", "offset": [31, 41]}, {"key": "the-annual-budget", "type": 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each year, Operator will prepare and submit (following discussions with Lessee) to Lessee an annual capital budget for each Fiscal Year for each Hotel (the \u201cHotel Capital Budget\u201d). Notwithstanding the foregoing, for the Fiscal Year in which this Agreement is executed Operator shall manage the Hotels in accordance with the then existing Hotel Capital Budget. The Hotel Capital Budget will set forth all projected Capital Improvements for such Fiscal Year, which budget shall also be month-to-month as well as annual. The Hotel Capital Budget will be subject to the approval of Lessee and Owner, in their sole and absolute discretion. No later than November 1 of each year, Operator shall prepare and submit (following discussions with Lessee) to Lessee an annual marketing plan and operating budget for the operation of each Hotel for the forthcoming Fiscal Year containing detailed projections of Gross Hotel Income and budgets of Operating Expenses (the \u201cHotel Operating Budget\u201d). Notwithstanding the foregoing, for the Fiscal Year in which this Agreement is executed Operator shall manage the Hotels in accordance with the then existing Hotel Operating Budget. The Hotel Operating Budget shall be month-to-month as well as annual and shall be in the form designated by Lessee, and approved by Operator, which approval of the form shall not be unreasonably withheld. The Hotel Operating Budget and the Hotel Capital Budget shall provide for operating, equipping and maintaining the Hotel in accordance with the Hotel Standards. Contemporaneously with the submission of the Hotel Capital Budget, Operator shall submit to Lessee monthly budgeted occupancy, average daily rate and RevPAR statistics for each hotel. The Hotel Operating Budget and the monthly budgeted hotel operating statistics shall contain Operator\u2019s reasonable good faith estimates of the amounts set forth therein. Operator shall provide Lessee, upon request, all details, information and assumptions used in preparing the Hotel Capital Budget and the Hotel Operating Budget. Owner shall be responsible for implementing the Hotel Capital Budget and may, in Owner\u2019s sole discretion, increase, decrease, delete or modify in any respect any capital expenditure in any Hotel Capital Budget.\n(b) Operator shall review the Hotel Capital Budget and the Hotel Operating Budget with Lessee, and upon Lessee\u2019s written approval of the Budget, it shall constitute the Approved Budget for the succeeding Fiscal Year and shall be implemented by Operator. The Approved Budget for each Hotel shall be prepared in both dollar amounts and percentages. If Lessee objects to any portion of the Hotel Capital Budget or the Hotel Operating Budget within 30 days after receipt of the same, or to any portion of the revisions within 20 days after submission of the revisions by Operator to Lessee, the parties hereto will call a special budget meeting to resolve the points of disagreement. In the event that Lessee and Operator are unable to agree on the Hotel Operating Budget for a Hotel prior to the commencement of the applicable Fiscal Year, an interim operating budget shall be implemented which will reflect CPI increases for expenses and RevPAR increases based on the appropriate previous 12-month RevPAR growth percentage for the Competitive Set in which the Hotel is included, as published by \u2587\u2587\u2587\u2587\u2587 Travel Research, for revenue growth over the prior year\u2019s actual amounts.", "hash": "668133edaf92df53ef5ca6872f989e19", "id": 8}, {"size": 73, "snippet_links": [{"key": "following-the", "type": "definition", "offset": [22, 35]}, {"key": "day-of", "type": "clause", "offset": [42, 48]}, {"key": "fiscal-year", "type": "definition", "offset": [54, 65]}, {"key": "the-administrative-borrower", "type": "clause", "offset": [69, 96]}, {"key": "the-administrative-agent", "type": "clause", "offset": [165, 189]}, {"key": "prepared-by", "type": "clause", 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"label": "Credit Agreement (International Seaways, Inc.)", "score": 26.603012085, "published": true}], "snippet": "No later than 45 days following the first day of each fiscal year of the Administrative Borrower, a budget (statements of income) in form reasonably satisfactory to the Administrative Agent prepared by the Administrative Borrower for each fiscal month of such fiscal year prepared in detail of the Administrative Borrower and its Restricted Subsidiaries, with appropriate presentation and discussion in reasonable detail of the principal assumptions upon which such budget is based, accompanied by a certificate of a Financial Officer of the Administrative Borrower certifying that the budget is a reasonable estimate for the periods covered thereby;", "hash": "eb05b348d7e169053ad6b3236ad9de08", "id": 2}, {"size": 48, "snippet_links": [{"key": "property-manager", "type": "definition", "offset": [4, 20]}, {"key": "a-proposed", "type": "clause", "offset": [61, 71]}, {"key": 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3690]}, {"key": "in-writing", "type": "definition", "offset": [3828, 3838]}], "samples": [{"hash": "2X2pYe861P7", "uri": "/contracts/2X2pYe861P7#budgets", "label": "Property Management Agreement (American Realty Capital - Retail Centers of America II, Inc.)", "score": 25.867898941, "published": true}, {"hash": "dR63E5PmmoS", "uri": "/contracts/dR63E5PmmoS#budgets", "label": "Property Management Agreement (American Finance Trust, Inc)", "score": 25.6830940247, "published": true}, {"hash": "aYOkxH93JGW", "uri": "/contracts/aYOkxH93JGW#budgets", "label": "Property Management Agreement (American Realty Capital - Retail Centers of America II, Inc.)", "score": 25.6762485504, "published": true}], "snippet": "The Property Manager shall prepare and submit to the Company a proposed operating and capital budget, including an itemized statement of the estimated receipts and disbursements in reasonable detail, which shall include, without limitation, reasonable detail as to employee expenses to be reimbursed to the Property Manager for the operation, repair and maintenance of each of the Properties (each a \u201cBudget\u201d), in each case for the calendar year immediately following such submission. Each Budget will be in the form approved by the Company prior to the date thereof. Thereafter, on or before the date specified each year by the Company (but not later than November 1st), the Property Manager shall prepare and submit to the Company preliminary Budgets for the next calendar year followed by final Budgets for the next calendar year, incorporating any reasonable changes requested by the Company. Such Budgets shall: (A) be prepared in accordance with the Company\u2019s accounting system, (B) be prepared on a cash or modified cash basis, as directed by the Company, and (C) show a month by month projection of income, expenses, capital expenditures, reserves, and other non-recurring items. In connection with any acquisition of a Property by the Owner, the Property Manager will prepare a Budget for such Property for the remainder of the calendar year. The Company will approve or disapprove each Budget within a reasonable time after the receipt of same, but not later than thirty (30) days after the submission thereof to the Company. The Property Manager will make any reasonable changes to each Budget that are requested by the Company. At such time as the Company shall request, which in no event shall exceed three (3) requests per calendar year, the Property Manager shall submit to the Company for its approval an updated Budget incorporating such changes as shall be necessary to reflect cost over-runs and the like or other changes occurring subsequent to the prior Budget during such period. If the Company does not disapprove of such revised Budget within 30 days after receipt thereof by the Company, such Budget shall be deemed approved. If the Company shall disapprove of any such Budget, the Property Manager shall submit a revised Budget, as applicable, within ten (10) days of receipt of notice of disapproval, and the Company shall have ten (10) days to provide notice to the Property Manager if it disapproves of any such further revised Budget. The Property Manager shall implement each Budget and use its commercially reasonable efforts to ensure that the actual cost of operating each Property shall not exceed the applicable Budget. The Budgets shall constitute an authorization for the Property Manager to expend necessary monies to manage and operate the Properties in accordance with the respective Budgets and subject to the provisions of this Property Management Agreement until subsequent Budgets are approved. The approval of non-recurring costs and capital improvements in a Budget shall constitute an authorization for the Property Manager to collect bids for the expenditure and present a final recommendation to the Company for expenditure of monies to implement such items called for in such Budget. The Property Manager shall provide supporting information reasonably requested by the Company in connection with their review of any Budget submitted by the Property Manager for its review. Without affecting any other limitation imposed by this Property Management Agreement and except as may be expressly provided to the contrary elsewhere in this Property Management Agreement, the Property Manager shall secure the prior written approval of the Company prior to incurring any liability or obligation for any item in excess of $10,000 that is not reflected on the applicable Budget approved in writing by the Company.", "hash": "35cf7e52c1ddb00b82f46b38daadaf3b", "id": 3}, {"size": 45, "snippet_links": [{"key": "day-of", "type": "clause", "offset": [34, 40]}, {"key": "financial-year", "type": "clause", "offset": [46, 60]}, {"key": "party-b", "type": "clause", "offset": [64, 71]}, {"key": "form-satisfactory", "type": "clause", "offset": [85, 102]}, {"key": "to-party-a", "type": "clause", "offset": [103, 113]}, {"key": "sources-and-uses-of-cash", "type": "clause", "offset": [159, 183]}, {"key": "balance-sheets", "type": "clause", "offset": [188, 202]}, {"key": "prepared-by", "type": "clause", "offset": [204, 215]}, {"key": "statement-of", "type": "clause", "offset": [306, 318]}, {"key": "the-chief-financial-officer", "type": "definition", "offset": [319, 346]}, {"key": "the-budget", "type": "definition", "offset": [408, 418]}, {"key": "reasonable-estimate", "type": "clause", "offset": [424, 443]}, {"key": "period-covered", "type": "definition", "offset": [452, 466]}], "samples": [{"hash": "2yxpgdHevH", "uri": "/contracts/2yxpgdHevH#budgets", "label": "Consulting Services Agreement (International Packaging & Logistics Group Inc.)", "score": 27.680355072, "published": true}, {"hash": "dp23yf4v1Fj", "uri": "/contracts/dp23yf4v1Fj#budgets", "label": "Consulting Services Agreement (Advanced Battery Technologies, Inc.)", "score": 22.6180706024, "published": true}, {"hash": "aZJ50YmtzP6", "uri": "/contracts/aZJ50YmtzP6#budgets", "label": "Exclusive Management Service and Business Consulting Agreement (Sino Assurance Inc.)", "score": 22.6043796539, "published": true}], "snippet": "At least 90 days before the first day of each financial year of Party B, a budget in form satisfactory to Party A (including budgeted statements of income and sources and uses of cash and balance sheets) prepared by Party B for each of the four financial quarters of such financial year accompanied by the statement of the chief financial officer of Party B to the effect that, to the best of his knowledge, the budget is a reasonable estimate for the period covered thereby.", "hash": "5a376c6381d44d79c0335d8c5c3cf506", "id": 4}, {"size": 36, "snippet_links": [{"key": "days-after", "type": "definition", "offset": [10, 20]}, {"key": "commencement-of", "type": "clause", "offset": [25, 40]}, {"key": "fiscal-year", "type": "definition", "offset": [46, 57]}, {"key": "budget-of", "type": "clause", "offset": [77, 86]}, {"key": "prepared-by", "type": "clause", "offset": [157, 168]}, {"key": "management-of-the-borrower", "type": "clause", "offset": [169, 195]}, {"key": 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