Common use of Capital Budgets Clause in Contracts

Capital Budgets. Manager shall, not later than sixty days prior to the Commencement Date and the commencement of each fiscal year thereafter, submit to the Management Business Board a recommended "CAPITAL BUDGET" for the ensuing full or partial fiscal year, as the case may be, for furnishings, equipment, and ordinary capital replacement items ("CAPITAL REPLACEMENTS") as shall be required to operate the Gaming Enterprise in accordance with sound business practices. The Management Business Board and Manager shall meet to discuss the proposed Capital Budget, and the Management Business Board or the objecting representatives, as applicable, shall be required to make specific written objections to a proposed Capital Budget in the same manner and within the same time periods specified in SECTION 4.9 with respect to a Budget. The failure of the Management Business Board to meet with Manager to discuss the proposed Capital Budget shall in no event affect the right of any representative on the Management Business Board to dispute the proposed Capital Budget by delivering a specific written objection as set forth below. The Management Business Board shall not unreasonably withhold its consent to any proposed Capital Budget. Unless the Management Business Board and Manager otherwise agree, Manager shall be responsible for the design and installation of Capital Replacements, subject to the Management Business Board's approval and right to inspect. Any notice that disapproves a proposed Capital Budget must contain specific objections in reasonable detail to individual line items. If the initial proposed Capital Budget contains disputed budget item(s), the Management Business Board and Manager agree to cooperate with each other in good faith to resolve the disputed or objectionable proposed item(s). If unable to reach agreement concerning any disputed or objectionable item(s) within thirty days after the date the Management Business Board or the objecting representatives, as applicable, provides written notice of its objection to Manager, either party shall be entitled to submit the dispute to arbitration in accordance with ARTICLE 15 of this Agreement. If the Management Business Board and Manager are unable to resolve the disputed or objectionable item(s) prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Capital Budget shall be deemed to be adopted and approved.

Capital Budgets. Manager shall, not later less than sixty (60) days prior to the Phase 11 Commencement Date and the commencement of each fiscal year thereafter, submit to the Management Business Board a recommended "CAPITAL BUDGETCapital Budget" for the ensuing full or partial fiscal year, as the case may be, for furnishings, equipment, and ordinary capital replacement items ("CAPITAL REPLACEMENTSCapital Replacements") as shall be required to operate the Gaming Enterprise in accordance with sound business practices. The Management Business Board and Manager shall meet to discuss the proposed Capital Budget, and the Management Business Board or the objecting representatives, as applicable, shall be required to make specific written objections to a proposed Capital Budget in the same manner and within the same time periods specified in SECTION Section 4.9 with respect to a Budget. The failure of the Management Business Board to meet with Manager to discuss the proposed Capital Budget shall in no event affect the right of any representative on the Management Business Board to dispute the proposed Capital Budget by delivering a specific written objection as set forth below. The Management Business Board shall not unreasonably withhold or delay its consent to any proposed Capital Budget. Unless the Management Business Board and Manager otherwise agree, Manager shall be responsible for the design and installation of Capital Replacements, subject to the Management Business Board's approval and right to inspect. Any To be effective, any notice that which disapproves a proposed Capital Budget must contain specific objections in reasonable detail to individual line items. If the initial proposed Capital Budget contains disputed budget item(s), the Management Business Board and Manager agree to cooperate with each other in good faith to resolve the disputed or objectionable proposed item(s). If unable to reach agreement concerning any disputed or objectionable item(s) within thirty (30) days after the date the Management Business Board or the objecting representatives, as applicable, provides written notice of its objection to Manager, either party shall be entitled to submit the dispute to arbitration in accordance with ARTICLE 15 Section 16 of this Agreement. If the Management Business Board and Manager are unable to resolve the disputed or objectionable item(s) prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Capital Budget shall be deemed to be adopted and approved.