Capital Expenditure Budgets Sample Clauses
Capital Expenditure Budgets. As soon as practical after the Commencement Date (but in any event notNot later than twenty (20) days prior toafter the Commencement Date if the Trust has elected the Return Option or the Service Contract Option) and on or before December 1 of each Contract Year thereafter, the Operator shall submit to the Trust a budget (the “Capital Expenditure Budget”) setting forth an estimate of amounts expected to be expended for Modifications and capital repairs to be made pursuant to this Agreement, and related Construction Costs during the following Contract Year, together with an estimated cash flow schedule. Each Capital Expenditure Budget shall be sufficiently detailed and supported to allow the Trust effectively to review and consider whether to approve such Capital Expenditure Budget pursuant to Section 4.1, and shall set forth the items of Construction Cost and the amounts expected to be expended therefor in each month during the remainder of the then current Contract Year and each quarter thereafter, in the case of the initial Capital Expenditure Budget, or in each quarter during the Contract Year next following, in the case of subsequent Capital Expenditure Budgets. Every Capital Expenditure Budget shall be subject to approval by the Trust; provided, however, that, subject to Section 4.1, each Capital Expenditure Budget approved by the Trust may be changed by the Operator from time to time as necessary or advisable in accordance with Prudent Industry Practice. The decisions of the Operator in making changes to a Capital Expenditure Budget pursuant to the preceding sentence shall be subject to the approval of the Trust; provided, however, that any such changes that do not require additional expenditures in any Contract Year in excess of $500,000 shall not be subject to approval of the Trust. In order to enable the Trust to exercise its judgment as permitted by paragraph (e) of Section 4.1, the Operator shall give to the Trust notice of any decision by the Operator required to be approved under Section 4.1(e) a reasonable time (but in no event less than thirty (30) days) prior to the presentation thereof to the Trust for its decision.
Capital Expenditure Budgets. Agent shall prepare with the assistance of the asset manager for the Project, if any, and submit to Owner on a quarterly basis, for approval by Owner, a proposed pro forma budget which shall set forth in reasonable detail each line item of anticipated capital expenses for the next succeeding calendar quarter (the “Quarterly Capital Expenditure Budget”). Agent shall not make any capital expenditures except for capital expenditures (i) budgeted for in the approved Quarterly Capital Expenditure Budget to the extent the cost will not exceed 105% of the budgeted cost, (ii) required to be made as a result of an emergency situation; provided, however, that Agent shall cause prompt notice to be given to Owner of such emergency situation, and (iii) not provided for in the approved Quarterly Capital Expenditure Budget which do not have a cost in excess of $10,000, in the aggregate for any calendar quarter.
Capital Expenditure Budgets. The Company shall adopt annual capital expenditure budgets which meet the following requirements: (A) set forth reasonable and appropriate levels of expenditure consistent with the mutual intent of Buyer and each Shareholder to increase the sales volume and EBIT of the Company; and (B) divide the expenditures in two levels of priority and the following three categories: (I) continuing the operation of the business as currently operated; (II) growth of sales and/or cost reduction; and (III)
Capital Expenditure Budgets. The Lenders shall have received a budget of the Capital Expenditures of the Borrower and its Subsidiaries for each year of the term of this Agreement.
Capital Expenditure Budgets. The Agent shall have received and approved capital expenditure budgets for each of the Real Estate Assets, in form and substance satisfactory to the Agent.