Initial Operating Budget. The approval by the Members Committee of the budget for operating the Company for the partial calendar year and the ensuing calendar year subsequent to the satisfaction of the Conditions Precedent (the “Initial Operating Budget”) shall be one of the Conditions Precedent in Schedule 6.2. The Initial Operating Budget shall include (i) that portion of the Preliminary Construction Budget or the Construction Budget, as applicable, relating to the period covered by the Initial Operating Budget and (ii) an estimate of the costs and schedule of funds required to operate and maintain the Company and the assets of the Company during such period covered by the Initial Operating Budget.
Initial Operating Budget. On or prior to the date of this Contract, the Parties agreed to an Initial Operating Budget for the period from the Notice to Proceed through the end of Fiscal Year 2016 set forth in Exhibit W. The List of Reimbursable Major Spare Parts Costs is included in and part of the Initial Operating Budget. TSP agrees and acknowledges that, in no event, shall the list of Major Spare Parts Costs include equipment, materials or supplies required as part of the TCS Installation Work.
Initial Operating Budget. The Lender shall have received and approved the initial Operating Budget and the Loan Parties and the Lender shall have executed and delivered the letter agreement referred to in the definition of “Operating Budget” set forth in Section 1.01.
Initial Operating Budget. An initial detailed operating budget, which, at a minimum, will describe anticipated revenues, expenditures (capital and operating) and cash requirements for the first two full fiscal years of Newco (and any interim “stub” period) (the “Initial Budget Term”), will be prepared and mutually agreed upon by the Class A Holder and the Class B Holder prior to execution of the Definitive Agreements. It is anticipated that the portion of each Holder’s cash capital commitment (as specified on Annex B and Annex C) required to cover all anticipated expenditures for the first twelve months as set forth in the Initial Operating Budget will be funded at Closing; provided that for the first 24 months, during the period that DWA is funding the development of two pictures, the Class A Holder will fund 85.7% of such capital contributions and the Class B Holder will fund 14.3% of such capital contributions. Subject to the foregoing proviso, the remainder of the Holders’ cash capital commitment (which, for the avoidance of doubt, when combined with the cash capital commitment funded at Closing, will not exceed the total cash capital commitments) will be funded pro rata among the Holders in accordance with their relative cash capital commitments to cover anticipated expenditures in any future Annual Operating Budget (as defined below), with an appropriate “catch up” of funding by the Class B Holder to account for its reduced funding ratio in the first 24 months determined by dividing the remaining Class B Holder cash capital commitment by the remaining Class A Holder cash capital commitment; provided, however, that if at any point the Class A Holder is required to contribute its total cash capital commitment to fund the expenditures of Newco, the Class B Holder will be required to fund the remainder of its cash capital commitment at such time.
Initial Operating Budget. On or before the September 1 of the calendar year prior to the year in which the estimated Date of Substantial Completion of the first Plant is expected to occur, the chief executive officer of the Partnership will submit to the Board a proposed operating budget (the “Initial Operating Budget”) for the Partnership and its Affiliates for the period beginning as of such Date of Substantial Completion until December 31 of the year in which such Date of Substantial Completion occurs, which proposed Initial Operating Budget shall be in at least the same degree of detail and itemization as the Initial Three Plant Opex Budget included in Exhibit A-2 attached hereto, provided that such proposed Initial Operating Budget shall include an estimated month-by-month itemization of operational expenses of the Partnership for the period covered thereby. The proposed Initial Operating Budget submitted to the Board pursuant to this Section 5.7(b)(i) shall be subject to the approval of the Board, with the Board acting by Simple Majority. If the Board does not approve the proposed Initial Operating Budget on or before the Date of Substantial Completion of the first Plant, then the relevant period included in the Initial Three Plant Opex Budget included in Exhibit A-2 attached hereto (adjusted as appropriate in the good faith determination of the Member for major maintenance items and for inflation since the Phase 1 Project FID Date), shall be the Initial Operating Budget until such time (if any) as a revised Initial Operating Budget for the remainder of the then-current calendar year is approved by the Board, acting by Simple Majority. Without prejudice to the ability of the Partnership to make expenditures in excess of budgeted amounts in accordance with Section 5.1(d)(iv), and subject to Section 5.7(a)(ii), any proposed amendment to the effective Initial Operating Budget shall be submitted to the Board and shall be subject to the approval of the Board by Simple Majority.
Initial Operating Budget. The term "Initial Operating Budget" shall mean the Operating Budget established for the initial Operating Year, which begins with the Opening Date and ends on December 31 of the same year.
Initial Operating Budget. The Administrative Agent and the Lenders have received the initial Operating Budget required pursuant to Section 8.01(e)(i) (Operating Budgets).
Initial Operating Budget. The 2014-2015 Adopted Operating Budget will constitute the Adopted Operating Budget for the first year of the Term of this Agreement, a copy of which will be attached hereto as EXHIBIT F upon approval in accordance with the provisions of SECTION 9.2.
Initial Operating Budget. Each Lender Party has received the initial Operating Budget required pursuant to Section 5.01(f)(i) and a construction schedule in respect of Incomplete Projects.
Initial Operating Budget. An Initial Operating Budget beginning on the Guaranteed Project Completion Date through the first anniversary of the Operational Completion Date (the “Initial Operating Budget”), approved by the Independent Engineer;
