Interim Budget Clause Samples
The Interim Budget clause establishes a temporary financial plan to cover expenses during a transitional period, such as between fiscal years or while a full budget is being finalized. It typically outlines the scope of permissible expenditures, sets spending limits, and specifies the duration for which the interim budget is valid. This clause ensures that essential operations can continue without interruption, preventing delays or disruptions due to the absence of an approved comprehensive budget.
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Interim Budget. Within five (5) Business Days after Tenant from time to time delivers to Landlord an updated Preliminary Space Plan, including Tenant’s delivery of any such updated Preliminary Space Plan at the meetings described in subparagraph (a) above, but no more frequently than once during any two (2) week period, Landlord shall deliver an updated Preliminary Budget (an “Interim Budget”). Tenant shall have a Tenant’s Review Period to review any such Interim Budget, subject to Tenant’s Review Standard. In the event of an unresolved objection relating to any Interim Budget, such disagreement shall be resolved by convening the meeting described in Section 17.3.7; provided, however, any such dispute shall in no event be referred to the arbitration described in Section 17.8.
Interim Budget. API acknowledges that NCL is and shall --------------- continue to incur debts as a result of ongoing capital expenditures and operating costs for the Subject Companies which borrowings shall be repaid from the New Cash Capital. Prior to the execution of this Agreement, the Parties hereto shall have executed a written budget (the "Budget") with respect to the operating budget of API for the six (6) months following the execution of this Agreement. Under this Budget, it is shall be understood that NCL may borrow money to pay any and all expenses comprising ongoing capital expenditures and operating costs for the Subject Companies during that six month period, however, when and if API raises the New Cash Capital pursuant to Section 2.1 herein, NCL shall be entitled to reimbursement of all monies advanced to the Subject Companies plus interest in an amount equal to LIBOR plus 1.5% payable upon receipt of the New Cash Capital in the New Cash Account. Expenditures in excess of the Budget shall be subject to prior approval of the Board of New API. A copy of the Budget is attached hereto Schedule 4.2.
Interim Budget. The Company’s Executive Committee shall work together with the Parties to develop, within the next 30 (thirty) days, the first Company’s budget, which shall refer exclusively to the period between the Company’s incorporation date and the date when the JV Plant would start to be built, as provided by Section 3.9. This interim budget shall be submitted for the approval of the Board of Directors as soon as practically possible after the approval of the Executive Committee, but in any case within 45 (forty-five) days from the date hereof. The approved interim budget will be superseded by the budget that shall be prepared and approved for the construction of the JV Plant, subject to the provisions of the Shareholders’ Agreement applicable to the Company’s budget.
Interim Budget. The Board shall, within one hundred and twenty days (120) days of the Effective Date of this Agreement, approve an interim budget, which shall constitute the operating budget until the Annual Budget is adopted.
Interim Budget. The Agent and the Lenders shall have received from the Borrower the Interim Budget.
Interim Budget. Within thirty (30) days after the delivery of the Interim Reserve Report provide, the Borrower’s (A) operating budget, (B) capital expenditures budget (including a drilling and completion capital budget setting forth in reasonable detail, the projected drilling and development plan, related drilling and completion costs and the anticipated well performance and anticipated internal rates of return with respect to each budgeted drilling and completion project, in each case, as prepared in good faith by the Borrower based on assumptions believed by the Borrower to be reasonable at the time such budget is provided) and (C) financial forecasts, including cash flow projections covering proposed fundings, repayments, additional advances, investments and other cash receipts and disbursements, in each case, for the following two fiscal quarters in a format reasonably consistent with budgets, projections and forecasts theretofore provided to Lenders and shall be in form and substance reasonably satisfactory to the Lead Lenders, and promptly following the preparation thereof, material updates to any of the foregoing from time to time prepared by management of the Borrower.