Operating Budget and Capital Budget. In order to inform MPC as to the operating and capital expenditures contemplated for a forthcoming Calendar Year, to obtain MPC’s approval in respect thereof and to provide the authority to Operator to make certain extraordinary expenditures, an expense budget, a capital budget and a forecasted statement of income and cash flow shall be prepared annually for the Systems in consultation with MPC and presented to MPC for approval and utilized in accordance with the following:
Operating Budget and Capital Budget. (i) At least thirty (30) days prior to the Construction Completion Date, adopt an Operating Budget and a Capital Budget for the period from such date to the conclusion of the then current fiscal year (and for each month during such period) (the “Initial Operating Budget” and the “Initial Capital Budget”, respectively), and, no less than ten (10) days in advance of the beginning of each fiscal
Operating Budget and Capital Budget. The Board will cause to be prepared an annual operating budget ("Operating Budget") and an annual capital expenditures budget ("Capital Budget") (collectively, the "Annual Budgets") for each fiscal year of JVCO, commencing with the fiscal year ending December 31, 2000, on or before ninety (90) days prior to the commencement of such fiscal year. The Board will review the Annual Budgets which will not be effective until unanimously approved by the Board. Should the Board be unable to agree on the Annual Budgets for any fiscal year, the Annual Budgets for the preceding fiscal year will remain in effect for a maximum of ninety (90) days at a level not less than one hundred percent (100%) of each of the Annual Budgets for the prior fiscal year, during which time the Board will use all reasonable efforts to agree upon the Annual Budgets for the period in question. The initial Annual Budgets for the Fiscal Year ending December 31, 2000 will be prepared no later than forty-five (45) days after the Effective Date and submitted to the Board for its consideration. The Operating Budget will set forth in reasonable detail (a) the authorized expenses on a quarterly basis of each functional area of JVCO, (b) estimated revenue by product and distribution channel on a quarterly basis, (c) a projected profit and loss statement for the fiscal year on a quarterly basis, (d) a projected balance sheet as of each quarter of each fiscal year, (e) a schedule of projected cash flow, including estimated Party and capital contributions for each quarter of each fiscal year and (f) any other information any member of the Board may reasonably request. The Capital Budget will set forth and itemize in reasonable detail amounts to be committed or expended on a quarterly basis for equipment, leasehold improvements and other capitalized items and any other items as any member of the Board may reasonably request.
Operating Budget and Capital Budget. In order to inform HST as to the operating and capital expenditures contemplated for a forthcoming Calendar Year, to obtain HST’s approval in respect thereof and to provide the authority to Operator to make certain extraordinary expenditures, an expense budget, a capital budget and a forecasted statement of income and cash flow shall be prepared annually for the Systems in consultation with HST and presented to HST for approval and utilized in accordance with the following:
Operating Budget and Capital Budget. Upon request of the Investor Member, the annual operating budget and the capital budget for the Project (the “Budget”) shall be prepared by the Managing Member and submitted to the Investor Member for its review at least thirty (30) days prior to the proposed effective date of such Budget; any such proposed Budget shall be subject to the Consent of the Investor Member before they become effective. Such Budget shall specifically provide for all budget expenses in all major categories, including, but not limited to, administration, operation, repairs and maintenance, utilities, capital improvements, taxes, insurance, interest and all budgeted expenses. In the event that the Investor Member has requested to review the proposed Budget, the review and approval of the Budget by the Investor Member, or its objections to the Budget, shall be made and delivered to the Managing Member within twenty (20) days of the Investor Member’s receipt of the proposed Budget. After commencement of the fiscal year covered by such Budget, the Managing Member shall notify the Investor Member in writing of any proposed modification in the allocation of funds among the specific categories in the Budget approved by the Investor Member by more than (i) the greater of 10% or $2,500 in any category, or (ii) more than 5% of the overall Budget.
Operating Budget and Capital Budget. (a) Attached to this Agreement as Exhibits B and C are the Capital Budget (which includes the Expansion Projects described on Exhibit E to the Gathering Agreement) and Operating Budget prepared by Operator in connection with operations on or with respect to Gatherer’s Systems for the period between the Effective Date and the end of Gatherer Fiscal Year 2010, which Capital Budget and Operating Budget have been approved by Gatherer.
Operating Budget and Capital Budget. The annual operating budget and the capital budget for the Property (the “Budget”) shall be prepared by the Managing Member (or by the Property Manager under the Property Management Agreement) and submitted to each Investor Member at least on an annual basis.
Operating Budget and Capital Budget
