Operating Programs and Budgets Sample Clauses
Operating Programs and Budgets. The Operating Member shall submit a draft Program and Budget for Operations, which shall cover Operations of Nevada JV and its subsidiaries, to the Board for each Calendar Year not later than October 15th of the preceding Calendar Year. Each such Program and Budget, referred to as an “Operating Program and Budget”, shall contain the following, on a life-of-mine basis where applicable:
(A) a description of the proposed Mining Operations;
(B) a description of any proposed plan for Exploration;
(C) a detailed estimate of all costs by category, including Nevada JV Capital Costs, plus a reasonable allowance for contingencies;
(D) an estimate of the quantity and quality of the ore to be mined and the Products to be produced;
(E) an estimate of revenues to be received by Nevada JV and its subsidiaries from the sale of Products and the sale, if any, of excess power generated by any power arrangements; and
(F) such other facts as may be necessary pursuant to Section 5.7(a) or to illustrate the results intended to be achieved by the Operating Program and Budget.
Operating Programs and Budgets. The operations of the Partnership shall be conducted, expenses shall be incurred, and assets shall be acquired pursuant to “Budgets” and “Programs” prepared by OCI and provided to the Partners in accordance with this Section 5.8(a). Except as provided in Sections 5.8(a)(iii) and 5.8(a)(iv) hereof, the approval of the Partnership Committee shall be required prior to any action that is materially inconsistent with any current Budget or Program.
(i) In accordance with Section 8.4 hereof and Exhibit A hereto, OCI will prepare and provide to the Partners an annual budget and a three-year plan setting forth such assumptions and forecasts as are required to review the status of the business and determine future capital requirements (such annual plan and three-year plan herein referred to together as the “Budget”). OCI shall prepare and provide to the Partners “Programs” for all planned capital expenditures whether or not such capital expenditures were specifically described in the Budget. Such “Programs” shall be presented with description, justification, and spending plans in the form customarily used by OCI Enterprises, Inc.
(ii) Within 45 days after a proposed Budget or Program is provided to the Partners, each Partner shall provide to the Partnership Committee:
(A) Notice that such Partner endorses the proposed Budget or Program; or
(B) Proposed modifications to the proposed Budget or Program. If any Partner provides proposed modifications to a proposed Budget or Program in accordance with this Section 5.8(a)(ii), OCI shall give serious consideration to such proposals and make such changes in the proposed Budget or Program as it deems appropriate within its discretion.
(iii) Programs for capital expenditures will be approved by the Partnership Committee. Authority for approval by the Partnership Committee is delegated as follows:
(A) Programs for which the anticipated total spending will equal or exceed One Million Dollars require specific approval of the Partnership Committee.
(B) Programs estimated to cost in excess of the Approval Amount and less than $1,000,000 and included in the Budget shall be recommended by the Partnership’s officers and provided to NRP TRONA (and with respect to which NRP TRONA may propose modifications in the manner provided in Section 5.8(a)(ii) hereof), and approved by OCI.
(C) Programs estimated to cost less than the Approval Amount and included in the Budget are to be approved by OCI with information copy of approval to be provi...
Operating Programs and Budgets. The operations of the Company shall be conducted, expenses shall be incurred, and assets shall be acquired pursuant to “Budgets” and “Programs” prepared by OCI and provided to the Members in accordance with this Section 5.8(a). Except as provided in Sections 5.8(a)(iii) and 5.8(a)(iv) hereof, the approval of the Board shall be required prior to any action that is materially inconsistent with any current Budget or Program.
Operating Programs and Budgets. The Operating Member shall submit a draft Program and Budget for Operations, which shall cover operations of Nevada JV, to the Board for each Calendar Year not later than October 15th of the preceding Calendar Year. Each such Program and Budget, referred to as an “Operating Program and Budget”, shall contain the following:
(A) a description of the proposed Mining Operations;
(B) a description of any proposed plan for Exploration;
(C) a detailed estimate of all costs by category, including Nevada JV Capital Costs, plus a reasonable allowance for contingencies;
(D) an estimate of the quantity and quality of the ore to be mined and the Products to be produced;
(E) an estimate of revenues to be received by Nevada JV from the sale of Products and the sale, if any, of excess power generated by any power arrangements; and
(F) such other facts as may be necessary pursuant to Section 5.6(a) or to illustrate the results intended to be achieved by the Operating Program and Budget.
Operating Programs and Budgets. The Operating Member shall submit a draft Program and Budget for Operations, which shall cover operations of Nevada JV, to the Board for each Calendar Year not later than October 15th of the preceding Calendar Year. Each such Program and Budget, referred to as an “Operating Program and Budget”, shall contain the following: