Preparation of and Compliance with Operating Budget Sample Clauses

Preparation of and Compliance with Operating Budget. (a) On or before the thirtieth (30th) day following the Commencement Date, Manager shall work in conjunction with Owner to establish an Operating Budget for the remainder of the Fiscal Year. In the event that Owner and Manager fail to agree upon an Operating Budget within such thirty (30) day period, then Manager shall operate the Project based on Owner’s proposed Operating Budget until such time as an initial Operating Budget is agreed upon. For subsequent Fiscal Years, Manager shall prepare and deliver to Owner by September 15 of the preceding Fiscal Year, a proposed Operating Budget for the subsequent Fiscal Year. Following receipt of the proposed Operating Budget, Owner shall respond in writing within thirty (30) days of its receipt of the proposed Operating Budget, indicating its approval or rejection thereof. In the event of approval by Owner of the proposed Operating Budget, such Operating Budget shall become effective as of January 1 of the following Fiscal Year. In the event of rejection of the proposed Operating Budget by Owner, Owner shall specifically state the item or items rejected, and Owner’s proposed or suggested alternative to such rejected item or items; whereupon Owner and Manager shall use their best efforts to collaborate and agree upon the Operating Budget. Notwithstanding the foregoing sentence to the contrary, in no event shall Owner have the right to modify the Operating Budget to reduce the Monthly Management Fee or Reimbursable Expenses otherwise due pursuant to Article 5. In the event that Owner and Manager fail to agree upon an Operating Budget by the beginning of a Fiscal Year, then Manager shall operate the Project based on Owner’s proposed Operating Budget until such time as a new Operating Budget is agreed upon. Once a new Operating Budget is agreed upon such Operating Budget shall be in effect beginning on the first day of the month following the month in which the Operating Budget is agreed upon and shall not apply retroactively. In no event shall Manager be deemed in default under this Agreement if Manager is unable to perform its duties hereunder because such changes by Owner to the Operating Budget cause Manager to have insufficient funds to perform its obligations hereunder. Subject to Manager’s performance in accordance with the terms of this Agreement, Manager shall have no financial responsibility or liability in connection with any failure of the costs of operating the Property or the income to the Property to co...
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Related to Preparation of and Compliance with Operating Budget

  • Compliance with Plan This Option is subject to, and the Company and the Holder agree to be bound by, all of the terms and conditions of the Plan as it shall be amended from time to time, which are incorporated herein by reference. No amendment to the Plan shall adversely affect this Option without the consent of the Holder. In the case of a conflict between the terms of the Plan and this Option, the terms of the Plan shall govern.

  • Compliance with Record Keeping Requirements Participating Dealer agrees to comply with the record keeping requirements of the Exchange Act, including but not limited to, Rules 17a-3 and 17a-4 promulgated under the Exchange Act. Participating Dealer further agrees to keep such records with respect to each customer who purchases Primary Shares, his suitability and the amount of Primary Shares sold, and to retain such records for such period of time as may be required by the Commission, any state securities commission, FINRA or the Company.

  • Performance and Compliance with Collateral The Borrower will, at the Borrower’s expense, timely and fully perform and comply (or, by exercising its rights thereunder, cause the Seller to perform and comply pursuant to the Sale Agreement) with all provisions, covenants and other promises required to be observed by it under the Collateral, the Transaction Documents and all other agreements related to such Collateral.

  • COMPLIANCE WITH POLICIES AND PROCEDURES During the period that Executive is employed with the Company hereunder, Executive shall adhere to the policies and standards of professionalism set forth in the policies and procedures of the Company and IAC as they may exist from time to time.

  • Compliance with Policies Each Individual Limited Partner hereby agrees that he shall comply with all policies and procedures adopted by any member of the Och-Ziff Group or which Limited Partners are required to observe by law, or by any recognized stock exchange, or other regulatory body or authority.

  • Annual Report of Assessment of Compliance with Servicing Criteria (a) The Servicer shall cause a firm of independent certified public accountants, who may also render other services to the Servicer, the Depositor or their Affiliates, to deliver to the Issuing Entity, the Indenture Trustee and the Owner Trustee on or before March 15 of each year, beginning March 15, 2016 (or if such day is not a Business Day, the next succeeding Business Day), a report (the “Report of Assessment of Compliance with Servicing Criteria”) delivered to the Board of Directors of the Servicer and to the Indenture Trustee and the Owner Trustee that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122 of Regulation AB, as applicable, on the assessment of compliance with Servicing Criteria with respect to the prior calendar year. The certificates and reports referred to in Section 4.01(a), Section 4.01(b) and this Section 4.02(a) shall be delivered within 120 days after the end of each calendar year if the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, beginning April 30, 2017.

  • Performance of Services in Accordance with Regulatory Requirements; Furnishing of Books and Records In performing the services set forth in this Agreement, the Manager:

  • Compliance with Reporting Requirements The Company is subject to and in full compliance with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

  • Report of Assessment of Compliance with Servicing Criteria As defined in Section 4.02(a) of the Servicing Agreement.

  • Report on Assessment of Compliance with Applicable Servicing Criteria On or before March 15th of each calendar year, beginning with March 15, 2008, the Servicer shall deliver to the Seller, the Trustee, the Master Servicer, the NIMS Insurer and the Depositor a report regarding its assessment of compliance with the servicing criteria identified in Exhibit H attached hereto, as of and for the fiscal year of the Trust (which, unless otherwise identified to the Servicer in writing, shall be the calendar year) for the year prior to the year of delivery of the report, with respect to asset-backed security transactions taken as a whole that are backed by the same asset type backing such asset-backed securities. Each such report shall include (a) a statement of the party’s responsibility for assessing compliance with the servicing criteria applicable to such party, (b) a statement that such party used the criteria identified in Item 1122(d) of Regulation AB (§ 229.1122(d)) to assess compliance with the applicable servicing criteria, (c) disclosure of any material instance of noncompliance identified by such party, and (d) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the applicable servicing criteria, which report shall be delivered by the Servicer as provided in Section 5.02.

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