Budget Deadlock definition

Budget Deadlock is defined in Section 6.4.2.

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Budget Deadlock has the meaning set forth in Section 4.5 of this Agreement.

Budget Deadlock shall have the meaning set forth in Section 3.6(b).

Examples of Budget Deadlock in a sentence

If such differences cannot be reconciled on or before November 15 (a “Budget Deadlock”), then the prior year’s Annual Budget plus an annual increase of three (3%) shall be used by the Parties for all purposes of this Article 4 until such time as the Parties are able to resolve such Budget Deadlock.
Pursuant to Section 4.5 a Founding Member shall have the right to withdraw from the Company in the event of a Budget Deadlock.
If such individuals are not able to resolve such Budget Deadlock after good faith discussions within ten (10) Business Days of receipt of such Budget Deadlock, then the annual budget for the upcoming Fiscal Year set forth in the most recently approved Business Plan shall take effect and remain in effect until the Board and the Members approve an Annual Budget and Business Plan in accordance with the terms of this Agreement.
If this Agreement is terminated by BHP in accordance with subclause 16.1(a)(vii) (Deadlock) or by Ivanhoe in accordance with subclause 16.1(b)(vi) (Deadlock) in each case with respect to subclause 7.3(b)(ii) (Work Program and Budget Deadlock), then there shall be no restriction on either Party pursuing or acquiring, directly or indirectly, any exploration opportunity, Mineral Rights or project in the Areas of Interest.
No Owner may refuse to pay its Percentage of an Operating Expense or a Capital Expense to be incurred in the then current Fiscal Year if such Operating Expense or such Capital Expense was previously approved by the Management Committee in the Operating Budget or the Capital Expense Budget, as appropriate, for such Fiscal Year or any additional Operating Expense recommended by the Project Operator as provided above pending resolution of the Budget Deadlock.
In the event that the Board fails to approve (pursuant to Section 4.8) with a Majority Director Vote any Budget on or before March 31st of each year (a “Budget Deadlock”), then the chief executive officers (or other appropriate officers) of each Founding Member shall meet during a period of the next 30 calendar days to discuss the reasons for such Budget Deadlock and to consider solutions to resolve such Budget Deadlock.

More Definitions of Budget Deadlock

Budget Deadlock has the meaning specified in Section 5.3.2 of the Participation Agreement.

Budget Deadlock shall have the meaning set forth in Section 4.4. “City” shall mean the Mayor and City Council of Baltimore, Maryland. “Claims” shall have the meaning set forth in Section 2.6. “Costs” shall have the meaning set forth in Section 4.4. “Dedication” shall have the meaning set forth in Section 2.7. “Default Interest Rate” shall mean the lesser of (y) the greater of (i) eighteen percent (18%) per annum and (ii) the “prime rate” as published in, or announced by, the Wall Street Journal on the first business day of each calendar month plus ten percent (10%) per annum and (z) the highest lawful rate of interest allowable under applicable law. “Dispute Notice” shall have the meaning set forth in Section 8.2.1. “Hotel Easement” shall have the meaning set forth in Section 3.6. “Hotel Easement Area” shall have the meaning set forth in Section 3.6. “Hotel Easement Maintenance Costs” shall have the meaning set forth in Section 3.6. “Hotel Spaces” shall mean that certain number of parking spaces located within the structured parking garage located on the Development Property in an amount equal to 65% of the number of guest rooms contained within the hotel Improvements constructed upon the Hotel Property, rounded up or down, as applicable, to the nearest whole number, not to exceed one hundred fifty (150) total parking spaces. “Improvements” shall mean any and all buildings, structures and other improvements of every nature or character (excluding surface parking) located, from time to time, on the Property, or any portion thereof. “Indemnified Parties” and “Indemnified Party” shall have the meaning set forth in Section 2.6. “Indemnitor Parties” shall have the meaning set forth in Section 2.6. “Indemnifying Owner” shall have the meaning set forth in Section 2.6.