Subsequent Budget definition

Subsequent Budget means any budget, following approval of the Initial Budget, submitted by the Responsible Person pursuant to Article IV.G hereof.

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Subsequent Budget means the major maintenance and capital expenditures budget for Seller for the periods from January 1, 2022 to December 31, 2022 and January 1, 2023 to December 31, 2023, in each case adopted by Seller in accordance with Seller's annual budgeting processes.

Subsequent Budget as defined in subsection 8.1.3(iii) of the Agreement. Subsidiary - any Person of which another Person owns, directly or indirectly through one or more intermediaries, more than 50% of the Voting Stock at the time of determination. Supermajority Revolving Lenders - as of any date prior to termination of the Revolving Loan Commitments, Revolving Lenders holding 77% or more of the outstanding Revolving Loan Commitments determined on a combined basis; and following the termination of the Revolving Loan Commitments, Revolving Lenders holding 77% or more of the outstanding Revolving Loans, LC Amount and LC Obligations not yet reimbursed by Borrower or funded with outstanding Revolving Credit Loans; provided, that (i) in each case, if there are 3 or more Lenders with outstanding Loans, LC Amounts, unfunded and unreimbursed LC Obligations or Revolving Loan Commitments, at least 3 Lenders shall be required to constitute Majority Revolving Lenders; and (ii) prior to termination of the Revolving Loan Commitments, if any Revolving Lender breaches its obligation to fund any requested Revolving Credit Loan, for so long as such breach exists, its voting rights hereunder as a Revolving Lender shall be calculated with reference to its outstanding Revolving Loans, LC Amounts and unfunded and unreimbursed LC Obligations, rather than its Revolving Loan Commitment.

Examples of Subsequent Budget in a sentence

• Upon approval, the Subsequent Budget and Work Plan shall become the Approved Budget (all Subsequent Proposed Operations, as may be approved or amended by the Operating Committee, shall become “Subsequent Approved Operations”).

• If during the Term, in any year, there is a Significant Change in Costs (which for purposes of this Method shall be defined as a five percent (5%) or more increase in Fuel Costs beyond the amounts budgeted for Fuel Costs in the Initial Budget or applicable Subsequent Budget, as the case may be), such Significant Change in Costs shall be reflected in a corresponding adjustment to the Current Tariff.

• Prior to the end of the First Tariff Period, and prior to the end of each calendar year following the end of the First Tariff Period, (each calendar year following the end of the First Tariff Period being hereinafter referred to as a "Subsequent Tariff Period"), the Seller's board of directors shall prepare a new budget (a "Subsequent Budget") for the costs the Seller estimates will be incurred with respect to the Power Station in the applicable Subsequent Tariff Period.

• In the event that Rev Investment delivers a Requested Working Capital Distribution Objection Notice to the Escrow Agent relating to such Working Capital Distribution Certificate on such Initial Day, the Escrow Agent shall deliver to Pie Squared on the Funding Date of such Subsequent Budget Period the Subsequent Requested Working Capital Distribution Amount relating to such Subsequent Budget Period minus the Objection Amount as set forth in such Requested Working Capital Distribution Objection Notice.

• Portions of the Subsequent Budget for relevant time periods shall be included in the Annual Budgets presented to the Management Committee for approval.

• The Interim Budget and any Subsequent Budget are referred to as an “Approved Budget.” If the Board of Managers cannot agree on a Subsequent Budget for the Company with respect to any Fiscal Year, the Members shall fund each category of operating expenses of the Company in an amount that is equal to the amount of such category of operating expenses set forth in the previous Approved Budget or the Interim Budget, as the case may be, increased by five percent (5%).

• The Subsequent Budget shall contain specific line items and cost estimates for the various components of the Current Tariff defined in Section 6 hereof, and where appropriate, adjustments to such costs for fluctuations in the exchange rate.

• Such amounts in a Subsequent Budget also shall be the basis for any adjustments to the Current Tariff to be made pursuant to Section 8 hereof during such applicable Subsequent Tariff Period.

• The amounts in a Subsequent Budget which are adopted by the Seller's board of directors, as adjusted for fluctuations in the exchange rate and for the differences between actual and budgeted costs, shall be the basis for determining the Current Tariff which shall be payable by the Purchaser in applicable Subsequent Tariff Periods.

• During the Interim Period, Seller will (a), promptly after its preparation, and in no event later than fifteen (15) Business Days after the end of each calendar month, provide Buyer with the monthly operating report with respect to the Project in the form attached as Exhibit 5.17 and (b) as promptly as practicable after the adoption thereof, provide Buyer with a copy of each Subsequent Budget.

More Definitions of Subsequent Budget

Subsequent Budget means the operating budget with respect to the Super Entities covering the period from October 1, 2008 through and including December 31, 2008 which (i) has been prepared in a manner consistent with historical practices, (ii) has been approved by the Administrative Agent and the other Lender Parties, and (iii) is attached hereto as Exhibit A.

Subsequent Budget shall have the meaning assigned to such term in Section 5.01(d).