Approved Budgets. The Manager shall prepare or cause to be prepared for each Fiscal Year of the Company and the Subject Companies an operating budget on a consolidated basis setting forth the anticipated revenues and expenses of the Company and each Subject Company for such Fiscal Year. The initial operating budget for the remainder of the Fiscal Year ending December 31, 2015 is attached as Exhibit D hereto. For a succeeding Fiscal Year (commencing with the fiscal year ending December 31, 2016), the Manager shall, not later than the first day of the month preceding the month in which the then current Fiscal Year ends (currently November 1), submit the proposed operating budget for such succeeding Fiscal Year to the Members for their review. If the aggregate expense amount reflected in the proposed operating budget is not more than the lesser of ten percent (10%) above the annual spending projected in the Aggregate Tracking Model for the applicable Fiscal Year and five percent (5%) above the aggregate expense amount reflected in the Approved Budget for the previous Fiscal Year (and in each case, does not include expenditures exceeding $500,000 in aggregate of a type not included in the Aggregate Tracking Model for the applicable Fiscal Year or in the Approved Budget for the previous Fiscal Year, as the case may be), then the Consent of the Members shall not be required and such proposed operating budget shall be deemed approved by all of the Members. If such Consent of the Members is required and if either the Consent of the Members is received or if no Member objects to such proposed operating budget by the last day of the month preceding the month in which the then current Fiscal Year ends (currently November 30), then not later than such date, such operating budget shall be deemed approved by all of the Members (each budget as attached hereto, approved or deemed approved, an “Approved Budget”). If the Consent of the Members is required and not obtained as provided above, then the Manager shall prepare or cause to be prepared a revised operating budget, which shall be submitted to the Members for their approval as set forth in the preceding sentences, and, upon final approval of such operating budget by the Consent of the Members, such budget shall become an Approved Budget hereunder. To the extent that amounts relating to any items of a proposed budget are not approved, the corresponding amounts for the items in the previous Fiscal Year’s Approved Budget will continue as ...
Approved Budgets. (a) At least ninety (90) days prior to the beginning of each fiscal year of Owner which ends December 31 of each year (“Fiscal Year”), Manager shall prepare and submit to Owner for approval the following:
Approved Budgets. The final approved Budget for the applicable Project itemizing the Hard Costs and Soft Costs, including direct and indirect costs, certified to be correct to the best knowledge and belief of Borrower for each type of Improvement to be constructed as part of the Project. Said Budget shall be subject to formal review and approval by Lender at Lender’s sole discretion, and if Lender reasonably determines that the Loan funds allocated for Hard Costs are inadequate to pay for all Hard Costs, then Lender may require Borrower to deposit cash into an account pledged as additional collateral for the Loan the amount of the shortfall. In no event shall the costs of the Project as set forth in any A&D Budget or any Home Construction Budget violate the applicable Maximum Allowed Advance(s).
Approved Budgets. The final, approved Budgets for the Project itemizing the Hard Costs and Soft Costs for the respective A&D Improvements and Home Improvements, including direct and indirect costs, certified to be correct to the best knowledge and belief of Borrower for each type of Improvement to be constructed as part of the Project. Said Budgets shall be subject to formal review and approval by Lender at Lender’s sole discretion, and if Lender determines that the Loan funds allocated for Hard Costs are inadequate to pay for all Hard Costs, then Lender may require Borrower to deposit cash into an account pledged as additional collateral for the Loan the amount of the shortfall. In no event shall the costs of the Project to be funded from proceeds of the Loan, as set forth in any A&D Budget or any Home Construction Budget, violate the applicable Maximum Allowed Advance(s).
Approved Budgets. The proposed annual budget, or any modification thereof, shall be deemed approved by Owner, if Owner does not deliver Owner’s written objections and requests for modifications to Manager on or before the date which is thirty (30) days after Owner’s receipt thereof. Once so approved, the proposed annual budget shall be the approved “Annual Budget” for purposes of this Agreement.
Approved Budgets. 2 1.08. Bankruptcy.................................................... 2 1.09. Basic Management Fee.......................................... 3 1.10. Call Notice................................................... 3 1.11.
Approved Budgets. (a) The initial operating budget of the Company and each Project Company for Fiscal Year 2008(1) is attached as Exhibit H hereto. The annual operating budgets of the Company and the Project Companies for succeeding Fiscal Years shall be subject to the approval of the Required Voting Percentage as provided in this Section 6.07. Notwithstanding anything to the contrary in this Section 6.07 or elsewhere in this Agreement, the Members acknowledge and agree that while the Company has Debt Obligations outstanding, the annual operating budgets of the Company and the Project Companies are subject to the approval of the Administrative Agent under the Debt Financing Documents. In the event the Administrative Agent does not approve the operating budgets approved by the Members pursuant to this Section 6.07 for a Fiscal Year, then until the Administrative Agent approves the operating budgets for such Fiscal Year, the operating budgets of the Company and the Project Companies for such year shall be as set forth in the Debt Financing Documents and, pending such approval, such budgets shall be deemed to have been approved by the Required Voting Percentage for purposes of this Agreement. Each annual operating budget attached hereto or approved or deemed approved pursuant to this Section 6.07 shall be an “Approved Budget.”
Approved Budgets. Agent shall prepare and submit to Owner a proposed operating budget for the promotion, operation, leasing, repair, maintenance, and preservation and improvement of the Premises for each forthcoming calendar year. The operating budget shall include schedules for capital improvements for such year. The proposed budget for the remainder of the current calendar year shall be delivered to Owner no later than sixty (60) days after the execution of this Agreement. The proposed budget for each subsequent calendar year shall be delivered to Owner no later than sixty (60) days before the end of each prior calendar year. Owner shall approve or provide comments to any such proposed budget within thirty (30) days following receipt of the proposed budget. Agent shall address any such Owner comments in good faith until such time as the Owner and Agent have agreed to a final form of operating budget (any such approved budget, the “Annual Operating Budget”). If for any reason the Owner and Agent are unable to agree on an Annual Operating Budget prior to the commencement of the year for which the budget applies, the Agent shall continue to manage the Premises based on the prior year’s Annual Operating Budget, subject to actual increases for real estate taxes, utilities, payroll and insurance. Agent agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of leasing, maintaining and operating the Premises will conform to the Annual Operating Budget as approved by the Owner. MDA City Apartments (Recap) 21 Agent agrees to secure Owner’s prior approval on all expenditures that exceed the Owner approved Annual Operating Budget by $5,000 per expense item or $10,000 cumulative.
Approved Budgets. At least sixty (60) days prior to the ASSOCIATION’s fiscal year end, the AGENT shall prepare and submit to ASSOCIATION a proposed operating budget for the operation, repair, management and maintenance of the Common Elements for the forthcoming fiscal year. The ASSOCIATION will consider the proposed budgets and will consult with the AGENT prior to the commencement of the forthcoming fiscal year in order to agree on an “Approved Operating Budget.” AGENT agrees to use diligence and to employ all reasonable efforts to ensure that the actual cost of maintaining and operating the Common Elements shall not exceed the amount necessary and, in any event, will not exceed either the Approved Operating Budget or the Approved Capital Budget either in total amount or in any one accounting category. All expenses must be charged to the proper account as specified in the ASSOCIATION’s chart of accounts and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. AGENT shall secure ASSOCIATION’s prior written approval for any expenditure that will result in an excess of the annual budgeted amount in any accounting category of the Approved Operating Budget or the Approved Capital Budget.
