Capital Budgets. Manager shall, not less than forty-five (45) days prior to the commencement of each fiscal year, submit to Owner, for Owner's approval, a recommended "Capital Budget" for the ensuing full or partial fiscal year, as the case may be, for furnishings, equipment, and ordinary Hotel capital replacement items as shall be required to operate the Hotel in accordance with the standards referred to in the License Agreement. Manager, to the extent it is able to do so without compromising compliance with the minimum standards required under the terms of the License Agreement, shall take into consideration, among other factors, the amount of funds available to pay for the proposed capital expenditures. Manager shall also identify for Owner those projects that are required to meet the minimum standards of the License Agreement and give priority to such items. Owner and Manager shall meet to discuss the proposed Capital Budget and Owner shall be required to make specific written objections to a proposed Capital Budget in the manner and within the same time periods specified in Section 3.01(v) with respect to an Operating Budget. Owner agrees not to unreasonably withhold or delay its consent. If Owner does not approve the Capital Budget, Manager (i) with respect to Capital Improvements (as herein defined) required to meet the minimum standards of the License Agreement, will be entitled to spend such amounts as are necessary to meet such minimum standards and (ii) with respect to any other Capital Improvements, will only spend such amounts as are approved by Owner, acting reasonably, provided, however, that in any event Manager shall be entitled to spend up to five percent (5%) of Gross Revenue for capital expenditures after the date hereof until the disputed Capital Budget item(s) have been resolved in accordance with Section 10.02.1(e). Manager, at Owner's expense, shall be responsible for supervising the design, installation and construction of alterations or additions to, or rebuilding or renovation of, the Hotel, including any additions to Hotel furnishings and equipment (collectively, "Capital Improvements"). Owner shall have the right to approve and inspect the installation and construction of Capital Improvements and any mortgagee having a first lien on Owner's leasehold estate in the Hotel ("Owner's Leasehold Mortgagee") or a first lien on Fee Owner's fee estate in the Hotel (the "Fee Owner's Mortgagee") shall also have any right of approval or inspection of the i...
Capital Budgets. The Park Board will develop, for recommendation to City Council, annual capital budgets and future forecasting plans, such as longer term capital plans and capital outlook plans for the Community Centre Network or specific to the Jointly Operated Facilities. The Park Board will seek and consider Input from the Association when determining priorities for capital investment in the Jointly Operated Facilities. The Park Board and the CCAs shall discuss priorities for capital investment in the Community Centre Network, including renewals and replacements of specific community centre facilities, in the System-Wide Planning Sessions, or in such other meetings as the parties may agree to. The Association acknowledges and agrees that all final decisions regarding capital budgets and expenses are in the sole discretion of the Park Board.
Capital Budgets. Manager shall, not less than forty-five (45) days prior to the commencement of each fiscal year, submit to Owner, for Owner's approval, a recommended "Capital Budget" for the ensuing full or partial fiscal year, as the case may be, for furnishings, equipment, and ordinary Hotel capital replacement items as shall be required to operate the Hotel in accordance with the standards referred to in the License Agreement. Manager, to the extent it is able to do so without compromising compliance with the minimum standards required under the terms of the License Agreement, shall take into consideration, among other factors, the amount of funds available to pay for the proposed capital expenditures. Manager shall also identify for Owner those projects that are required to meet the minimum standards of the License Agreement and give priority to such items. Owner and Manager shall meet to discuss the proposed Capital Budget and Owner shall be required to make specific written objections to a proposed Capital Budget in the manner and within the same time periods specified in Section 3.01(v) with respect to an Operating Budget. Owner agrees not to unreasonably withhold or delay
Capital Budgets. Manager shall, not less than sixty (60) days prior to the Phase 11 Commencement Date and the commencement of each fiscal year thereafter, submit to the Management Business Board a recommended "Capital Budget" for the ensuing full or partial fiscal year, as the case may be, for furnishings, equipment, and ordinary capital replacement items ("Capital Replacements") as shall be required to operate the Gaming Enterprise in accordance with sound business practices. The Management Business Board and Manager shall meet to discuss the proposed Capital Budget, and the Management Business Board or the objecting representatives, as applicable, shall be required to make specific written objections to a proposed Capital Budget in the same manner and within the same time periods specified in Section 4.9 with respect to a Budget. The Management Business Board shall not unreasonably withhold or delay its consent to any proposed Capital Budget. Unless the Management Business Board and Manager otherwise agree, Manager shall be responsible for the design and installation of Capital Replacements, subject to the Management Business Board's approval and right to inspect. To be effective, any notice which disapproves a proposed Capital Budget must contain specific objections in reasonable detail to individual line items. If the initial proposed Capital Budget contains disputed budget item(s), the Management Business Board and Manager agree to cooperate with each other in good faith to resolve the disputed or objectionable proposed item(s). If unable to reach agreement concerning any disputed or objectionable item(s) within thirty (30) days after the date the Management Business Board or the objecting representatives, as applicable, provides written notice of its objection to Manager, either party shall be entitled to submit the dispute to arbitration in accordance with Section 16 of this Agreement. If the Management Business Board and Manager are unable to resolve the disputed or objectionable item(s) prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Capital Budget shall be deemed to be adopted and approved.
Capital Budgets. MPM shall not less than sixty (60) days prior to the commencement of each Fiscal Year, or partial Fiscal Year, submit to the Tribal Council a recommended “Capital Budget” describing the present value, estimated useful life and estimated Replacement Costs for the ensuing full or partial year, as the case may be, for the physical plant, furnishings, equipment, and ordinary capital replacement items, all of which are defined to be any items, the cost of which is capitalized and depreciated, rather than expensed, using GAAP (“Capital Replacements”) as shall be required to operate the Enterprise in accordance with sound business practices. Capital Replacements in the Capital Budget in an aggregate sum equal to or less than the sum of the Capital Replacement Reserve for the Fiscal Year shall be approved by the Business Board, and any amounts in excess of the Capital Replacement Reserve for the Fiscal Year shall be subject to approval of the Business Board. The MBPI Representatives and MPM shall meet to discuss the proposed Capital Budget and the MBPI Representatives shall be required to make specific written objections to a proposed Capital Budget in the same manner and within the same time periods specified in Section 4.9 with respect to an Operating Budget and Annual Plan. The MBPI Representatives shall not unreasonably withhold or delay their consent. Unless the MBPI Representatives and MPM otherwise agree, MPM shall be responsible for the design and installation of Capital Replacements, subject to the Business Board’s approval and the Tribal Council’s right to inspect.
Capital Budgets. Approval of capital Budgets does not permit the Operator to enter into any commitments or incur any expenditures for any item included in said Budgets until an AFE is approved by the Operating Committee as provided in the Agreement and Section 7.2.4. herein.
Capital Budgets. The Operating Agent shall prepare a pro forma capital budget for the Partnership as promptly as practicable after the date hereof for the first Operating Year and thereafter at least thirty days prior to the beginning of each subsequent Operating Year. Each pro forma capital budget must be jointly approved by both Partners and the budget so approved shall be deemed to be an “Approved Capital Budget” for the period covered by such budget.
Capital Budgets. Manager shall, not less than 30 days prior to the commencement of each fiscal year, or partial fiscal year, submit to the Business Board a recommended capital budget (the "Capital Budget") describing the present value, estimated useful life and estimated replacement costs for the ensuing full or partial year, as the case may be, for the physical plant, furnishings, equipment, and ordinary capital replacement items, all of which are defined to be any items, the cost of which is capitalized and depreciated, rather than expended, using GAAP ("Capital Replacements") as shall be required to operate the Enterprise in accordance with sound business practices. Capital Replacements in the Capital Budget in an aggregate sum equal to or less than the sum of the Capital Replacement Reserve for the Fiscal Year shall be approved by the Business Board; and any amounts in excess of the Capital Replacement Reserve for the Fiscal Year shall be subject to approval of the Pokagon Council in its sole discretion. The Pokagon Council, Business Board, and Manager shall meet to discuss the proposed Capital Budget and the Business Board and Pokagon Council shall be required to make specific written objections to a proposed Capital Budget in the same manner and within the same time periods specified in ss. 4.11.4 with respect to an Operating Budget and Annual Plan. The Business Board and Pokagon Council shall not unreasonably withhold or delay its consent. Unless the Pokagon Council, Business Board, and Manager otherwise agree, Manager shall be responsible for the design and installation of Capital Replacements, subject to the Business Board's approval and ratification by the Pokagon Council and right to inspect.
Capital Budgets. No later than April 1st of each year, the Parties shall agree on an estimated budget for Capital Projects for the following five (5) calendar years (the "Capital Budget") that will include a prioritization of the Capital Projects included in the Capital Budget. The Parties agree that the amounts set forth in the Capital Budget will serve as a general planning target for Capital Project expenditures for the Facilities during the applicable period, and that final approvals for Capital Projects will be given by Authority based upon the project prioritizations as capital funds become available. In addition, the Parties shall develop a twelve (12) year capital requirement plan for the replacement of equipment and other assets at the IMC.
Capital Budgets. As part of the annual budgeting process, Manager’s plans and suggestions for Capital Expenditures in or to the Park in any Fiscal Year shall be set forth in such Fiscal Year’s Repair and Replacement Capital Budget and Revenue- Generating Capital Budget. Notwithstanding anything to the contrary contained herein, except for an emergency Capital Expenditure pursuant to Section [5.5] below, and any specific Capital Expenditure items approved by Owner which are described and set forth in the Repair and Replacement Capital Budget or Revenue-Generating Capital Budget for such Fiscal Year, Manager shall not make any Capital Expenditures without the prior written consent of Owner, which consent shall not be unreasonably withheld to the extent such expenditures are (i) required by any applicable Governmental Regulation, or (ii) otherwise required to avoid risk of damage to persons or property. Subject to, and in accordance with the terms of this Agreement, including without limitation the provisions set forth in Section 4.2 and this Section 5.2.13 with respect to Owner’s right to approve such Budget(s), Budget item(s) or Capital Expenditures, Manager may request Owner to fund such budgeted projects as set forth in Section 5.2.13.1 and 5.2.13.2 below. As part of the annual budgeting process, Owner and Manager shall agree to the Repair and Replace Capital Budget and the Revenue Generating Capital Budget. Owner shall provide the cash as needed throughout the year to fund these budgeted projects.
