Establishment of Operating Budget Sample Clauses

Establishment of Operating Budget. 4.1.1 The Operating Budget for the First Contract Year is attached hereto as Exhibit IIA. EXHIBIT G
Sample 1
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Establishment of Operating Budget. (a) Manager agrees that prior to each Operating Year in respect of such year, it will prepare and submit to the University a line item budget for the Facility (as approved by the University pursuant to Section 9.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis: (a) gross revenues, (b) operating expenses, and (c) cash flow budget, and shall include appropriate back-up detail regarding events, attendance, and other relevant event-related financial information. The Operating Budget shall serve as an estimate of expected revenue and expenses for the Facility. The University agrees to provide Manager with all information in its possession necessary to enable Manager to prepare the Operating Budget. The parties agree that the operating expenses of the Facility shall not include Capital Expenditures (as defined in Article 13), and debt service.
Sample 1
Establishment of Operating Budget. (a) Manager agrees that prior to the Effective Date in respect of the first Operating Year, and prior to the commencement of each subsequent Operating Year in respect of such year, it will prepare and submit to the City a line item budget for the Facility (as approved by the City pursuant to Section 8.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis:
Sample 1
Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the Stub Operating Year and first Operating Year, which Operating Budgets are hereby approved by both OVG and Owner. OVG agrees that at least 90 days prior to the commencement of each subsequent Operating Year, in respect of such year, it will prepare and submit to Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include OVG’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. Owner agrees to provide OVG with all information in its possession necessary to enable OVG to prepare each Operating Budget. Notwithstanding the foregoing, Owner shall have no duty to provide any information which is subject to confidentiality agreements with third parties, which constitutes confidential or proprietary information or trade secrets, or which is prohibited from disclosure by any applicable Laws, but shall be solely responsible to the extent such information has a material impact on any applicable Operating Budget (i.e., if withholding such information has prevented OVG from reasonably foreseeing an expense, such expense shall be borne by Owner directly).
Sample 1
Establishment of Operating Budget. (a) TSJ shall submit to the City, on or before February 1st of each Operating Year (unless otherwise indicated), a proposed operating budget (the “Proposed Operating Budget”) which shall address each of the Performance Measures and Incentive Fee Measures, and shall include revenue and estimated Transient Occupancy Tax transfer needed from Fund 536 to support operations. The City will review the Proposed Operating Budget and, during the period between February 1st and March 1st, City and TSJ will work toward developing a final Proposed Operating Budget. The Proposed Operating Budget will address each of the following:
Sample 1
Establishment of Operating Budget. Attached hereto as Exhibit B is the Operating Budget for each of the Event Center and the Theatre for the first (1st) Operating Year (Effective Date through June 30, 2018), which Operating Budgets are hereby approved by both Manager and City, provided that such Operating Budgets shall be deemed amended to include the cost of the fees due to Manager under Article 3 above for such period. Manager agrees that in August prior to the next Operating Year, it will prepare and submit to the City a proposed initial Operating Budget for each of the Event Center and the Theatre for such year. The parties shall then review, discuss and modify (as necessary) such proposed initial budget, with the goal of reaching a final budget in accordance with City policy prior to the next Operating Year. Each annual Operating Budget for the Event Center and Theatre shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year for such facility. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The parties acknowledge that Manager may, subject to the approval of the City, utilize certain staff members or other resources from its management of the Event Center to assist at the Theatre, and vice versa. In such case, the cost of employing such individuals or cost of other shared resources shall be allocated between the Operating Budgets for the Event Center and the Theatre in a manner mutually agreed by the Manager and the City.
Sample 1
Establishment of Operating Budget. At least 60 days prior to the commencement of each Operating Year in respect of such year, Manager will prepare and submit to the City its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year, and shall include a separate, dedicated capital improvements budget. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The City acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of facilities similar to the Facility, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control. Manager will include in each Operating Budget expenses for public use of the building for four (4) events per Operating Year in coordination with the City.
Sample 1
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Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the first (1st) Operating Year, which the parties acknowledge was established without Manager’s input. Such Operating Budget shall be deemed amended to include the Fixed Management Fee for the first Operating Year. Manager agrees that by the September 30 immediately preceding the commencement of each subsequent Operating Year, it will prepare and submit to the Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. The Owner agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
Sample 1

Related to Establishment of Operating Budget

  • Budget The System Agency allocated share by State Fiscal Year is as follows:

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Operating Budget (a) No less than forty-five (45) days prior to the Substantial Completion of each train of the Project, and no less than forty-five (45) days prior to the beginning of each calendar year thereafter, the Borrower shall prepare a proposed operating plan and a budget setting forth in reasonable detail the projected requirements for Operation and Maintenance Expenses for the Borrower and the Project for the ensuing calendar year (or, in the case of the initial Operating Budget, the remaining portion thereof) and provide the Independent Engineer, the Common Security Trustee, and the Senior Facility Agent with a copy of such operating plan and budget (the “Operating Budget”). Each Operating Budget shall be prepared in accordance with a form approved by the Independent Engineer, shall set forth all material assumptions used in the preparation of such Operating Budget, and shall become effective upon approval of the Senior Facility Agent, acting reasonably and in consultation with the Independent Engineer; provided, that if the Senior Facility Agent shall not have approved or disapproved the Operating Budget within thirty (30) days after receipt thereof, such Operating Budget shall be deemed to have been approved; and provided, further that the Senior Facility Agent shall have neither the right nor the obligation to approve costs for Gas purchase contracts for the Project contained in the Operating Budget. If the Borrower does not have an effective annual Operating Budget before the beginning of any calendar year, until such proposed Operating Budget is approved, the Operating Budget most recently in effect shall continue to apply; provided, that (A) any items of the proposed Operating Budget that have been approved shall be given effect in substitution of the corresponding items in the Operating Budget most recently in effect, (B) costs for Gas purchase contracts for the Project shall be as provided by the Borrower and (C) all other items shall be increased by the lesser of (x) two and one-half percent (2.5%) and (y) the increase proposed by the Borrower for such item in such proposed Operating Budget.

  • Business Plan The Lenders shall have received a satisfactory detailed business plan of the Borrowers for fiscal years 1996 - 2002 and a satisfactory written analysis of the business and prospects of the Borrowers for the period from the Closing Date through the final maturity of the Term Loans.

  • Annual Business Plan and Budget As soon as practicable and in any event not later than thirty (30) days after the end of each Fiscal Year, a business plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing four (4) fiscal quarters, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance with the financial covenants set forth in Section 9.15 and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key assumptions and drivers with respect to such budget, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Borrower and its Subsidiaries for such period.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Operating Budgets Manager has submitted to Owner, for Owner's ----------------- approval, a proposed operating budget for the ensuing partial fiscal year ("Operating Budget"). Hereafter, Manager shall, not less than forty-five (45) days prior to the commencement of each full fiscal year, submit to Owner, for Owner's approval, a proposed Operating Budget for the ensuing full or partial fiscal year, as the case may be. Each Operating Budget shall be accompanied by, and shall include, a business plan which shall describe business objectives and strategies for the period covered by the Operating Budget. The business plan shall include, without limitation, an analysis of the market area in which the Hotel competes, a comparison of the Hotel and its business with competitive hotels, an analysis of categories of potential guests, and a description of sales and marketing activities designed to achieve and implement identified objectives and strategies. Fee Owner shall have no right to approve any Operating Budget. Owner's approval of the Operating Budget shall not be unreasonably withheld and shall be deemed given unless a specific written objection thereto is delivered by Owner to Manager within fifteen (15) days after submission. Owner shall review the Operating Budget on a line-by-line basis. To be effective, any notice which disapproves a proposed Operating Budget must contain specific objections in reasonable detail to individual line items. If the initial Operating Budget contains disputed budget item(s), said item(s) shall be deemed adopted until Owner and Manager have resolved the item(s) objected to by Owner or the Accountant(s) (hereinafter defined in Section 10.02) have resolved the item(s) objected to by Owner. Thereafter, if Owner disapproves or raises objections to a proposed Operating Budget in the manner and within the time period provided therefor, and Owner and Manager are unable to resolve the disputed or objectionable matters submitted by Owner prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Operating Budget shall be deemed to be adopted and approved and the corresponding line item contained in the Operating Budget for the preceding fiscal year shall be adjusted as set forth herein and shall be substituted in lieu of the disputed items in the proposed Operating Budget. Those line items which are in dispute shall be determined by increasing the preceding fiscal year's corresponding line items by an amount determined by Manager which does not exceed the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, U.S. City Average, all items (1984-1986=100) for the fiscal year prior to the fiscal year with respect to which the adjustment to the line item is being calculated or any successor or replacement index thereto. The resulting Operating Budget obtained in accordance with the preceding sentence shall be deemed to be the Operating Budget in effect until such time as Manager and Owner have resolved the items objected to by Owner.

  • Business Plan and Budget As soon as available, but in any event no later than forty five (45) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the then current fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information under Sections 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.

  • Annual Operating Budget Manager shall, on or before December 20 in each calendar year during the Term, deliver to Licensee for Licensee’s approval, an annual operating budget for the Licensed Facility for the next calendar year (the “Annual Operating Budget”) which shall include separate line items for Capital Replacements and set forth an estimate, on a monthly basis, of Gross Revenues and Licensed Facility Expenses, together with an explanation of anticipated changes to Resident charges, payroll rates and positions, non-wage cost increases, the proposed methodology and formula employed by Manager in allocating shared Licensed Facility Expenses, and all other factors differing from the then current calendar year. The Annual Operating Budget shall be accompanied by a narrative description of operating objectives and assumptions. If Licensee does not approve an Annual Operating Budget or any portion thereof, it shall do so, to the extent practicable, on a line item basis. Manager and Licensee shall cooperate to resolve disputed items, provided if the Annual Operating Budget is not approved by Licensee within thirty (30) days of Licensee’s receipt, Manager shall operate under the expired Annual Operating Budget until a new Annual Operating Budget is approved, provided that line items for Impositions, insurance premiums and utilities shall be the amounts actually incurred for such items. If agreement on the Annual Operating Budget cannot be reached within forty-five (45) days of Licensee’s receipt (which time may be extended upon mutual agreement of the parties), the matter shall be resolved by arbitration. The Annual Operating Budget as approved by Licensee, or as resolved by arbitration, will be the “Approved Budget” for the applicable calendar year. Manager will obtain Licensee’s prior approval for any expenditure which will, or is reasonably expected to, result in a variance of 5% or more of any Approved Budget. Notwithstanding any provision in this Agreement to the contrary, Licensee shall retain independent approval of all operating and capital budgets and Manager’s authority to make expenditures and to incur obligations on behalf of the Licensed Facility shall be at all times subject to and limited by Licensee’s independent authority over the same.

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