Operating Budget Clause Samples

Operating Budget. Attached hereto as Exhibit C is the annual operating budget for the Company for the remainder of the 2007 Fiscal Year. On October 31 of each Fiscal Year of the Company commencing on October 31, 2007, the Operating Member shall submit a new annual operating budget for the Company for the ensuing Fiscal Year for the review and approval of the Management Committee (the initial and each new annual operating budget, as approved, being the “Operating Budget”). Each Operating Budget shall set forth on a detailed itemized basis: (i) all receipts projected for the period of such Operating Budget and all expenses, by category, for the Company (including, without limitation, all repairs and capital expenditures projected to be incurred during such period), (ii) the anticipated operating reserves and working capital projected to be required for such period, (iii) a schedule setting forth the timing and amount of any Additional Contributions projected to be required by the Members for such Fiscal Year (or other period); and (iv) a five (5)-year projection setting forth the estimated revenues, expenses and net operating income (or loss) expected to be incurred for the next five (5) years for the Company which shall be updated to compare the actual results to the projected results set forth in the prior Operating Budget. The Operating Budget shall also include a detailed description of such other information, contracts, agreements and other matters reasonably necessary to inform the Management Committee of all matters relevant to the ownership, operation, management, maintenance, leasing and sale of the Project (or any portion thereof) or as may be reasonably requested by any representative of the Management Committee. Except as otherwise expressly set forth herein, the Operating Member shall only have the authority to incur the costs and expenditures set forth in an approved Operating Budget (subject to the ability to apply line item cost savings, contingency line item amounts, budget variances, etc., if any, contained in such Operating Budget, as and if so permitted by the parameters of such Operating Budget), without any further approval of the Management Committee (or the Members). Except as otherwise provided within any Operating Budget, the Operating Budget may not be increased without the prior approval of the Management Committee.

Operating Budget. Borrower shall furnish to Lender on or prior to the Closing Date and for each fiscal year of Borrower thereafter not less than thirty (30) calendar days prior to the commencement of such fiscal year, consolidated and consolidating month by month projected operating budgets, annual projections, profit and loss statements, balance sheets and cash flow reports of and for Borrower for such upcoming fiscal year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter), in each case prepared in accordance with GAAP consistently applied with prior periods.

Operating Budget. Attached hereto as Exhibit E is a true, complete and correct copy of the operating budget for each Borrower’s or Operating Lessee’s Individual Property for the period between the Closing Date and December 31, 2005, which Operating Budget has been approved by Lender pursuant to the terms of this Agreement.

Operating Budget. (a) Commencing January 1, 2017, not later than the beginning of each Fiscal Year the Borrower shall prepare or cause to be prepared an annual Operating Budget with respect to the Project for the ensuing Fiscal Year. Such Operating Budget shall set forth in reasonable detail the estimated Project Revenues, Operating Expenses, and Capital Expenditures from the Replacement Reserve Fund for the Project for such Fiscal Year and the estimated investment income and estimated amounts to be deposited in and withdrawn from (and the purposes for such withdrawals) the Escrow Fund, Replacement Reserve Fund and Administrative Expense Account under the Indenture. The Borrower may at any time adopt an amended Operating Budget for the remainder of the then current Fiscal Year. Copies of the Operating Budget and of any amended Operating Budget shall be filed no later than June 15th of the year preceding such Fiscal Year with the Trustee, the Issuer (at its written request), the Financial Monitor, the Significant Bondholder, if any, and each Owner requesting the same (at the address supplied to the Trustee by such Owner or its authorized representative). (b) The Operating Budget or amended Operating Budget to be adopted by the Borrower shall provide for monthly deposits into the funds and accounts in the amounts required under Section 5.02(a) or (b) of the Indenture, as applicable. The Operating Budget shall contain an estimate of the taxes (if any), assessments (if any) and insurance premiums next coming due with respect to the Project, and such estimate shall not be less than the respective amounts most recently having come due with respect to such taxes, assessments and insurance premiums, unless the Borrower shall have competent evidence that there is to be a decrease in such taxes, assessments and insurance premiums.

Operating Budget. The Association will, on an annual basis, prior to the end of a Fiscal Year, develop all budgets required for the Association's operations, roles and responsibilities at or from the Jointly Operated Facilities for the Association’s upcoming Fiscal Year, including its estimated Operations Fee payment. The Association will share its budgets with the Park Board prior to the beginning of the Association’s upcoming Fiscal Year. If requested by the Association and agreed to by the Park Board, Park Board staff and/or the Recreation Supervisor will support the Association in the creation of these budgets. The Park Board will, on an annual basis, develop an operating and capital budget for the Community Centre Network. The Park Board’s budget shall be subject to approval of the Park Board Commissioners. Park Board staff will review the operating budget of each facility in the Community Centre Network and, in its sole discretion, reserves the right to make adjustments to increase or decrease the operating budget for all or any part of the Community Centre Network, including by increasing or decreasing the budget for the Jointly Operated Facilities. The Park Board, to the best of its ability, will provide a copy of the annual operating budget for the Jointly Operated Facilities to the Association. The list of maintenance, repair and upgrade items prioritized for the Jointly Operated Facilities and Common Spaces for that given year’s annual budget in accordance with Section 13.1 will be included. The Association acknowledges that some amounts in the Park Board budget are centrally budgeted for and will not be broken out on a facility by facility basis. The Association acknowledges and agrees that the Park Board budget, including allocations to operating and capital resources for the Jointly Operated Facilities, Common Spaces and the Community Centre Network, are in the sole discretion of the Park Board.

Operating Budget. The operating budget approved by the Board of Directors which shall show a detailed estimate of Total Power Costs for a Power Supply Year and all revenues, income or other funds to be applied to Total Power Costs for and applicable to such Power Supply Year.

Operating Budget. Within 75 days after the end of each Fiscal Year, a copy of the Consolidated operating budget of the Borrower and its Subsidiaries for each fiscal month in such Fiscal Year.

Operating Budget. The term “

Operating Budget. No later than thirty (30) days after the end of each Fiscal Year, a copy of the Borrower’s and Guarantor’s Fiscal Year consolidated operating budget.