Exhibit # Initial Annual Budget
for the partial year commencing on the date hereof and for each Fiscal Year thereafter, by no later than forty-five (45) days prior to the commencement of such period or Fiscal Year, an annual operating budget presented on a monthly basis consistent with the annual operating statement described above for the Property, including cash flow projections for such Fiscal Year and all proposed capital replacements and improvements, which such budget shall # until the occurrence and continuance of a Trigger Period, be provided to for informational purposes and # after the occurrence and during the continuance of a Trigger Period not take effect until approved by (after such approval has been given in writing, such approved budget shall be referred to herein as the “Approved Annual Budget”). Until such time that approves a proposed Annual Budget, the most recent Approved Annual Budget shall apply (or, if none, the prior year’s annual operating statement shall be deemed the Approved Annual Budget for up to 45 days, during which shall prepare a budget for ’s approval), adjusted to reflect actual increases in Taxes, Insurance Premiums and utilities expenses; and
approve or amend the Annual Budget, or any other material capital or operating budget of the Company or any of its Subsidiaries;
“Annual Budget” shall mean the operating budget, including all planned Capital Expenditures, for the Property prepared by for the applicable Fiscal Year.
be reflected in each annual Work Program and Budget.
Projected Operating Budget. Within thirty (30) days after the beginning of each fiscal year, commencing with fiscal year 2018, furnish [[Organization B:Organization]] a month by month projected operating budget and cash flow of Castle and its Subsidiaries on a consolidated and consolidating basis for such 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), such projections to be accompanied by a certificate signed by the President, Chief Financial Officer or other Authorized Officer of each Borrower to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.
Co-Promotion Budget. The amount budgeted for each Partys Co-Promotion activities in each Joint Commercialization Budget will be consistent with the Co-Promotion activities assigned to such Party pursuant to the Joint Commercialization Plan.
Compliance with Budget. Measured as of the last day of each week, Loan Parties will not permit aggregate expenditures (other than with respect to “Extraordinary Professional Fees” as identified in the Budget) for the four-week period then ended to exceed 105% of the amounts set forth in the Budget for such period; provided, that, for the purposes of determining Loan Parties' compliance with this Section, payments made by Loan Parties in compliance with [Section 8.2] of this Agreement and amounts remitted pursuant to [Section 5.6] of this Agreement shall be disregarded to the extent such payments exceed the amounts set forth in the Budget.
Operating Budget Matters. Within [●] days of the Closing Date, the Company and Buyer shall finalize an operating budget for the Surviving Corporation.
"Annual Budget" has the meaning ascribed to it in [Article 12.1].
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