“Budget” shall mean any Annual Budget or any other budget approved by Newco.

"Budget" means a Group budget for a particular Budget Year in a format approved from time to time by the Supervisory Board (save as otherwise provided in this Agreement);

Approved Underwriting Guidelines. [[Organization C:Organization]] shall not submit to [[Organization B:Organization]] for purchase, and [[Organization B:Organization]] shall have no obligation to purchase, any Mortgage Loan underwritten in accordance with underwriting guidelines, including amendments to Approved Underwriting Guidelines not expressly approved by [[Organization B:Organization]], other than Approved Underwriting Guidelines.

Approved Underwriting Guidelines. The Mortgage Loan satisfies the Approved Underwriting Guidelines.

*Final Project Budget is based on pricing of 100% Design Development Package. Changes to Budget & Schedule thereafter shall be approved via TCR process.

Work Program and Budget means a work program for Joint Operations and budget therefor as described and approved in accordance with clause 6.

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

“Approved Operating Expense” shall mean an operating expense of the Property set forth on the Approved Annual 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.

“DIP Budget” means the “Approved DIP Budget” as defined in the New Money DIP Note Purchase Agreement in effect as of the Effective Date or that may be in effect at any time prior to the Closing.