“Annual Budget” shall mean the operating budget, including all planned Capital Expenditures, for the Property prepared by [[Borrower:Organization]] for the applicable Fiscal Year.

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

Section # Initial Annual Budget and Business Plan. The EnTrust Contributor and the Permal Contributor hereby mutually agree that the Initial Annual Budget and Business Plan will be the Annual Budget and Business Plan for the Company for the fiscal period commencing on the Closing and ending on March 31, 2017.

budget achievement;

Section # Budget

The Borrowers shall submit to the Agent proposed Annual Operating Budgets for the succeeding Fiscal Year (broken out by Property) not later than thirty (30) days prior to the commencement of such Fiscal Year, in each case in form and substance reasonably satisfactory to the Agent; provided, however, that the Annual Operating Budget for the Fiscal Year 2018 shall be the budget attached hereto as [Exhibit F] until such time as the Borrowers submit a revised Annual Operating Budget for the Fiscal Year 2018 and such budget is Approved by the Agent in accordance with the procedures set forth in this [Section 5.1.10(f)]. At all times during the term of the Loan, the Annual Operating Budget so submitted to the Agent shall be subject to the Agent’s Approval (each such Annual Operating Budget, an “Approved Annual Operating Budget”); provided that, subject to Section 5.1.10, if no Default has occurred and remains outstanding and if no Event of Default has occurred, such Approval shall not be unreasonably withheld, conditioned or delayed. In the event that the Agent objects to a proposed Annual Operating Budget submitted by the Borrowers which requires the Approval of the Agent hereunder, the Agent shall advise the Borrowers of such objections within ten (10) Business Days after receipt thereof (and deliver to the Borrowers a reasonably detailed description of such objections) and the Borrowers shall promptly revise such Annual Operating Budget and resubmit the same to the Agent. The Agent shall advise the Borrowers of any objections to such revised Annual Operating Budget within ten (10) Business Days after receipt thereof (and deliver to the Borrowers a reasonably detailed description of such objections) and the Borrowers shall promptly revise the same in accordance with the process described in this subsection until the Agent Approves a proposed Annual Operating Budget. Until such time that the Agent approves a proposed Annual Operating Budget, the most recently prior Approved Annual Operating Budget for the Borrowers shall apply (or, in the case of the Annual Operating Budget for the Fiscal Year 2018, the draft budget attached hereto as [Exhibit F] shall apply); provided that such Approved Annual Operating Budget shall be adjusted to reflect actual amounts owing for Taxes, Insurance Premiums, utilities expenses, fixed increases (or decreases) under previously executed agreements and increases (or decreases) in variable expenses as a result of changes in occupancy levels at the Properties from the prior Fiscal Year.

subject to the terms of the Final DIP Order, any and all funds remaining under the Carve-Out or the wind-down budget attached as Exhibit A-11] to [Schedule 3.1(a)] (the “Wind-Down Budget”) after of obligations from such amounts permitted under the DIP Order and such Wind-Down Budget; and

If the Parent updates or changes the Budget, it shall within not more than five days of the update or change being made deliver to the Agent, in sufficient copies for each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that Budget.

Exhibit # AGGE Cost Budget

Exhibit # – Initial Annual Budget