Annual Budget and Business Plan. (a) On or prior to October 31st of each calendar year, the TAM CEO and the TAM CFO shall prepare or cause to be prepared, and shall submit for approval of the TAM Board, (i) a proposed annual budget and business plan (each, an “Annual Budget and Business Plan”) for the upcoming Fiscal Year and (ii) a proposed five-year business plan for the next five Fiscal Years (each, a “Multi-Year Business Plan”), in each case for TAM and its Subsidiaries on a consolidated basis and for Multiplus S.A. on a stand-alone basis. Each of the proposed Annual Budget and Business Plan and Multi-Year Business Plan shall include all of the applicable items set forth in Schedule 3.06 and be in a format acceptable to the TAM Board.
(b) The TAM Board shall convene a meeting within fifteen business days after receipt of the proposed Annual Budget and Business Plan and Multi-Year Business Plan for the upcoming Fiscal Year from the TAM CEO to discuss whether and to what extent to approve each of the foregoing for the upcoming Fiscal Year. If all or any portion of any of the proposed Annual Budget and Business Plan or Multi-Year Business Plan is not approved in all respects by a Supermajority Board Vote of the TAM Board at any such meeting of the TAM Board or any adjournment thereof, the TAM Chairman shall notify the TAM CEO in reasonable detail of the TAM Board’s objections to the proposed Annual Budget and Business Plan and/or Multi-Year Business Plan, as the case may be, and within thirty days following the TAM CEO’s receipt of such notice, the TAM CEO and the TAM CFO shall collaborate with two board members of TAM, one selected by TEP and another selected by LATAM, to modify such Annual Budget and Business Plan and/or Multi-Year Business Plan to address the comments and concerns of the TAM Board. Within ten business days after receipt of any revised Annual Budget and Business Plan and/or Multi-Year Business Plan from the TAM CEO, the TAM Board shall convene a second meeting to discuss whether or not to approve the same. If the TAM Board does not approve the adoption of any such proposed Annual Budget and Business Plan and/or Multi-Year Business Plan in its entirety because of disagreement on one or more line items set forth in the proposed Annual Budget and Business Plan and/or Multi-Year Business Plan, as the case may be, then the Multi-Year Business Plan for the current Fiscal Year shall be deemed adopted as the Annual Budget and Business Plan for the upcoming Fiscal Year.
(c) The...
Annual Budget and Business Plan. The annual budget and business plan for the current Fiscal Year and the business plan for the next five Fiscal Years of Holdco 1 (collectively, the “Holdco 1 Plans”) at all times shall be identical to the annual budget and business plan and the five-year business plan for the next five fiscal years then in effect for TAM and its Subsidiaries. The Holdco 1 Board shall cause Holdco 1 and its Subsidiaries to operate in accordance with, and the officers and employees of Holdco 1 and its Subsidiaries to implement, the Holdco 1 Plans and shall conduct, or cause to be conducted, the business of Holdco 1 and its Subsidiaries in accordance with any such Holdco 1 Plans.
Annual Budget and Business Plan. The Company shall provide each Major Investor as soon as practicable, but in any event at least thirty (30) days prior to the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, projected profit or loss for the year and sources and applications of funds statements for such months, and as soon as prepared, any other budgets or revised budgets prepared by the Company.
Annual Budget and Business Plan. Not later than 60 days prior to the end of each fiscal year (commencing with the Annual Budget and Business Plan for the fiscal year ending June 30, 1998), the CEO and CFO shall prepare or cause to be prepared and present to the JVC Board of Directors a business plan (the “Annual Budget and Business Plan”) for the succeeding fiscal year. The Annual Budget and Business Plan shall include a budget of capital expenditures, expenses, a cash flow forecast, amounts to be financed through Member equity contributions, Member loans and third party borrowings and such other matters as the Board of Directors deems appropriate. Each Business Plan shall include a five year business and marketing plan for the JVC which shall set forth pro-forma balance sheets, income statements, cash flow projections and capital budgets on a quarterly basis for the first year and on an annual basis for the following four years. The Annual Budget and Business Plan shall also include production and personnel plans and such other matters as the JVC Board of Directors deems appropriate. Each Annual Budget and Business Plan, as it may be amended, shall be approved by the JVC Board of Directors not later than 30 days prior to the end of the fiscal year covered by the then current Annual Budget and Business Plan. The Annual Budget and Business Plan approved shall not be changed without the approval of the JVC Board of Directors. The CEO and CFO shall at all times use their best efforts to conduct the operations of the JVC pursuant to the Annual Budget and Business Plan adopted by the JVC Board of Directors. Within thirty (30) days of the end of each fiscal year (commencing with the fiscal year ending June 30, 1998) of the JVC, the CEO and CFO will analyze any variance between the actual and planned performance under the Annual Budget and Business Plan and report to the JVC Board of Directors the results of such analysis.
Annual Budget and Business Plan. Prior to the beginning of each fiscal year, the Board shall prepare a business plan and budget for the succeeding fiscal year that shall be approved by the holders of (i) a majority of the Series A Preferred Stock, voting as a separate class, or (ii) if a majority of the outstanding aggregate principal amount of Collective Senior Notes shall not have been converted into Series A Preferred Stock at such time, a majority of the then outstanding aggregate principal balance of the Collective Senior Notes.
Annual Budget and Business Plan. (a) On or before the Effective Date and by August 1 of each year commencing August 1, 1998, the Manager shall submit to the Town, for the Town's approval, a proposed annual business plan (the "Annual Plan") and operating budget (the "Budget") prepared on a format approved by the Town. For calendar year 1998 the Budget shall be based upon, and consistent with, the financial projections submitted by the Manager to the Town dated December 6, 1997 and December 9, 1997. If requested by the Town, the Manager shall provide the Town with the data and information utilized in preparing the Annual Plan and Budget or any revisions thereto. In the event the 9-hole golf course at the Facility opens prior to the 18-hole golf course, the Manager shall submit to the Town for its approval, not later than 30 days prior to the opening of the 9-hole golf course, a revised Budget indicating that operation of the 9-hole golf course will not generate additional expenses in excess of revenues attributable to such operation.
(b) The Annual Plan shall describe the Manager's major management goals and intended actions for the ensuing year in reasonable detail so as to enable the Town to evaluate the Manager's intended conduct of the affairs of the Facility during that period.
(c) In general, the Budget shall include such details regarding revenues and operating and capital expenditures for the upcoming Budget period as the Town shall reasonably request. Without limiting the foregoing, the Budget shall set forth the Manager's reasonable estimates of:
(i) gross revenues consisting of all membership dues, green fees, cart rental fees, proceeds of sales of inventory, supplies, beverages or food, facility use revenues (excluding fees charged for use of athletic fields), driving range receipts, miniature golf receipts, and any other income of any kind derived from any source at the Facility over which the Manager has any responsibility, without reduction for costs of goods sold or other expenses ("Gross Revenues");
(ii) all costs and expenses directly related to the operation of the Facility including (without limitation) employee and independent contractor costs, repair and maintenance expenses, costs of inventory and supplies, utility costs, administrative and general costs, marketing costs, insurance and management fees hereunder;
(iii) a budget of the Manager's recommended renewals, revisions, rebuilding, replacements, substitutions or improvements to the Facility for the Budget period...
Annual Budget and Business Plan. So long as an Investor (and its affiliates) holds at least 100,000 shares of the Company’s Preferred Stock (or Common Stock issued or issuable upon conversion of Preferred Stock, or combination thereof), the Company shall provide, as soon as practicable, but in any event thirty (30) days prior to the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets and sources and applications of funds statements for such months, and as soon as prepared, any other budgets or revised budgets prepared by the Company.
Annual Budget and Business Plan. Furnish to such Investors ------------------------------- as soon as practicable and in any event no later 30 days after the close of each fiscal year of the Company, an annual operating plan and budget, prepared on such basis as the Company deems reasonable (but including quarterly forecasts), for the next immediate fiscal year.
Annual Budget and Business Plan an annual budget and business plan for the succeeding fiscal year for the Company Group, setting forth the projected balance sheets, income statements and statements of cash flows for each month during such period; the projected budget for operation of business; any dividend or distribution to be declared or paid; the projected incurrence, assumption or refinancing of indebtedness; projected revenue and profit for each month during such period; merger, consolidation, reorganization, or amalgamation of any Group Company with or into any other Person or any scheme of arrangement or other business combination with or into any other Person; all payments projected to be made not in the ordinary course of business of any of the Group Companies; and all other material matters relating to the operation, development and business of the Group Companies;
Annual Budget and Business Plan. (a) As soon as practicable, but in any event at least thirty (30) days before the end of each fiscal year of the Company, management of the Company shall deliver to the Board and each Major Stockholder a budget and business plan for the next fiscal year (as to each fiscal
