Annual Budget and Operating Plan. (a) The Annual Budget and Operating Plan for the first Operating Year shall be the budget attached hereto as Schedule 6.1, as the same may be amended by mutual consent, subject to any approval rights of the Financing Parties or Independent Engineer set forth in the Financing Documents.
(b) Sixty (60) calendar days prior to the start of each Operating Year, other than the first Operating Year, Xxxxx R&M shall prepare and submit to the Xxxxx Company, the Financing Parties and the Independent Engineer, for their review and comment, a proposed annual budget and operating plan for such year which Annual Budget and Operating Plan shall be substantially in the form of Schedule 6.1 and include, without limitation, (i) detailed line items of the anticipated revenues and expenses relating to the operation of the Heavy Oil Processing Facility for such year and (ii) the scheduled maintenance shutdown(s) of units comprising the Heavy Oil Processing Facility during such year.
(c) Subject to any approval rights of the Financing Parties or Independent Engineer set forth in the Financing Documents, the Xxxxx Company shall accept or object to all or any portion of the proposed Annual Budget and Operating Plan within thirty (30) calendar days of receipt thereof. If the Xxxxx Company objects to any portion of such proposed Annual Budget and Operating Plan, the Xxxxx Company and Xxxxx R&M shall attempt in good faith to agree to an Annual Budget and Operating Plan. If the Xxxxx Company and Xxxxx R&M have not reached agreement on the Annual Budget and Operating Plan for any Operating Year prior to the first day of such Operating Year, the Annual Budget and Operating Plan in effect for such Operating Year shall be the same as the Annual Budget and Operating Plan for the immediately preceding calendar year (with each item on the budget adjusted based on a percentage change in the U.S. Consumer Price Index, in each case, from the date the Annual Budget and Operating Plan then in effect was approved) until a new Annual Budget and Operating Plan is approved.
Annual Budget and Operating Plan. As soon as available, but in any event not later than thirty (30) days prior to the end of each fiscal year of the Company, the annual budget and operating plan of the Company and its Subsidiaries for the next succeeding fiscal year, including but not limited to cash flow and balance sheet projections, capital budget and operating budget, calculated monthly, and any updates or revisions as soon as available.
Annual Budget and Operating Plan. 17 Section 6.1
Annual Budget and Operating Plan. (a) Not later than 120 days prior to the beginning of each Operating Year, Operator shall submit to the Management Committee for its review and approval the proposed Annual Budget for that Operating Year. The Annual Budget shall be itemized on a monthly cash flow basis and incorporate all proposed Budgeted Expenses, which shall include all anticipated costs and expenditures that Operator estimates will be incurred during the applicable Operating Year in connection with any capital expenditures and the operation and maintenance of the Project and the provision of the Commercial Operation Phase Services. Budgeted Expenses shall include the following costs and expenditures:
(1) Operator’s Fixed Labor Expense;
(2) routine operational services, including those provided by third-parties;
(3) planned maintenance and repair services, including those provided by third-parties;
(4) consumables, materials and supplies;
(5) spare parts and tools;
(6) contracted operation and maintenance services, other than those described in Section 6.2(a)(1), including all costs associated with Subcontractors;
(7) non-routine home office, Project management, and accounting support;
(8) premiums for Insurance required to be maintained by Operator for the Project pursuant to Schedule 7.1;
(9) applicable Taxes other than Operator Taxes;
(10) office and administrative costs at the Project;
(11) on-going training costs for Operator’s Project personnel; and
(12) a mutually agreed contingency for unplanned expenditures.
(b) Not later than 130 days prior to the beginning of each Operating Year, Operator shall also submit to the Management Committee for its review and approval the proposed Annual Operating Plan for that Operating Year that will be prepared, when necessary, with information and input from the Management Committee. The Annual Operating Plan shall be an annual program and monthly timetable for the operation and maintenance of the Project and performance of the Services, which shall set forth on a monthly basis the underlying assumptions and implementation plans in connection with the Annual Budget and shall include the following information:
(1) routine repairs and maintenance for each part of the Project;
(2) information regarding the inventory and proposed procurement of equipment, spare parts, tools and, in the case of major equipment, the residual life thereof;
(3) Scheduled Outages;
(4) consumable items;
(5) staffing plans and details regarding the number of part time and ...
Annual Budget and Operating Plan. On or before each December 15th during the term of this Agreement with respect to the next, entire Fiscal Year (e.g., on or before December 15, 2005, with respect to the next entire Fiscal Year commencing on January 1, 2006), Manager will prepare for the consideration and adoption of the Board a proposed annual operating budget, and shall from time to time propose such amendments thereof as the Manager deems necessary and appropriate (collectively, the “Annual Budget”). Such Annual Budget shall set forth on a monthly basis the estimated receipts and expenditures of EEP in sufficient detail to provide an estimate of net income, taxable income, cash flow and other financial requirements of EEP for such year. The general and administrative expense estimates of such Annual Budget will be provided separately and broken out in detail in line item format. Each Annual Budget shall also include such other information or other matters reasonably necessary in order to enable the Board to make an informed decision with respect to approval of such Annual Budget. Following any fiscal quarter, the Manager may propose changes to any Annual Budget (or any line item therein) previously submitted to the Board, and the Board will consider any such proposed changes at the its next scheduled meeting.
Annual Budget and Operating Plan. On or before each December 15th during the term of this Agreement with respect to the next, entire Fiscal Year (e.g., on or before December 15, 2005, with respect to the next entire Fiscal Year commencing on January 1, 2006), Manager will prepare for the consideration and adoption of the Board a proposed annual operating, capital expenditure, maintenance and acquisition budget, and shall from time to time propose such amendments thereof as the Manager deems necessary and appropriate (collectively, the “Annual Budget”). Such Annual Budget shall set forth on a monthly basis the estimated receipts and expenditures (capital, operating and other) of Reserves in sufficient detail to provide an estimate of net income, taxable income, cash flow, capital proceeds and other financial requirements of Reserves for such year. The general and administrative expense estimates of such Annual Budget will be provided separately and broken out in detail in a line item format. Each Annual Budget shall also include such other information or other matters reasonably necessary in order to enable the Board to make an informed decision with respect to approval of such Annual Budget. Following any calendar quarter, the Manager may propose changes to any Annual Budget (or any line item therein) previously submitted to the Board, and the Board will consider any such proposed changes at its next scheduled meeting.
Annual Budget and Operating Plan. Furnish to each Major Preferred Stockholder as soon as practicable and in any event no later than thirty (30) days after Board approval thereof, an annual operating plan and budget for the next immediate fiscal year, and, as soon as prepared, any other updated or revised plan or budgets for such fiscal year prepared by the Company.
Annual Budget and Operating Plan. (a) Approval of the Annual Budget. At least one hundred eighty (180) days ----------------------------- before the start of each Operating Year, GE shall submit a proposed operating plan for such Operating Year (each, an "Annual Operating Plan"). The Annual Operating Plan shall be reviewed by POA and agreed to in principle prior to submittal of the Annual Budget. At least one hundred eighty (180) days before the start of each Operating Year, other than the first Operating Year, GE shall prepare and submit to POA a proposed budget for such Operating Year (each, an "Annual Budget"). POA shall promptly review GE's proposed Annual Budget and Annual Operating Plan and may, upon written notice to GE, propose changes, additions, deletions and modifications thereto. If GE accepts any changes proposed by POA, the proposed Annual Operating Plan and proposed Annual Budget as modified shall be adopted. If GE does not agree with any of the changes proposed by POA, then the Parties shall meet and work in good faith to agree upon an Annual Operating Plan and Annual Budget. Once the Parties are in agreement, copies of the Annual Operating Plan and the Annual Budget shall be approved in writing by both Parties no later than one hundred fifty (150) days before the start of the Operating Year. Once approved, the Annual Operating Plan and the Annual Budget shall remain in effect throughout the applicable Operating Year, subject to such change, revision, amendment and updating in accordance with this Agreement. The Annual Budget for the first Operating Year is attached hereto as Exhibit D.
Annual Budget and Operating Plan. The Partnership shall furnish to the Collateral Trustee each Credit Rating Agency and the Independent Engineer, (i) promptly after they become available, copies of the proposed Annual Budget and Operating Plan and the proposed Major Maintenance Plan for each fiscal year, (ii) not less than 30 days prior to the commencement of the fiscal year to which it relates, a copy of the final Annual Budget and Operating Plan and the final Major Maintenance Plan for each fiscal year, together with a detailed discussion and analysis thereof, (iii) not less than 30 days prior to the effective date of any amendment proposed to be made to the Annual Budget and Operating Plan or the Major Maintenance Plan, copies of such proposed amendments, and (iv) promptly following receipt, quarterly reports delivered to the Partnership from Xxxxx R&M pursuant to Section 6.3 of the Services and Supply Agreement. Each proposed Annual Budget and Operating Plan, final Annual Budget and Operating Plan and any proposed amendment to the Annual Budget and Operating Plan shall be accompanied by the Independent Engineer's certification as to the reasonableness of such Annual Budget and Operating Plan or amendment. The Partnership shall reasonably consider in good faith the views expressed by any Senior Lender in response to a delivery made to the Senior Lenders pursuant to this clause (b), and shall reasonably consult with such Senior Lender as to the appropriateness of any particular forecast, assumption or expenditure that may be identified by such Senior Lender as being of concern to it.
Annual Budget and Operating Plan. (i) As soon as available, and in any event not later than the 120th day following the end of each Fiscal Year, an annual consolidated budget and operating plan (the "Annual Budget and Operating Plan") for Endeavour International and its Subsidiaries, including a statement of monthly projected production, projected production revenues, projected operating expenses, Capital Expenditures, Exploration Capital Expenditures and quarterly cash flows of the Credit Parties and their respective Subsidiaries on a consolidated basis. Each Annual Budget and Operating Plan shall be accompanied by certificates of Endeavour International and the Borrower, each signed by a duly authorized officer, each certifying that, to the best of such officer's knowledge, the budget is a reasonable estimate for the period covered thereby and is in compliance with this Section 8.01(p).
