ANNUAL BUDGETS AND FORECASTS Sample Clauses

ANNUAL BUDGETS AND FORECASTS. Not later than 45 days after the commencement of the first fiscal quarter in any fiscal year of the Borrower and its Subsidiaries, a consolidated budget in reasonable detail for such entire fiscal year, and (if and to the extent prepared by management of the Borrower) for any subsequent fiscal years, as customarily prepared by management for its internal use, setting forth, with appropriate discussion, the forecasted balance sheet, income statement, operating cash flows and capital expenditures of the Borrower and its Subsidiaries for the period covered thereby, and the principal assumptions upon which forecasts and budget are based.
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ANNUAL BUDGETS AND FORECASTS. AUGI has determined to make the Advances available to the Surviving Corporation on the basis of annual budgets and forecasts previously supplied to AUGI by the Company and the Principal Stockholders; provided, that (i) the annual budgets and forecasts shall be updated by the Company and the Principal Stockholders for the forty-eight (48) month period (based on AUGI's fiscal year ending July 31st) commencing on August 1, 1996 and ending on July 31, 2000, (ii) such updated annual budgets and forecasts for such period (the "Corporation's Budget"), which shall be satisfactory to AUGI in form and detail and in substance, shall have been received by AUGI prior to the date of this Agreement, and (iii) the timing of any Advance to the Surviving Corporation shall be based upon satisfaction of the requirements established in the Corporation's Budget unless otherwise mutually agreed by the Surviving Corporation's Board of Directors and AUGI's Board of Directors, it being understood and agreed that drawings of Advances which are not in accordance with the terms and conditions of the Corporation's Budget will not be made available by AUGI without the prior written approval of AUGI's Board of Directors. In determining Pre- Tax Income (as such term is hereinafter defined), no consideration shall be given to interest or dividends accrued or payable with respect to any Advances made by AUGI; provided, that such Pre-Tax Income shall be after deduction of all interest paid or accrued on money borrowed by the Surviving Corporation from any unaffiliated third party. As used herein, the term "Pre-Tax Income" shall mean the net income of the Surviving Corporation after deduction of all expenses paid or accrued for the appropriate period in accordance with GAAP (including compensation paid to the Principal Stockholders under their respective employment agreements with the Surviving Corporation), but before application of all federal, state, and local income taxes, for the four fiscal years ending July 31, 2000, and also as modified pursuant to the preceding sentence, all as determined by the auditors engaged to audit the financial statements of the Surviving Corporation and AUGI. AUGI acknowledges that neither the budgets, the projections and information underlying the same, nor any other matter in connection with such budgets and projections, shall constitute a representation or warranty by the Principal Stockholders.
Sample 1
ANNUAL BUDGETS AND FORECASTS. Finish annual budgets and forecasts for the Borrower to the Bank within one hundred twenty (120) days after the end of each fiscal year of the Borrower.
Sample 1
ANNUAL BUDGETS AND FORECASTS. AUGI has determined to make the Advances available to the Purchaser on the basis of annual budgets and forecasts previously supplied to AUGI by the Company and Xxxxxxxxxxx; provided, that (i) the annual budgets and forecasts shall be updated by the Company and Xxxxxxxxxxx for the forty-eight (48) month period (based on AUGI's fiscal year ending July 31st) commencing on August 1, 1996 and ending on July 31, 2000, (ii) such updated annual budgets and forecasts for such period (the "Corporation's Budget"), which shall be satisfactory to AUGI in form and detail and in substance, shall have been received by AUGI prior to the Closing Date, and (iii) the timing of any Advance to the Purchaser shall be based upon satisfaction of the requirements established in the Corporation's Budget unless otherwise mutually agreed by the Purchaser's Board of Directors and AUGI's Board of Directors, it being understood and agreed that drawings of Advances which are not in accordance with the terms and conditions of the Corporation's Budget will not be made available by AUGI without the prior written approval of AUGI's Board of Directors. AUGI acknowledges that neither the budgets, the projections and information underlying the same, nor any other matter in connection with such budgets and projections, shall constitute a representation or warranty by the Seller or Xxxxxxxxxxx.
Sample 1

Related to ANNUAL BUDGETS AND FORECASTS

  • Annual Budgets As soon as available and in any event within than 45 days after the end of each Fiscal Year, forecasts prepared by management of the Parent Guarantor, in form reasonably satisfactory to the Administrative Agent, of balance sheets, income statements and cash flow statements on a quarterly basis for the then current Fiscal Year and on an annual basis for each Fiscal Year thereafter until the Termination Date.

  • Budgets Borrower shall have delivered, and Lender shall have approved, the Annual Budget for the current Fiscal Year.

  • Annual Forecasts As soon as available and in any event no later than 15 days before the end of each Fiscal Year, forecasts prepared by management of the Parent Borrower, in form satisfactory to the Agents and the Lender Parties, of balance sheets, income statements and cash flow statements on a monthly basis for the Fiscal Year following such Fiscal Year and on an annual basis for each Fiscal Year thereafter until the Termination Date.

  • Annual Operating Budget and Financial Projections Within forty five (45) days after the end of each fiscal year of Borrower, (i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (ii) annual financial projections for the following fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections;

  • Annual Projections As soon as practicable and in any event prior to the beginning of each Fiscal Year, Borrower shall deliver to Lender projected balance sheets, statements of income and cash flow for Borrower, for each of the twelve (12) months during such Fiscal Year, which shall include the assumptions used therein, together with appropriate supporting details as reasonably requested by Lender.

  • Annual Business Plan and Financial Projections As soon as practicable and in any event within ninety (90) days after the beginning of each Fiscal Year, a business plan of the Borrower and its Subsidiaries for such Fiscal Year, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following: a projected income statement, statement of cash flows and balance sheet and a statement containing the volume and price assumptions by product line used in preparing the business plan, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that, to the best of such officer’s knowledge, such projections are good faith estimates (utilizing assumptions believed to be reasonable) of the financial condition and operations of the Borrower and its Subsidiaries for such Fiscal Year.

  • Budget Borrower shall submit to Lender for Lender’s written approval (provided that such approval shall only be required in the event that Borrower or any Affiliate of Borrower has the right to approve any such budget pursuant to the terms of the Management Agreement) not to be unreasonably withheld, an annual budget (the “Annual Budget”) within ten (10) Business Days after receipt thereof from Manager, in form satisfactory to Lender setting forth in reasonable detail budgeted monthly operating income and monthly operating capital and other expenses for the Premises. In the event Lender shall have the right to approve such Annual Budget and Lender objects to the proposed Annual Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall, within three (3) days after receipt of notice of any such objections, revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall revise the same in accordance with the process described herein until Lender approves an Annual Budget, provided, however, that if Lender shall not advise Borrower of its objections to any proposed Annual Budget within the applicable time period set forth in this Section, then such proposed Annual Budget shall be deemed approved by Lender. If Lender has the right to approve the Annual Budget pursuant to the terms of the Management Agreement, until such time that Lender approves a proposed Annual Budget, the most recently Approved Annual Budget shall, except as otherwise provided in the Management Agreement, apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in Basic Carrying Costs and utilities expenses. In the event that Owner must incur an Extraordinary Expense, then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense which, if Borrower has the right to approve such expenditures pursuant to the terms of the Management Agreement, shall be subject to Lender’s approval, which approval may be granted or denied in Lender’s reasonable discretion.

  • Business Plan The Lenders shall have received a satisfactory business plan for fiscal years 2005 through 2011 and a satisfactory written analysis of the business and prospects of the Borrowers and their Subsidiaries for the period from the Effective Date through the final maturity of the Term Loans.

  • Rolling Forecasts The parties shall cooperate in good faith to develop rolling twelve (12) month (by Product and pack type), non-binding order forecasts of Buyer’s needs for the Products. The parties shall use commercially reasonable efforts to provide such forecasts at least ten (10) business days prior to the start of the applicable month.

  • Annual Business Plan and Budgets As soon as available but in any event no later than 45 days following the end of each fiscal year of the Borrower, an annual business plan and budget of the Consolidated Parties containing, among other things, pro forma financial statements for the next four fiscal quarters and the next fiscal year.

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