ANNUAL BUSINESS PLAN AND ANNUAL BUDGET Sample Clauses

ANNUAL BUSINESS PLAN AND ANNUAL BUDGET. ‌ WOP SPV shall procure that the Asset Manager shall, for each Financial Year, deliver drafts of the Annual Business Plan and the Annual Budget for each Approved Project to each Shareholder in the manner set out in the related Asset Management Agreement before the beginning of such year. Each of the draft Annual Business Plans and Annual Budgets prepared by the Asset Manager in respect of any Financial Year must then be approved as a Board Reserved Matter at a meeting to be held no later than one (1) month before the beginning of the relevant Financial Year.
Sample 1
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ANNUAL BUSINESS PLAN AND ANNUAL BUDGET. At least sixty (60) days before the beginning of each Fiscal Year, Managing General Partner shall prepare and submit to the Board of Directors for its review and approval a proposed draft Business Plan and operating budget. The draft Budgets must be consistent with the proposed Business Plan submitted by the Managing General Partner and must be in such detail and be accompanied by such supporting material as any Board of Directors' member reasonably requires. The Business Plan must be in the form and detail and must be accompanied by such supporting material as any Board of Directors' member reasonably requires. No modification of any item in or aspect of a Budget may be made without the prior written approval of the Board of Directors. If for whatever reason the Board of Directors has not, by the beginning of a Fiscal Year, approved a Budget for such Fiscal Year, then, in the absence of the Board of Directors' action to the contrary, the Managing General Partner shall continue the operation of the Partnership in the ordinary course pending approval of a Budget for the then current Fiscal Year. For this purpose, the "ordinary course" means taking such actions and making such necessary expenditures as, in the good faith judgment of such Managing General Partner, are necessary in order to preserve and protect the Partnership's assets and honor existing commitments of the Partnership. However, without Board of Directors' approval, the Managing General Partner shall not have the right to (a) incur any new obligation of the Partnership in excess of Fifty Thousand Dollars ($50,000) or for a term for greater than one year; (b) enter into any agreement involving a commitment of the Partnership in excess of Fifty Thousand Dollars ($50,000) or for a term of greater than one year; or (c) initiate any lawsuit, other than minor lawsuits in the ordinary course of business and in compliance with Section 4.1(n).
Sample 1
ANNUAL BUSINESS PLAN AND ANNUAL BUDGET. (a) Prior to the beginning of each financial year of the Corporation, the Corporation shall prepare a detailed budget and a detailed business plan for such financial year, and shall present such budget and plan to the Board, including the Independent Directors, for approval in sufficient time that such budget and business plan may be approved in accordance with this Agreement (and thereby become the Annual Budget and Annual Business Plan for such financial year) prior to the beginning of such financial year. (b) The Corporation shall conduct its business and affairs in a financial year substantially in accordance with the Annual Budget and Annual Business Plan in respect of such financial year and any variations from such Annual Budget or Annual Business Plan approved in accordance with this Agreement from time to time.
Sample 1
ANNUAL BUSINESS PLAN AND ANNUAL BUDGET. At least sixty (60) days before the beginning of each Fiscal Year, Managing General Partner shall prepare and submit to the Board of Directors for its review and approval a proposed draft Business Plan and the officers shall prepare and submit to the Board of Directors for its review and approval a proposed draft operating Budget. The draft Budgets must be consistent with the proposed Business Plan submitted by the Managing General Partner and must be in such detail and be accompanied by such supporting material as any Board of Directors' member reasonably requires. The Business Plan must be in the form and detail and must be accompanied by such supporting material as any Board of Directors' member reasonably requires. No modification of any item in or aspect of a Budget may be made without the prior written approval of the Board of Directors. If for whatever reason the Board of Directors has not, by the beginning of a Fiscal Year, approved a Budget for such Fiscal Year, then, in the absence of the Board of Directors' action to the contrary, the officers of the Partnership shall continue the operation of the Partnership in the ordinary course pending approval of a Budget for the then current Fiscal Year. For this purpose, the "ordinary course" means taking such actions and making such necessary expenditures as, in the good faith judgment of such officers, are necessary in order to preserve and protect the Partnership's assets and honor existing commitments of the Partnership.
Sample 1
ANNUAL BUSINESS PLAN AND ANNUAL BUDGET. At least sixty (60) days before the beginning of each Fiscal Year, the Managing General Partner shall prepare a proposed draft Business Plan and the officers shall prepare and submit to the Managing General Partner for its review and approval a proposed draft operating Budget. The draft Budgets must be consistent with the proposed Business Plan submitted by the Managing General Partner. If for whatever reason the Managing General Partner has not, by the beginning of a Fiscal Year, approved a Budget for such Fiscal Year, then the officers of the Partnership shall continue the operation of the Partnership in the ordinary course pending approval of a Budget for the then current Fiscal Year. For this purpose, the "ordinary course" means taking such actions and making such necessary expenditures as, in the good faith judgment of such officers, are necessary in order to preserve and protect the Partnership's assets and honor existing commitments of the Partnership.
Sample 1

Related to ANNUAL BUSINESS PLAN AND ANNUAL BUDGET

  • Annual Business Plan (a) On or before November 15th of each year during the term of this Agreement, Manager shall prepare and submit to Owner for Owner's prior approval an annual business and leasing plan in accordance with the requirements of EXHIBIT D hereto (as such EXHIBIT D may be modified by Owner from time to time) (the "ANNUAL BUSINESS PLAN"). The Annual Business Plan shall be a comprehensive plan for the management, operation, leasing, repair, maintenance and promotion of the Property and for the other matters set forth on EXHIBIT D. Manager shall consult the Owner concerning the proposed Annual Business Plan and shall promptly incorporate therein such changes as Owner may direct. The Annual Business Plan, and all budgets contained therein, shall be in a form consistent with the Reporting Package. (b) Manager shall: (i) perform its duties hereunder in accordance with the Approved Annual Business Plan; and (ii) use all reasonable efforts to ensure that the actual costs of maintaining and operating the Property do not exceed the operating budget (the "OPERATING BUDGET") which is a part of the Approved Annual Business Plan either in total or in any one accounting category. All actual expenses must be charged to the proper account on a basis consistent with the Operating Budget classifications and Reporting Package. Except in case of emergencies which could reasonably pose a threat of injury to persons or property, in which event Manager shall inform Owner of such emergency within two (2) business days, no expense may be reclassified except as needed to correct an inadvertent error. Manager will secure Owner's prior approval for any expenditure that will result in a variance of the greater of $5,000 or 5% of the annual budgeted amount in any one accounting line item of the Operating Budget. In addition, Manager shall obtain Owner's prior approval for any expenditure in excess of $5,000, regardless of whether such expenditure is set forth in the Approved Annual Business Plan. (c) Owner shall have the right to require changes in the Approved Annual Business Plan from time to time; provided, however, that Owner shall provide Manager with at least fifteen (15) days' notice of such changes.

  • Annual Budgets The School shall adopt a budget for each fiscal year, prior to the beginning of the fiscal year. The budget shall be in the Idaho Financial Accounting Reporting Management Systems (IFARMS) format and any other format as may be reasonably requested by the Authorizer.

  • Annual Budget Prior to the Closing Date, Borrower has submitted and Lender has approved an Annual Budget for the 2014 calendar year (the “Approved Initial Budget”). Borrower shall submit to Lender by November 1 of each year the Annual Budget relating to the Properties for the succeeding calendar year. During the continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing). An Annual Budget approved by Lender during a Cash Sweep Period or any Annual Budget submitted prior to the commencement of a Cash Sweep Period, shall each hereinafter be referred to as an “Approved Annual Budget”. In the event of a Transfer of any Property the Approved Annual Budget shall be reduced as reasonably determined by Lender in consultation with Borrower in order to reflect the removal of such Property and the Operating Expenses associated therewith; provided, further, that no such reduction shall be made in the event such Transfer is made in connection with a substitution under Section 2.4.2(a). If Lender has the right to approve an Annual Budget pursuant to this Section 4.3.2, neither Borrower nor Manager shall change or modify the Annual Budget that has been approved by Lender without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default is continuing). The “Monthly Budgeted Amount” for each Payment Date shall mean the monthly amount set forth in the Approved Annual Budget for Operating Expenses for the Interest Period related to such Payment Date, but excluding management fees, Property Taxes that are required to be deposited into the Tax Subaccount pursuant to Section 6.1 and Insurance Premiums that are required to be deposited into the Insurance Subaccount pursuant to Section 6.2. If during any Cash Sweep Period, Borrower has submitted an Annual Budget and such Annual Budget has not been approved prior to the commencement of the calendar year to which such budget relates then the previous Approved Annual Budget shall continue to be deemed to be the Approved Annual Budget for that calendar year.

  • Business Plan and Budget As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a fiscal year basis and, in the case of such forecasted statements of income, on a fiscal quarterly basis for the immediately following fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(f), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.

  • Budget Consulting Engineer/Architect shall advise City if, in its opinion, the amount budgeted for construction is not sufficient to adequately design and construct the improvement as requested.

  • Business Plan The Lenders shall have received a satisfactory business plan for fiscal years 1999-2006 and a satisfactory written analysis of the business and prospects of the Borrower and its Subsidiaries for the period from the Closing Date through the final maturity of the Term Loans.

  • Annual Work Plans and Budgets The Recipient shall furnish to the Association as soon as available, but in any case not later than September 1 of each year, the annual work plan and budget for the Project for each subsequent year of Project implementation, of such scope and detail as the Association shall have reasonably requested, except for the annual work plan and budget for the Project for the first year of Project implementation, which shall be furnished no later than one (1) month after the Effective Date.

  • Operating Budget (a) No less than forty-five (45) days prior to the Substantial Completion of each train of the Project, and no less than forty-five (45) days prior to the beginning of each calendar year thereafter, the Borrower shall prepare a proposed operating plan and a budget setting forth in reasonable detail the projected requirements for Operation and Maintenance Expenses for the Borrower and the Project for the ensuing calendar year (or, in the case of the initial Operating Budget, the remaining portion thereof) and provide the Independent Engineer, the Common Security Trustee, and the Senior Facility Agent with a copy of such operating plan and budget (the “Operating Budget”). Each Operating Budget shall be prepared in accordance with a form approved by the Independent Engineer, shall set forth all material assumptions used in the preparation of such Operating Budget, and shall become effective upon approval of the Senior Facility Agent, acting reasonably and in consultation with the Independent Engineer; provided, that if the Senior Facility Agent shall not have approved or disapproved the Operating Budget within thirty (30) days after receipt thereof, such Operating Budget shall be deemed to have been approved; and provided, further that the Senior Facility Agent shall have neither the right nor the obligation to approve costs for Gas purchase contracts for the Project contained in the Operating Budget. If the Borrower does not have an effective annual Operating Budget before the beginning of any calendar year, until such proposed Operating Budget is approved, the Operating Budget most recently in effect shall continue to apply; provided, that (A) any items of the proposed Operating Budget that have been approved shall be given effect in substitution of the corresponding items in the Operating Budget most recently in effect, (B) costs for Gas purchase contracts for the Project shall be as provided by the Borrower and (C) all other items shall be increased by the lesser of (x) two and one-half percent (2.5%) and (y) the increase proposed by the Borrower for such item in such proposed Operating Budget. (b) Each Operating Budget delivered pursuant to this Section 1.12 shall contain Operating Budget Categories, and shall specify for each Fiscal Quarter and for each such Operating Budget Category the amount budgeted for such category for such Fiscal Quarter.

  • Annual Operating Budget and Financial Projections Within sixty (60) days after the end of each fiscal year of Borrower Representative (and promptly and within five (5) days of any material modification thereto), an annual operating budgets, on a consolidating basis (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower Representative, as approved by Borrower Representative’s Board, together with any related business forecasts used in the preparation of such annual financial projections.

  • Program Budget A) Contractor will expend funds received for operation of its program and services according to Contractor’s annual operating budget. The portions of said budget, which reflect services performed or money paid to Contractor pursuant to this Agreement shall be subject to the approval of the Human Services Agency. B) In the event Contractor determines a reasonable business necessity to transfer funding between personnel and operating expenses specified in the budget submitted to the Human Services Agency the following will apply: 1. Contractor will notify the Human Services Agency of transfers that in the aggregate are between ten percent (10%) and twenty percent (20%) of the maximum contract amount.

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