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. (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.
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, 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. 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 and Budget As soon as practicable and in any event not later than thirty (30) days after the end of each Fiscal Year, a business plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing four (4) fiscal quarters, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance with the financial covenants set forth in Section 9.15 and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key assumptions and drivers with respect to such budget, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Borrower and its Subsidiaries for such period.

  • Annual Business Plan The term “

  • 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 (a) The Company and its Subsidiaries shall be operated in accordance with an annual budget, as it may be annually updated from time to time pursuant to this Section 3 (the “Annual Budget”). The initial Annual Budget for the period beginning on the Effective Date and ending on December 31, 2018, including the related variances, is attached hereto as Schedule B-1 (the “Initial Annual Budget”). For each Fiscal Year thereafter, the Asset Manager shall be responsible for preparing and submitting to the Company Board for approval as a Major Decision in accordance with the terms of the Company LLC Agreement a proposed updated Annual Budget, including the related variances. The Annual Budget shall be prepared by the Asset Manager in accordance with the protocols (including the preparation of the back-up materials on the timetable set forth therein) set forth on Schedule B-2 hereto (the “Budget Development Protocols”). The Annual Budget for each Fiscal Year shall be prepared with the same detail and line items as set forth in the Initial Annual Budget and such other detail as the members of the Company Board appointed by the Preferred Partners in accordance with Section 4.3(c) of the Parent LP Agreement (the “Preferred Board Members”) may reasonably request. In connection with the review of a proposed Annual Budget, the Preferred Board Members may reasonably request additional information regarding the materials supporting the proposed Annual Budget or such other information as is necessary or desirable to enable review of such proposed Annual Budget, and the Asset Manager shall provide such requested information. The Preferred Board Members shall consent to or reject the proposed Annual Budget, or request additional information (as provided for above), within ten (10) Business Days following (i) receipt of such proposed Annual Budget or (ii) receipt of all additional information that is, in the determination of the Preferred Board Members, necessary or desirable to enable review of such proposed Annual Budget. The Asset Manager shall comply with the Budget Development Protocols regarding the Preliminary Budget for each Fiscal Year. The Annual Budget shall be prepared and submitted annually by the Asset Manager no later than December 10, 2018 for the next Fiscal Year and thereafter by December 10 of each year with respect to the following Fiscal Year. The Annual Budget for each Fiscal Year shall include use of the pre-funded reserve amounts as shown on Schedule B-3 hereto for the four Fiscal Quarters comprising such Fiscal Year. In connection with the submission of the Annual Budget, the Asset Manager shall also prepare and submit to the Company Board an annual business plan for Parent and its Subsidiaries, including a responsible five-year operations forecast, including the operating metrics set forth on Schedule B-4 hereto (the “Annual Plan”). The Preferred Board Members, or their designated representatives, shall be provided reasonable access to all information, data, reports, models and analyses relied on in developing the Annual Plan (including, for the avoidance of doubt, all financial and silvicultural assumptions, constraints, supporting stand level data, merchantable timber volumes, pre-merchantable acres by species and age class, and acres by land classification).

  • Business Plan and Budget As soon as available, but in any event no later than forty five (45) 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 quarterly basis for the then current fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information under Sections 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 The System Agency allocated share by State Fiscal Year is as follows:

  • Business Plan The Lenders shall have received a satisfactory detailed business plan of the Borrowers for fiscal years 1996 - 2002 and a satisfactory written analysis of the business and prospects of the Borrowers for the period from the Closing Date through the final maturity of the Term Loans.

  • 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.

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