Annual Business Plans and Budgets. The parties hereto agree that an annual business plan and budget for the Company shall be prepared by the officers of the Company and submitted to the Board of Directors for its approval. Each such annual business plan and budget shall contain: (i) a comprehensive and detailed budget for the upcoming year (including, without limitation, projected capital expenditures and projected income, expense and cash flow levels); (ii) such other financial, marketing and other plans and projections for the upcoming year as the Board of Directors shall deem appropriate; and (iii) such financial, marketing and other plans and projections for the upcoming five-year period as the Board of Directors shall deem appropriate. New Member shall have no further rights under this Section 11 upon New Member's delivery of, or failure to deliver, the notice required by Section 15.
Annual Business Plans and Budgets. The Manager shall prepare and adopt a detailed annual Business Plan and detailed annual budget no later than ninety (90) days following the Initial Grant Date. Each such annual Business Plan shall set forth the business and operational parameters and objectives for such year, including appropriate explanations of the Manager’s strategy. Each such budget shall include, without limitation, a detailed breakdown of the following, together with the details of the material assumptions used, for the Company and its Subsidiaries: (i) monthly revenue, operating expenses and interest expenses; (ii) quarterly capital expenditures and cash flow; (iii) balance sheet and income statement; and (iv) expected funding requirements and the methods of meeting such requirements. In addition, the Manager may, from time to time, in the exercise of its reasonable discretion, modify the annual Business Plan and budget to reflect any modification made to the Five-Year Business Plan in accordance with Section 6.5(a).
Annual Business Plans and Budgets. The Manager shall, after consultation with AWS Sub, prepare and adopt a detailed annual business plan and detailed annual budget. Drafts of each annual business plan and budget will be distributed to AWS Sub for its review and comment no later than 30 days following the adoption of the Five-Year Business Plan (in the case of the initial annual business plan and budget) and no later than 30 days prior to the end of each fiscal year of the Company (in the case of each subsequent annual business plan and budget). Each such annual business plan will set forth the business and operational parameters and objectives for such year, including appropriate explanations of the Manager's proposed strategy. Each such budget shall include a detailed breakdown of the following, together with the details of the material assumptions used: (i) monthly revenue, operating expenses and interest expenses; (ii) quarterly capital expenditures and cash flow; (iii) balance sheet and income statement; and (iv) expected funding requirements and the proposed methods of meeting such requirements. Each annual business plan and annual budget shall be consistent with the Five-Year Business Plan then in effect.
Annual Business Plans and Budgets. The Manager shall, after consultation with American II, prepare and adopt a detailed annual Business Plan and detailed annual budget no later than *** following the first Initial Grant Date. Drafts of each annual Business Plan and budget after the initial annual Business Plan and budget will be distributed to American II for its review and comment no later than *** after the end of the immediately preceding fiscal year of the Company. Each such annual Business Plan shall set forth the business and operational parameters and objectives for such year, including appropriate explanations of the Manager’s proposed strategy. Each such budget shall include, without limitation, a detailed breakdown of the following, together with the details of the material assumptions used, for the Company and its Subsidiaries: (i) monthly revenue, *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act. operating expenses and interest expenses; (ii) quarterly capital expenditures and cash flow; (iii) balance sheet and income statement and (iv) expected funding requirements and the proposed methods of meeting such requirements. Following the initial annual Business Plan and annual budget, each annual Business Plan and annual budget shall be consistent with the Five-Year Business Plan as in effect at such time. The Manager shall, after consultation with American II, update the annual Business Plan and budget within *** following the first Initial Grant Date. In addition, the Manager may, from time to time, in the exercise of its reasonable discretion, modify the annual Business Plan and budget, after consultation with American II, to reflect any modification made to the Five-Year Business Plan in accordance with Section 6.5(a).
Annual Business Plans and Budgets. No later than 30 days following the first day of each fiscal year of the Borrower, (i) a business plan of the Borrower and its Subsidiaries in form and scope reasonably satisfactory to the Administrative Agent for such fiscal year and (ii) a budget in form and scope reasonably satisfactory to the Administrative Agent (including budgeted statements of income, sources and uses of cash and balance sheets for the Borrower and its Subsidiaries on a consolidated basis) for each of the four fiscal quarters of such fiscal year prepared in detail setting forth, with appropriate discussion, the principal assumptions upon which such budget is based, which budgets shall be, in each case, certified by the Chief Financial Officer or Treasurer of the Borrower that, to the best of such officer’s knowledge, such budgets are good faith estimates of the projected financial condition and results of operations of the Borrower and its Subsidiaries for the periods covered thereby.
Annual Business Plans and Budgets. On or before October 31 of each year (however, for the the 1998 budget: November 30, 1997), commencing with the year in which this Agreement is executed, the Managing Board ("Geschaftsfuhrung") of the Company shall submit for approval to the Supervisory Board ("Beirat") an annual business plan (the "Annual Business Plan") and budget (the "Budget") for the entire operation of the Company and its Subsidiaries for the following year which shall include all expected revenues and expenditures for such periods and general strategic plans for such periods. On or prior to November 30 of each year (however, for the 1998 budget: December 31, 1997), the Supervisory Board shall adopt, in amended form, if it is deemed appropriate, the Annual Business Plan and Budget. Such adoption of the Annual Business Plan and Budget requires a resolution of the Supervisory Board with a majority of 75% of the votes cast.
Annual Business Plans and Budgets. The Board of Directors shall annually approve and implement the business plan, operating budget, and capital budget of the Company.
Annual Business Plans and Budgets. The Manager shall prepare and adopt a detailed annual Business Plan and detailed annual budget no later than ninety (90) days following the Initial Grant Date. Each such annual Business Plan shall set forth the business and operational parameters and objectives for such year, including appropriate explanations of the Manager's strategy. Each such budget shall include, without limitation, a detailed breakdown of the following, together with the details of the material assumptions used, for the Company and its Subsidiaries: (i) monthly revenue, operating expenses and interest expenses; (ii) quarterly capital expenditures and cash flow; (iii) balance sheet and income statement; and (iv) expected funding requirements and the methods of meeting such requirements. In addition, the Manager may, from time to time, in the exercise of its reasonable discretion, modify the annual Business Plan and budget to reflect any modification made to the Five-Year Business Plan in accordance with Section 6.5(a). *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act.
