Common use of Annual Business Plans and Budgets Clause in Contracts

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.