Annual Operating Plan and Budget Clause Samples
The Annual Operating Plan and Budget clause establishes the requirement for the parties to prepare, review, and approve a detailed plan and budget for the upcoming year. Typically, this involves one party drafting a proposed plan outlining expected activities, expenditures, and financial projections, which is then submitted for approval by the other party or a joint committee. This clause ensures that both parties have a clear, agreed-upon roadmap for operations and spending, promoting transparency, accountability, and effective resource allocation throughout the year.
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Annual Operating Plan and Budget. 5.2.1 BUDGET FOR PREOPERATIONAL PHASE-IN SERVICES. Not later than _______________, 199_ (or such other date as the parties may mutually agree), Operator shall prepare and submit to Owner a proposed budget for the Preoperational Phase-In Services. Such budget shall include an itemized estimate of all Reimbursable Costs. Owner shall promptly review Operator's proposed budget for Preoperational Phase-In Services and may, by written request, seek changes, additions, deletions and modifications to such budget. Owner and Operator will use their best efforts to agree upon such budget, which shall be approved in writing by both Parties. Operator will use its best efforts to keep down Reimbursable Costs for the Preoperational Phase-In Services to the levels established in the agreed-upon budget therefor.
Annual Operating Plan and Budget. (a) Columbia shall prepare for the approval of the Managers, no later than December 1 of each Fiscal Year, an annual operating plan and budget (the “Annual Operating Plan and Budget”) including projections for the Company for the next Fiscal Year, which shall include the following: (i) a narrative description of any activity proposed to be undertaken; and (ii) a detailed operating budget, including schedules of projected cash flow and projected sources and uses of funds, including Capital Contributions, for such Fiscal Year, all projected operating costs and capital expenditures and administrative expenses, and a schedule of projected operating income or deficits, as the case may be.
(b) If the Managers do not approve an Annual Operating Plan and Budget for any Fiscal Year prior to the commencement of such Fiscal Year, then, until the Managers shall agree upon an Annual Operating Plan and Budget for such year, the Annual Operating Plan and Budget in effect for the immediately preceding Fiscal Year shall constitute the Annual Operating Plan and Budget for such Fiscal Year, except that (i) any items or portions of such Annual Operating Plan and Budget for such Fiscal Year upon which the Managers agree shall be substituted for the corresponding items in the preceding year’s Annual Operating Plan and Budget, [(ii) with respect to all items of cost and expense that are not within the discretion of the Company (including, for example, debt service, real property taxes, utilities, costs of compliance with governmental requirements, contractually required increases and all expenditures required under previously approved contractual agreements), the actual amount of each such item shall be substituted for the amount of such item set forth in the preceding year’s Annual Operating Plan and Budget and (iii) with respect to items of operating costs and expenses that are within the discretion of the Company and which have not been authorized in accordance with the terms of this Agreement, each such item of operating cost or expense shall be not more than the amount of such items set forth in the preceding year’s Annual Operating Plan and Budget; and (iv) the Annual Operating Plan and Budget shall not include non-recurring capital expenditures from the prior Fiscal Year.
(c) Once approved by the Managers, no material modification of any item in or aspect of the Annual Operating Plan and Budget shall be made without the prior approval of the Managers.
Annual Operating Plan and Budget. (a) The Manager shall prepare for the approval of the Policy Board, which approval shall not be unreasonably withheld, each Fiscal Year (no later than thirty (30) days prior to the end of the then current Fiscal Year) a business plan ("Annual Operating Plan") for the next Fiscal Year. Each Annual Operating Plan shall consist of a strategic plan setting forth the Company's goals and objectives regarding the Project during the next Fiscal Year. Any such Annual Operating Plan shall also include such other information or other matters necessary in order to inform the Policy Board of the Company's business and prospects and to enable the Policy Board to make an informed decision with respect to their approval of such Annual Operating Plan.
(b) The Manager shall prepare for the approval of the Policy Board, which approval shall not be unreasonably withheld, each Fiscal Year (no later than thirty (30) days prior to the end of the then current Fiscal Year) a budget ("Budget") for the next Fiscal Year. If the proposed Budget for any given year is not approved by the Policy Board by the first day of such year, then, until such time as the Members approve a Budget for that year, the Manager shall be authorized to expend only such funds as are required to preserve and protect the value of the Project and satisfy the Company's obligations under existing contracts with Persons.
Annual Operating Plan and Budget. No later than sixty (60) days following the end of each fiscal year of the Borrower, an annual operating plan and budget for such fiscal year of the Borrower, which annual operating plan and budget shall (a) (if applicable) be prepared on a substantially similar basis to the immediately preceding annual operating plan and budget and (b) present the Borrower’s plan for the relevant period’s ongoing operations, including, among other things, the Borrower’s good faith estimate of its projected revenues, operation and maintenance expenses, General and Administrative Costs, Capital Expenditures, major maintenance expenditures and other capital requirements and permitting requirements.
Annual Operating Plan and Budget. No later than thirty (30) days following the end of each fiscal year of the Parent, an annual operating plan and budget for the ensuing fiscal year of the Parent, which annual operating plan and budget shall (a) (if applicable) be prepared on a substantially similar basis to the immediately preceding annual operating plan and budget, (b) present the Parent’s plan for the relevant period’s ongoing operations, including, among other things, the Parent’s good faith estimate of its projected revenues, operation and maintenance expenses, General and Administrative Costs, Capital Expenditures, major maintenance expenditures and other capital requirements and permitting requirements and (c) include such additional information as the Lenders may from time to time reasonably request.
Annual Operating Plan and Budget. In all other instances, Operator shall prepare and deliver to Owner by no later than October 1 of each Operating Year a proposed Operating Plan and Budget for the subsequent Operating Year. Each such Operating Plan and Budget shall include all expenses which Operator expects to incur for the operation and maintenance of the Project and the Leased Equipment during such subsequent Operating Year. Such Annual Operating Plan and Budget shall also set forth the anticipated operation and maintenance plan including projected electrical and steam production levels for the Project broken out on a monthly basis, and a complete schedule (to the extent feasible) of routine maintenance to be accomplished during such Operating Year.
Annual Operating Plan and Budget. The Company shall not, without obtaining the Requisite Consent, adopt or approve any annual operating plan or budget for the Company, or any material amendment, modification or revision to any annual operating plan or budget previously approved in accordance with this section. The Company shall present an annual operating plan and budget for each fiscal year to the Board of Directors for its review and approval at least ten (10) days prior to the commencement of such fiscal year.
Annual Operating Plan and Budget. The Provider shall present the proposed 11Annual Operating Plan and Budget" and assessment of costs for the next fiscal year to the Chief Executive Officer of the End User no later than March 1 of each year. Such a budget shall cover all direct and indirect costs of personnel, fringe benefits, supportive hardware, software and facilities, and administrative support and oversight. This budget shall form the basis of the assessment of costs to be levied upon the End User provided, however, that the final assessment of costs shall be lowered in accordance with any final budget adopted by the legislative body of the Provider. Notice of such a reduction of assessments shall be made with 15 days of final action upon the annual operating budget by the legislative body. Grant money shall be applied to offset the cost of any capital projects before the costs are assessed to the Provider and End User. The application of said grants to offset costs to the Annual Budget will be allocated on a five-year rolling percentage average of the calls and walk-ins for the End User using the formula in Section 8. To the extent permitted by the granting agency, any grants not needed for capital investment shall be credited to the assessment costs to be levied upon the End User.
Annual Operating Plan and Budget. As soon as available, but in any event no later than thirty (30) days after the commencement of each fiscal year of Holdings, an operating plan and budget for such fiscal year with respect to the operation and maintenance of the Project and the conduct of business of the Loan Parties, detailed by month, of anticipated Project Revenues, operating costs, debt service, Capital Expenditures and any other anticipated expenditures, in each case, applicable to the Project for the period, to the conclusion of such fiscal year (the “Annual Operating Budget”).
Annual Operating Plan and Budget