Approval of Budgets and Business Plans Sample Clauses

Approval of Budgets and Business Plans. 5.3.1 Each annual draft Budget and Business Plan shall be submitted to the Board for approval as a Board Reserved Matter no later than the dates set out in Schedule 5. The Board shall have 20 Business Days from the date they receive such documents to decide whether or not to approve them in accordance with Clause 10, subject to such amendments as they agree as a Board Reserved Matter to be appropriate.
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Approval of Budgets and Business Plans. (a) The Board shall prepare, or have prepared, an annual Approved Budget and a Business Plan for Fiscal Year 2023 and each Fiscal Year thereafter no later than September 15th of each current Fiscal Year. The Venture shall implement in each Fiscal Year the Approved Budget and Business Plan. Provided, the GM is hereby authorized to make expenditures of up to $5,000,000 outside of the Approved Budget, per occurrence, and to take all other reasonable measures to protect the Venture and the Business in case of Emergencies. In the event the GM expends funds pursuant to the provisions of this Section 4.4, the GM shall notify the Board of such expenditures commencing as soon as possible following the first expenditure of such funds and keep the Board appraised of all follow up expenditures. If an expenditure over $5,000,000 is required to respond to an Emergency, either Venturer may call an emergency meeting of the Board to review and approve such expenditure. The Approved Budget for 2021 and 2022 agreed by the Venturers are attached hereto as Schedule 4.4.
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Approval of Budgets and Business Plans. As soon as practicable and before the beginning of each financial year of the Company, the Annual Company Budget and Annual Business Plan submitted by the General Manager to the Board of Directors shall be approved, with or without amendment.
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Approval of Budgets and Business Plans. The Shareholders shall approve the draft Budget and Business Plan within 30 Business Days of receiving them, subject to such amendments as they agree are appropriate. The Shareholders shall procure that the Board shall review the Budget regularly and may propose changes to the Shareholders. The Shareholders shall reply to such proposals within 30 Business Days of receiving them.
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Approval of Budgets and Business Plans. 7.3.1 Except for the First Budget and the First Business Plan which shall be agreed in accordance with Clause 4.4.3 (Pre-Completion Undertakings) and approved and adopted on Completion Date, each annual draft Budget and Business Plan shall be submitted to the Shareholders for approval as a Shareholder Reserved Matter. The Shareholders shall have 30 days from the date they receive such Budget and Business Plan respectively to decide whether or not to approve them in accordance with Clause 15 (Shareholder Reserved Matters), subject to such amendments as they agree as a Shareholder Reserved Matter to be appropriate.
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Approval of Budgets and Business Plans. The Board shall be responsible for approving the Business Plan and Budget. The Business Plan shall be approved annually by the Board and a draft shall be prepared at least two months before the end of each financial year. The Shareholders shall procure that the Board shall approve the draft Budget and Business Plan within 20 Business Days of receiving them, subject to such amendments as the Board determines to be appropriate. The Shareholders shall procure that the Board shall review the Budget regularly.
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Approval of Budgets and Business Plans. The Shareholders shall approve the draft Budget and Business Plan within 30 Business Days of receiving them, subject to such amendments as they agree are appropriate. The Shareholders shall procure that the Board shall review the Budget regularly and may propose changes to the Shareholders. The Shareholders shall reply to such proposals within 30 Business Days of receiving them. 10. DISTRIBUTION POLICY AND MANAGEMENT FEES 10.1 RESTRICTION ON DISTRIBUTION OF NET PROFIT The Company shall not make any distributions during the Loan Period and BP and SEG shall ensure that all revenues of the Company shall be applied towards discharging the Loans or any loans made to the Company by Lend Co pursuant to clause 11.1.2. <PAGE> 10.2
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Related to Approval of Budgets and Business Plans

  • Business Plans The Approved Full-Term Operating Business -------------- Plan and Approved Annual Operating Business Plan, if any, have been prepared in all material respects in accordance with GAAP (except for the treatment of Indebtedness owing to the FCC, which has been reflected in such plans at historical cost).

  • 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.

  • 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.

  • 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.

  • Budget The System Agency allocated share by State Fiscal Year is as follows:

  • Development Budget Attached hereto as Exhibit "B" and incorporated herein by this reference is the Development Budget in an amount equal to $_____________. Owner acknowledges and represents that the attached Development Budget includes the total costs and expenses to acquire, develop, renovate and construct the Real Property and the Apartment Housing.

  • Development Plans 4.3.1 For each Licensed Indication and corresponding Licensed Product in the Field, Licensee will prepare and deliver to Licensor a development plan and budget (each a “Development Plan”). The initial Development Plans for each Licensed Indication will be delivered within […***…] after the Grant Date for such Licensed Indication.

  • APPROVAL OF PLANS AND SPECIFICATIONS The Plans and Specifications will conform to the requirements and conditions set out by applicable law or any effective restrictive covenant, and to all governmental authorities which exercise jurisdiction over the Leased Premises or the construction thereon.

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