Approval of Business Plan. The Company, the Founder and the Investor shall use their reasonable best efforts to cause each quarterly or annual budget, business plan or operating plan (including any capital expenditure budget, operating budget and financing plan) to be approved before the beginning of each quarter or year, as the case may be.
Approval of Business Plan. 3.1 No later than three months from the date of the Commencement Date and no later than four (4) months prior to the commencement of each subsequent financial year the Company shall submit a draft Business Plan to the Council for its written approval detailing how the Company it intends to pursue and perform its Undertaking in order to meet the obligations imposed on the Company under clause 4.1 hereof.
3.2 Once the Council has approved the Business Plan the Company shall perform its Undertaking in accordance with the requirements of the Business Plan and within the Budget. The Company agrees that it shall not deviate materially from the approved Business Plan without the prior approval in writing of the Council.
Approval of Business Plan. The Stockholders hereby agree on ------------------------- the initial business plan (the "BUSINESS PLAN") of the Company and its Subsidiaries, covering the period from the date of this Agreement until December 31, 2003, a copy of which is attached hereto as Schedule 2.7A. The Stockholders agree that the Business Plan shall not be amended or modified except with the unanimous written approval of the Stockholders.
Approval of Business Plan. The Company, each Founder Holdco, each Founder, each Series A Investor, each Series B Investor, each Series B-1 Investor, each Series C Investor, each Series D Investor and each the Series D-1 Investor shall use their best efforts to cause each annual budget, business plan or operating plan (including any capital expenditure budget, operating budget and financing plan) to be approved before the beginning of each calendar year, as the case may be.
Approval of Business Plan. The Investor shall have approved the Final Approved Business Plan in accordance with Section 6.09
Approval of Business Plan. The Company shall conduct its business affairs at all times in accordance with the Business Plan in effect from time to time. Not less frequently than once a year, the Board of Directors shall review, amend and update the Business Plan to account for any acquisitions, dispositions or other Board of Directors-approved actions that were not contemplated by the Business Plan at the time of its adoption, and the adoption of each Business Plan shall require the approval of a majority of the Board of Directors.
Approval of Business Plan. (a) Vendor shall provide to Company for Approval a business plan for the sale and distribution of Licensed Products in one or more countries aligned to the applicable Continental Strategy Outline (each a “Business Plan”). Each Business Plan shall include the following elements over a three-year period: · Country strategy (including which countries to enter and when) · Distribution strategy (including which distributor(s) and a profile of each) · Retailer strategy (including which retailer(s) and number/type of doors) · Projected and Minimum Net Sales · Marketing and promotional strategy · Product strategy (including Clearance Measures taken and recommended trademark applications to be filed, if any, for New Marks and/or Company Marks, taking into account any trademark information provided by Company pursuant to Section 5.1) · Staffing and training strategy (organization plan to execute country strategy including minimum team size and store staffing plan) · Launch strategy (including calendar of events) · Brand assets required to market the assortment locally
(b) A Business Plan is not Approved unless and until Vendor receives from Company the completed and signed Business Plan Approval Form, attached hereto as Exhibit A. Company shall Approve or disapprove each Business Plan, including without limitation each of the following elements: (i) Approved Country or Countries; (ii) Approved Distributors; (iii) Approved Retailers; and (iv) the specific Licensed Products to be distributed, including the assortment of Licensed Products specific to each Approved Retailer. Company may Approve the Business Plan in whole or in part. With respect to any element of the Business Plan that is not Approved, the parties may agree to revise the non-Approved element(s) of the Business Plan in order for Company to Approve the Business Plan as revised, or Vendor may resubmit a new Business Plan for Approval at a later time.
(c) Company shall not unreasonably withhold its Approval of a distributor identified in a Business Plan that has previously been Approved by Company in connection with a different Business Plan.
Approval of Business Plan. Each Business Plan and any modification thereto must be Approved by the Executive Committee. Notwithstanding the foregoing, Approval of the initial Development Business Plan (and any amendment or modification thereof prior to the commencement of the Development Stage) shall require the Approval of Tejon and at least two (2) of the Developers. Subject to the prior sentence, any modifications to a Business Plan shall require the Approval of the Executive Committee pursuant to Section 7.1C(2). If one (1) or more of the Developers or Tejon disapproves of the initial Development Business Plan (or any amendment or modification thereof prior to the commencement of the Development Stage), then either (i) Section 13.1 shall apply if only one (1) Developer has disapproved of the Development Business Plan (provided, however, that Section 13.1 shall only so apply prior to the commencement of the Development Stage), or (ii) subject to the rights of Tejon to dissolve the Company set forth in Section 14.1C below, if applicable, the Members shall meet and cooperate in good faith until the Members Approve such Development Business Plan or modification thereto. A Developer shall be deemed to have disapproved a Development Business Plan proposed by the Executive Committee if such Developer has not Approved the Development Business Plan within thirty (30) days of delivery of such Business Plan in Writing to the Developer.
Approval of Business Plan. Owner shall review the proposed Business Plan and shall provide Manager with any objections to such proposed Business Plan in writing, in reasonable detail, within thirty (30) days after receipt of the proposed Business Plan from Manager. Owner shall be deemed to have approved that portion of any proposed Business Plan to which Owner has not objected in writing within such time period. If Owner objects to any portion of the proposed Business Plan in accordance with this Section 6.1.2, Owner and Manager shall meet and confer regarding such objections within fourteen (14) days after Manager’s receipt of Owner’s objections, and then Manager shall submit the agreed upon written revisions to the proposed Business Plan thereafter. Owner and Manager shall use reasonable good faith efforts to reach an agreement on the Business Plan prior to January 1 of the applicable Fiscal Year; provided, however, with respect to the Business Plan applicable to the first Fiscal Year, Owner shall have forty-five (45) days after receipt thereof to provide Manager with any objections and Owner and Manager shall use good faith negotiations to agree upon the Business Plan prior to one hundred eighty (180) days in advance of the Managed Facilities Opening Date. The proposed Business Plan, as modified to reflect the revisions either agreed to by Owner and Manager or determined by resolution pursuant to Section 6.1.3, shall become the Business Plan for the next Fiscal Year. Owner shall act reasonably and exercise prudent business judgment in approving, or objecting to, all or any portion of the Business Plan (including capital projects); provided, however, Owner shall not have approval rights over the following: (i) any expenditures that are specifically required to be made under the terms of this Agreement and Management Fees; (ii) any expenditures mandated by Applicable Laws; and, (iii) costs and expenses that are not within the control of Owner and/or Manager (e.g., increases in real estate and personal property Taxes, costs of utilities and insurance premiums).
Approval of Business Plan. Notwithstanding the foregoing, Approval of the initial Business Plan for the Development Stage shall require the Approval of Tejon and at least two (2) of the Developers. Any modifications to a Business Plan shall require the Approval of the Executive Committee pursuant to Section 7.1C(2) (except with respect to any such change which also constitutes a decision set forth in Section 7.1C(3), below, which decision shall in all events require the approval of the Executive Committee pursuant to Section 7.1C(3), below). If one (1) or more of the Developers or Tejon disapproves of any Business Plan or any modifications thereto, then either (i) Section 13.1 shall apply if only one (1) Developer has disapproved of the Business Plan (provided, however, that Section 13.1 shall only so apply prior to the commencement of the Development Stage) or (ii) subject to the rights of the Members to dissolve the Company set forth in Section 14.1C below, if applicable, the Members shall meet and cooperate in good faith until the Members Approve such Business Plan or modification thereto.
