Common use of Approved Annual Business Plan Clause in Contracts

Approved Annual Business Plan. Within forty-five (45) days after the end of any fiscal quarter of the Parent, the Borrower may, but in any event within one hundred twenty (120) days after the end of the fiscal year of the Parent, the Borrower shall, deliver to the Administrative Agent, an update to the Effective Date Annual Business Plan or then in effect Approved Annual Business Plan. Each such update shall be in form and substance at least as detailed as the Effective Date Annual Business Plan, and no such updated plan shall be effective if the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders) object, using their reasonable discretion in writing within two (2) Business Days of receipt (the Effective Date Annual Business Plan, and any such subsequent Annual Business Plan that is not so reasonably objected to, an “Approved Annual Business Plan”); provided, however, that in the event the Requisite Lenders, on the one hand, and the Borrower, on the other hand, cannot agree as to an updated Approved Annual Business Plan, then the current Approved Annual Business Plan shall remain in effect unless and until a new Approved Annual Business Plan is in effect but with reasonable allowances for increases in non-controllable expenses to be paid at current rates (e.g. taxes, utility charges, etc.). Each Approved Annual Business Plan delivered to the Administrative Agent shall be promptly delivered to each Lender and shall be accompanied (or supplemented) by such supporting documentation as reasonably requested by the Administrative Agent or any Lender. Each Approved Annual Business Plan shall be prepared in good faith based upon assumptions believed by the Borrower to be reasonable.