Budget and Business Plan. Owner and Pinnacle have established a budget and business plan for operation and management of the Project (the "Plan"). The Plan shall act as a general guide for the management of the Project by Pinnacle, and shall be updated and revised annually to reflect changes in conditions and actual Project operation and submitted to Owner for Owner's approval. Any expenditure in excess of $5,000.00 not specifically set forth in the Plan shall require Owner's advance approval, except as provided in Section 4.2 hereof. Owner agrees that the Plan is a budgeting tool only and does not constitute a guarantee of actual operating performance. The preliminary annual budget will be provided to Owner by October 1st and will be attached hereto as Exhibit A, with the final budget due to Owner by November 1st. The Plan shall include, at a minimum, the following:
A. MINIMUM LEASING GUIDELINES established jointly by Owner and Pinnacle, setting forth target rental rates and premiums for each unit type and amenity package, together with maximum leasing incentive allowances for promotional purposes. In no event will Pinnacle execute any lease (or any renewal or extension thereof) on terms which vary from the minimum leasing guidelines without notification to Owner.
B. CAPITAL IMPROVEMENT PLAN: Owner and Pinnacle have set forth a plan for implementing initial capital improvements to upgrade the rental units and correct maintenance items addressed during Owner and Pinnacle's pre-acquisition inspection of the property (if applicable). Should the capital plan fall within industry standards for normal property management duties, Pinnacle shall be responsible for obtaining bids, coordinating and scheduling the work at the property. A minimum of three (3) complete bids will be obtained for each Improvement Plan line item of more than $10,000.
Budget and Business Plan. The Company shall (a) deliver to each Common Holder holding in excess of ten percent (10%) of the Common Membership Interests a draft of the annual budget and business plan and the corresponding three-year or longer-term business plan of the Company (which, for purposes of this Section 4.7 shall include GMACI Holdings LLC and its Subsidiaries), as submitted by the senior executive officers of the Company for delivery to such Common Holders, not less than fifty calendar days prior to the beginning of the initial Fiscal Year to which such budget and business plan relate; provided that only summary information consistent with the type provided in the monthly forecast described in Section 4.5(a)(i) is due within such fifty-day period (it being understood that such report shall include pre-tax income, after-tax income and converting entity and non-converting entity income and preferred distributions), and the remaining details as described in the last sentence of this Section 4.7 is due not less than thirty days prior to the beginning of the initial Fiscal Year to which such budget and business plan relate; and (b) provide access to the Majority Initial Class A Holders, the Majority Initial Class B Holders and their respective Affiliates so that they may independently discuss such budget and business plan with the senior executive officers of the Company prior to submitting the budget and business plan to the Board of Managers for approval. Upon the request of any Common Holder holding in excess of ten percent (10%) of the Common Membership Interests, the Company shall provide to the requesting Common Holder an update of the information provided under Section 4.7(a) above within a reasonable period of time after receiving such request. The Company shall deliver to each Common Holder holding in excess of ten percent (10%) of the Common Membership Interests a copy of the final budget and business plan approved by the Board of Managers not more than ten calendar days after such approval, which approval shall occur prior to the beginning of the initial Fiscal Year to which such budget and business plan relate. Each such budget shall include a projected GAAP income statement, dividends and balance sheet for the entire Fiscal Year and net income on a monthly basis for the ensuing Fiscal Year and on an annual basis for any subsequent Fiscal Years, together with underlying assumptions and a brief qualitative description of the Company’s business plan by the Chief Execu...
Budget and Business Plan. (a) The Borrower shall supply to the COFACE Agent in sufficient copies for all the Lenders:
(i) as soon as available but in any event within 90 days after the start of each of its Financial Years starting in 2011, an annual Budget for that financial year; and
(ii) as soon as available but in any event by no later than November 30, 2012 and each November 30th thereafter prior to the start of each of its Financial Year, an updated Business Plan for the period from the start of that Financial Year to the Final Maturity Date.
(b) The Borrower shall ensure that each Budget:
(i) includes a projected consolidated profit and loss, balance sheet and cashflow statement, each of which (including the Budget) shall be substantially in the form set out in Schedule 4 (Form of Budget) for the NEXT Group and projected financial covenant calculations;
(ii) is prepared assuming accounting principles and practices and assumptions which are disclosed in reasonable detail in the relevant public filings of the Parent with the U.S. Securities and Exchange Commission and, if the Borrower implements a change in the Accounting Principles that affects the manner in which the Budget is calculated, the Borrower shall deliver to the COFACE Agent a description of such change and sufficient information to enable the Lenders to make a fair comparison to the Base Case and the financial statements most recently delivered; and
(iii) has been approved by the board of directors of the Parent.
(c) If the Borrower updates or changes the Budget, it shall within not more than 10 Business Days of the update or change being made deliver to the COFACE Agent, in sufficient copies for each of the Lenders, such updated or changed Budget together with a written summary of the main changes in that Budget.
Budget and Business Plan. Each annual budget and business plan of the Corporation shall be approved by the Board in sufficient time in each fiscal year to allow for timely submittal of the approved annual budget and business plan to NERC in accordance with the NERC Rules. The Corporation shall post a draft of each budget and business plan on the Corporation’s website for purposes of review and comment by the Members at least ten (10) days prior to the Board meeting at which the budget and business plan are to be approved.
Budget and Business Plan. The Approved Budget and Business Plan shall remain in full force and effect and shall not have been modified without Lender’s prior written consent in Lender’s reasonable discretion (other than with respect to (x) requests to modify the Major Points of Business Plan, which may be granted or withheld in Lender’s sole and absolute discretion, and (y) Immaterial Service Requests, which shall not require Lender’s consent) or as otherwise permitted in accordance with this Agreement. A rental strategy shall not be permitted.
Budget and Business Plan. As soon as practicable, but in any event not later than seventy-five (75) days after the end of each Fiscal Year, on a consolidated basis for the Consolidated Group, a copy of the operating budget by Anixter of the income statement, balance sheet and cash flow of the Consolidated Group, taken as a whole, for the next succeeding Fiscal Year of Anixter, all in form customarily prepared by Anixter’s management, such operating budget to be accompanied by a certificate of one of Anixter’s Financial Officers to the effect that such operating budget has been prepared on the basis believed by Anixter to be reasonable.
Budget and Business Plan. The Company shall have a budget and a business plan, which shall be developed and administered by the Managing Member. “Budget” shall mean the budget, and “Plan” shall mean the business plan, as approved by the Members from time to time and as currently in effect. The Budget and Plan shall be revised and updated from time to time, in keeping with new information and changing conditions. Any revision to the Budget and/or the Plan shall require the consent of WLH and 885. Such consent shall not be unreasonably withheld or delayed. The Members hereby adopt the basic business plan (“Basic Plan”) set forth on Exhibit “A,” as their Plan. The Members covenant to abide by and to act in accordance with the Budget and the Plan.
Budget and Business Plan. Each Fiscal Year, the Membership Committee shall establish the date by which the Company shall submit to the Membership Committee an annual budget, delegation of authority and business plan for the next succeeding Fiscal Year of the Company as well as a ten year business plan. for the Company. The date for submission established by the Membership Committee shall accommodate the budgeting process of both Members; provided, however, that the Company shall have at least 60 days advance notice tiom the Membership Committee of the date for submission of the budget and business plans. All budgets and business plans required to be submitted by the Company to the Membership Committee pursuant to this Section 5.4 shall be approved, or modified and then approved, by the Membership Committee, and the Membership Committee shall thereafter conduct the business of the Company in accordance with the annual budget, business plan and delegation of authority approved by the Membership Committee, unless otherwise directed by the Membership Committee. Either Member may suggest for inclusion in the budget capital projects. All such capital projects must be specifically approved by the unanimous consent of the Membership Committee prior to the commencement of expenditures for such capital projects.
Budget and Business Plan. The Managing Partner shall submit annually to the Partners’ Committee at least 30 days prior to the start of each Fiscal Year, beginning with the Fiscal Year commencing January 1, 2006, (i) a budget (a “Budget”) for the forthcoming Fiscal Year including an income statement prepared on an accrual basis which shall show in reasonable detail the projected revenues and expenses and a cash flow statement and detailed schedule of proposed capital expenditures which shall show in reasonable detail the projected receipts and disbursements and the amount of any expected cash deficiency or surplus, any required capital contributions, a summary of the services included in Management Overhead allocated to the Partnership in the Budget and any contemplated borrowings of the Partnership, and (ii) a revised five-year business plan (a “Business Plan”) for the Fiscal Year covered by the Budget and the succeeding four Fiscal Years containing substantially the same categories of information in substantially the same detail as the Business Plan attached hereto as Annex B. Such Budget and Business Plan shall be prepared on a basis consistent with the Partnership’s audited financial statements and GAAP and may be amended during a Fiscal Year by submitting to the Partners’ Committee a revised Budget and Business Plan in accordance with this Section 4.3. Prior to or simultaneously with the submission of such Budget and Business Plan, the Managing Partner shall disclose to the Partners’ Committee any additional information (including financial projections for years after the next Fiscal Year) in its possession or reasonably available to it (with or without cost to the Partnership) which could assist the Partners’ Committee in evaluating such Budget and Business Plan, subject to any confidentiality and fiduciary restrictions to which such additional information may be subject. In addition, the Managing Partner shall meet with the Partners’ Committee to discuss such Budget and Business Plan. Budgets and Business Plans submitted to the Partners’ Committee shall supersede any previous Budget or Business Plan, as the case may be.
Budget and Business Plan conducts the Business in accordance with the current Annual Plan, Corporate Strategic Plan and Annual Budget adopted under clause 8.
