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:
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 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. 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. 6.7.1 The annual budget of the Company (the “Budget”) shall be proposed by the officers of the Company pursuant to Section 6.7.3 below and such Budget and any material deviation therefrom shall be subject to approval by a Majority in Interest; provided, however, that until such time as a new Budget is so approved, the Budget effective for the immediately preceding year plus an additional ten percent (10%) (but without any other material deviation therefrom) shall continue to apply.
Budget and Business Plan. (a) The Borrower shall supply to the BPIAE Agent in sufficient copies for all the Lenders:
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. (a) The Borrower shall supply to the COFACE Agent in sufficient copies for all the Lenders, as soon as the same become available but in any event within 90 days (in the case of a Budget) or 120 days (in the case of a Business Plan) after the start of each of its Financial Years starting in 2011, an annual Budget for that financial year and an updated Business Plan for the period from the start of that Financial Year to the Final Maturity Date.
Budget and Business Plan. (a) The Borrower shall supply to the COFACE Agent in sufficient copies for all the Lenders:
Budget and Business Plan. (a) The parties agree that the budget in Schedule 3 shall apply to the first year of operation of the Collective Purpose. At least t3 months before the end of each budget year, the parties Steering Committee will commence preparation of the following years budget, business plan for the ongoing development and operation of the Collective Purpose for ratification through the unanimous resolution Governance Committee on the agreement of the Participant Boards;
