Common use of Budget and Business Plan Clause in Contracts

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. (a) The Borrower shall supply to the COFACE Agent in sufficient copies for all the Lenders: (i) , 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 (ii) as soon as available but in any event by no later than November 30, 2012 year 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 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. (a) The Borrower shall supply to the COFACE BPIAE 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 BPIAE 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 BPIAE 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.