Budget and Operating Forecast. The Corporation shall prepare and submit to the Board and each of the Investors and Canadian Investors an operating plan with monthly and quarterly breakdowns (the "Budget") for each fiscal year at least 45 days prior to the beginning of each fiscal year of the Corporation. The Budget shall be deemed accepted as the Budget for such fiscal year only when it has been approved by the Board. The Budget shall be reviewed by the Corporation periodically and all changes therein, and all material deviations therefrom, shall be reviewed by the Board on at least a quarterly basis.
Budget and Operating Forecast. The Company will cause its management to prepare and submit to the Board of Directors of the Company and to each Majority Purchaser a budget and operating plan for each fiscal year (on a monthly basis) of the Company at least 45 days prior to the beginning of such fiscal year, together with management’s written discussion and analysis of such budget (displaying anticipated statements of income and cash flows and balance sheets). The budget shall be accepted as the budget for the Company for such fiscal year when it has been approved by the Board of Directors of the Company (the “Budget”). The Company will cause its management to review the budget monthly and to promptly advise each Majority Purchaser and the full Board of Directors at such time of all material changes therein, and all material deviations therefrom.
Budget and Operating Forecast. Commencing with the Company's 1996 fiscal year, the Company will prepare and submit to the Board of Directors of the Company a budget for the Company for each fiscal year of the Company at least 30 days prior to the beginning of such fiscal year, together with management's written discussion and analysis of such budget. The budget shall be accepted as the budget for such fiscal year when it has been approved by a majority of the full Board of Directors of the Company and, thereupon, a copy of such budget promptly shall be sent to the Investors. The Company shall review the budget periodically and shall advise the Board of Directors of all changes therein and all material deviations therefrom.
Budget and Operating Forecast. (a) The Corporation shall prepare and submit to the Board and each of the Major Investors an operating plan with monthly and quarterly breakdowns (the “Budget”) for each fiscal year at least 45 days prior to the beginning of each fiscal year of the Corporation. The Budget shall be deemed accepted as the Budget for such fiscal year only when it has been approved by the Board. The Budget shall be reviewed by the Corporation periodically and all changes therein, and all material deviations therefrom, shall be reviewed by the Board on at least a quarterly basis.
(b) Subject to Section 2.8(a), the Corporation shall furnish each holder of Senior Preferred, within 30 days following approval by the Board of Directors, an annual budget and forecast including a balance sheet, income statement (or projected operating expenses) and statement of cash flows.
Budget and Operating Forecast. The Corporation shall prepare and submit to the Board and each of the Preferred Stockholders an operating plan with monthly and quarterly breakdowns (the “Budget”) for each fiscal year at least 30 days prior to the beginning of each fiscal year of the Corporation. The Budget shall be deemed accepted as the Budget for such fiscal year only when it has been approved by the Board (including a majority of the Series A Directors). The Budget shall be reviewed by the Corporation periodically, and all changes therein, and all material deviations therefrom, shall be reviewed by the Board on at least a quarterly basis. The obligation of the Corporation to furnish the Budget shall terminate upon the consummation of a Qualified Public Offering.
Budget and Operating Forecast. To each Major Holder, for each fiscal year of the Corporation, at least thirty (30) days prior to the beginning of each fiscal year, a business plan, projections and monthly budget for the coming year, together with a capital expenditures budget, approved by the Corporation’s Board of Directors; and such budget shall be accepted as the Corporation’s budget for such fiscal year when it has been approved by a majority vote of the Board of Directors. The approved budget shall be reviewed by the Corporation periodically and all necessary changes or revisions to such budget shall be resubmitted to the Board of Directors and shall be accepted when approved in accordance with, and the Corporation shall not make any such changes to the budget without such approval in accordance with, the majority of the Board of Directors.
Budget and Operating Forecast. The Corporation will prepare and submit to the Board of Directors of the Corporation and the Purchaser a budget for each fiscal year of the Corporation at least 30 days prior to the beginning of such fiscal year, together with management's written discussion and analysis of such budget. The budget shall be accepted as the budget for such fiscal year when it has been approved by a majority of the entire Board of Directors of the Corporation (including a majority of Preferred Directors (as defined in Exhibit A hereto)). The Corporation shall review the budget periodically and shall advise the Board of Directors and the Purchaser of all material changes therein and all material deviations therefrom.
Budget and Operating Forecast. For each fiscal year of NDA commencing with the fiscal year of NDA beginning on January 1, 1996, at least 30 days prior to the last day of the prior fiscal year, management of NDA will prepare and submit to the Board of Directors of NDA, annual consolidated operating and capital budgets, cash flow projections and income and loss projections in respect of such fiscal year, with monthly breakdowns in reasonable detail prepared by management and approved by the President and Chief Financial Officer of NDA, and, promptly after preparation, provide any revisions to any of the foregoing (the "Budget"). The Budget shall be accepted as the Budget for such fiscal year when it has been approved by the Board of Directors of NDA. The Budget shall be reviewed by NDA periodically and all changes therein and all material deviations therefrom shall be resubmitted to the Board of Directors of NDA in advance and shall be accepted when approved by the Board of Directors of NDA, and NDA shall not make any such changes or material deviations to or from the Budget without such prior approval of the Board of Directors of NDA.
Budget and Operating Forecast. The Corporation shall prepare and submit to the Board and each of the Investors an operating plan with monthly and quarterly breakdowns (the "Budget") for each fiscal year by January 15th of each fiscal year of the Corporation. The Budget shall be deemed accepted as the Budget for such fiscal year only when it has been approved by the Board. The Budget shall be reviewed by the Corporation periodically and all changes therein, and all material deviations therefrom, shall be reviewed by the Board on at least a quarterly basis.
Budget and Operating Forecast. Commencing with the Company's 1998 fiscal year, the Company will prepare and submit to the Board of Directors of the Company a budget for the Company for each fiscal year of the Company at least 30 days prior to the beginning of such fiscal year (or such later date as the Board of Directors may unanimously agree), together with management's written discussion and analysis of such budget. The budget shall be accepted as the budget for such fiscal year when it has been approved by a majority of the full Board of Directors of the Company and, thereupon, a copy of such budget promptly shall be sent to each Qualified Holder. The Company shall review the budget periodically and shall advise the Board of Directors of all changes therein and all material deviations therefrom.
