Budgets and Business Plans. The Company shall prepare a proposed annual operating and capital budget and business plan for the Company, which shall be submitted to the Investor not less than thirty (30) days prior to the commencement of each Financial Year. The Board shall adopt a budget and business plan for the Company within one (1) month after the commencement of the relevant Financial Year, which the Board shall review at least twice annually and may revise from time to time in accordance with the needs of the Group.
Budgets and Business Plans. (a) On or before October 15th of each year during the term hereof, the applicable Designated Manager shall prepare and submit to the Members for Approval of the Members a proposed update to the Initial Business Plan and a proposed annual budget for the next calendar year.
Budgets and Business Plans. (a) Manager shall prepare and submit to Owner a proposed operating and capital budget (the “Budget”) for the operation, repair and maintenance of the Premises for the remainder of the calendar year in which the Effective Date occurs, no later than 60 days after the Effective Date. Thereafter, on or before the date specified each year by Owner (but not later than October 31), Manager shall prepare and submit to Owner an updated draft Budget for the remainder of the current calendar year and a preliminary Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested by Owner, such Budgets shall: (i) be prepared on a cash and/or accrual basis, as directed by Owner, and (ii) show a month by month projection of income, expenses, capital expenditures and reserves. Manager agrees to use its diligent efforts to ensure that the actual cost of operating the Premises shall not exceed the approved Budget. After written approval of each such Budget by Owner, Manager shall implement the Budget and use its best efforts to ensure that the actual cost of operating the Premises shall not exceed the approved Budget.
Budgets and Business Plans. As soon as practicable and in any event within five (5) Business Days after its approval, (i) each Approved Business Plan and (ii) each Approved Budget, in each case accompanied by a certificate from a Responsible Officer to the effect that, to the best of such officer's knowledge, such projections are good faith estimates of the financial condition and operations of the Company and its Subsidiaries for such period; PROVIDED, that in the event that there is no Approved Budget for any given Fiscal Year, an annual budget shall be provided no later than February 1 of such Fiscal Year prepared on a monthly basis and displaying anticipated statements of income and cash flows and balance sheets and budgeted Capital Expenditures in form and substance satisfactory to the Required Lenders.
Budgets and Business Plans. (i) Manager shall prepare and submit to KBS a proposed operating and capital budget (the “Budget”) for the operation, repair and maintenance of each of the Properties for the remainder of the calendar year in which the effective date of the Management Services Agreement occurs, no later than [thirty (30) days] after such effective date. The Budget for 2011 (the “2011 Budget”) has been submitted to, and has been approved by, KBS. Thereafter, on or before the date specified each year by KBS (but not later than October 31), Manager shall prepare and submit to KBS an updated draft Budget for the remainder of the current calendar year and a preliminary Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested KBS. Such Budgets shall:
Budgets and Business Plans. (a) The initial budget and business plan for the Company shall be as adopted by the Company Board on the date hereof.
Budgets and Business Plans. (1) The operating and capital budget (the “Budget”) for the operation, repair and maintenance of each of the Properties for 2013 (the “2013 Budget”) has been submitted to, and has been approved by, Company. On or before the date specified each year by the Company (but no earlier than July 31st, nor later than October 31st), Manager shall prepare and submit to Company a preliminary Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested by Company. Such Budgets shall be uploadable by the MRI accounting system and shall:
Budgets and Business Plans. The Company shall operate in accordance with the annual budgets and business plans approved by the Shareholders’ Meeting.
Budgets and Business Plans. The Company shall prepare detailed proposed annual operating and capital expenditure budgets and business plans for the Group, which shall be submitted to all Directors and to the Holders not less than 30 days prior to the end of each prior Financial Year. The budget and business plans shall include detailed capital expenditure plans, financial projections (including an income statement, balance sheet and cash flow statement etc.), debt financing/repayment requirements, business strategy and detailed arrangements associated with the expected creation of any subsidiaries, partnerships and joint ventures. The Board shall as soon as practicable adopt detailed budgets and business plans for the Group before the commencement of the relevant financial year.
Budgets and Business Plans. Manager shall prepare and submit to Owner a proposed operating and capital budget (the "Budget") for the operation, repair and maintenance of the Property annually and prior to the Acquisition Date. Thereafter, on or before the date specified each year by Owner (but not later than November 1st), Manager shall prepare and submit to Owner an updated Budget for the remainder of the current calendar year and a preliminary Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested by Owner. Such Budgets shall: (i) be prepared on an accrual basis, as directed by Owner, and (ii) show a month by month projection of income, expenses, capital expenditures, reserves, and other non-recurring items. Owner shall notify Manager within thirty (30) days after Owner’s receipt of the proposed Budget as to whether Owner approves or disapproves the proposed Budget; if Owner fails to notify Manager within thirty (30) days, then Manager shall notify Owner in writing that Manager will operate off the prior year’s Budget unless Owner approves or disapproves the proposed Budget within five (5) business days of Manager’s delivery of such second notice. If Owner fails to notify Manager within such five (5) business days, the prior year’s Budget will be deemed approved by Owner (an expressly approved or “deemed approved” Budget is referred to herein as the “Approved Budget”). Manager shall implement the Approved Budget and use its best efforts to ensure that the actual cost of operating the Property shall not exceed the Approved Budget. The Approved Budget shall constitute an authorization for Manager to expend necessary monies to manage and operate the Property in accordance with the Approved Budget and subject to the provisions of this Agreement until a subsequent Budget is approved; the approval of non-recurring costs and capital improvements in the Approved Budget shall constitute an authorization for Manager to collect bids for the expenditure and present a final recommendation to Owner for expenditure of monies to implement such items called for in the Approved Budget. The Budget shall be subject to the reasonable requirements of Owner’s lender(s) holding a lien on the Property.
