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 for each of the Archstone Residual Assets for which it has been appointed the Designated Manager
(b) At the first quarterly Management Committee meeting following the completion of each Fiscal Year, the agenda items shall include a review of the then-current Approved Business Plans and the proposed updates and proposed annual budget submitted by the applicable Designated Managers to determine whether the proposed updates or other adjustments thereto should be Approved, and to approve of proposed Annual Budgets for the ensuing year. However, unless the Approval of the Management Committee is obtained for proposed adjustments to any previously-approved Approved Business Plan (or any previously-approved Annual Budgets), the previously-approved Approved Business Plan (including, where applicable, any capital budgets, to the extent that such previously-approved capital budgets and the Approved Business Plan contemplated the continuation of capital expenditures for particular projects in future periods inclusive of the period in question) shall remain in full force and effect (except with respect to the elements of any Approved Business Plan that consist of the portion of the previously-approved Annual Budget that involves an operating budget, as provided below). If the Management Committee does not approve of an Annual Budget that includes an operating budget for any Archstone Residual Asset for any year, then, until an operating budget for such asset for such year is Approved by the Management Committee, the operating budget included in the prior year’s Annual Budget shall be utilized with adjustments thereto to reflect (i) any increases in particular line items that have been Approved by the Management Committee, (ii) as to other items, adjustments to reflect increases in the cost of living and increases in the cost of non-discretionary items (such as debt service payments, property taxes, insurance premiums (for coverages required pursuant to the applicable Approved Business Plan), utility charges or costs required to be incurred pursuant to the requirements of contracts (including, where applicable, requirements of applicable Outside Partnership Agreements)), and (iii) increases resulting f...
Budgets and Business Plans. (a) The Company shall prepare proposed annual operating and capital budgets and business plans for the Company and each Subsidiary, which shall be submitted to all Directors not less than 60 days prior to the commencement of each Financial Year. The Board shall adopt budgets and business plans for the Company and each Subsidiary within one month after the commencement of the relevant Financial Year.
(b) The Company shall prepare semi-annual operating plans for the Company and each Subsidiary, which shall be submitted to all Directors not less than 60 days prior to the commencement of the six-month period in question.
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.
(b) Manager shall provide Owner each year with a draft of a business plan for the Premises, on or before the date specified by Owner (but no later than October 31), containing such information as Owner may reasonably request, including (i) a list of all properties competitive with the Premises, a list of the tenants of each and all other reasonably available information respecting each, and (ii) basic demographic data relating to the market area of the Premises, including population growth, major employers, employment and unemployment levels and, if the Premises is a retail property, retail sales and housing starts.
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:
(A) Be prepared on a basis Consistent with Past Practices and Consistent with Accounting Past Practices and in sufficient form and detail that when uploaded into the MRI accounting system, can be used by the Company to prepare a cash and accrual basis budget; and
(B) Show a month by month projection of income, expenses, capital expenditures and reserves. After written approval of each such Budget by Company (each such approved Budget being an “Approved Budget”), Manager shall oversee the implementation by the property managers of the Approved Budget.
(C) Manager shall prepare on a monthly basis (i) variance analysis of rental income as compared to budget (to be prepared as part of a 13 month trend analysis); (ii) variance analysis of common area maintenance (CAM) percentages as compared to prior month actual (to be prepared as part of a 13 month trend analysis); (iii) variance analysis of actual expenses as compared to prior month actual; and (iv) comparison of actual expenses to budgeted expenses as requested, but not more than quarterly.
(2) For Significant Properties in major metropolitan areas, Manager shall provide Company such other information reasonably requested by Company including: (i) a list of all properties competitive with the Properties, a list of the tenants of each, and all other reasonably available information for such competitive properties, and (ii) basic demographic data relating to the market area of the Properties, including population growth, major employers, employment and unemployment levels and, if a property is a retail property, retail sales and housing starts in such area.
(3) From time to time, upon Company’s request, such other information with regard to Properties as may reasonably be requested including the following:
(A) Supporting leases and lease abstracts as requested;
(B) Cash flow projection broken out by NOI, capital expenditures, ...
Budgets and Business Plans. As soon as practicable and in any event -------------------------- within five (5) Business Days after its approval in accordance with the provisions of the Transaction Agreement, (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. (a) The initial budget and business plan for the Company shall be as adopted by the Company Board on the date hereof.
(b) Reasonably in advance of (and no later than October 1 preceding, commencing with October 1, 2006) the beginning of each Fiscal Year of the Company, the Company CEO shall present to the Company Board for review and approval a business plan for the next [**] Fiscal Years and shall present to the Company Board for review and approval an updated budget for the next Fiscal Year. Each business plan for the Company as may be in effect from time to time, whether the initial business plan or an updated business plan, is referred to herein as the “Business Plan”. Each budget for the Company as may be in effect from time to time, whether the initial budget or an updated budget, is referred to herein as the “Budget”.
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. The Company shall operate in accordance with the annual budgets and business plans approved by the Shareholders’ Meeting.
Budgets and Business Plans. Before October 15 of each calendar year as long as the fiscal year of SSMC corresponds to the calendar year, the Management Team shall submit to the Board of Directors of SSMC for its approval a Business Plan according to an agreed format, which shall be forward looking and cover at least four (4) years. The first such Business Plan, also referred to as the Initial Business Plan, is attached as Annex A to this Agreement. Each Business Plan will at all times deal with the following matters in detail: Strategy, Products, SSMC technology plan, including technology roadmap, process assumptions, product/process qualification, quality management and capacity ramp-up, and the operations/financial plan including key assumptions, spending, staffing, factory loading, factory output, cost assumptions, profit/loss, the balance sheet, funds flow, the capital plan and accounting. - 16 - SSMC Shareholders Agreement 15 March 1999 For greater certainty it is confirmed that the Business Plans of SSMC will pay due regard to the confirmed objective of the Shareholders that SSMC will meet performance parameters and achieve a ramp-up plan, which is according to best in-class standards. The Board of Directors of SSMC shall approve each Business Plan with such modifications as it may deem necessary, within a period not exceeding one (1) month after receipt of the proposal by the Management Team as referenced in the first paragraph of this Article VII. Upon approval by the Board of Directors of SSMC, the annual operational and investment budget for the following year, as contained in Business Plan concerned, shall be considered the approved operational and investment budget. If, for any reason, the Board of Directors of SSMC shall not have approved an updated Business Plan for the next period, the operational and investment, budget for such next period shall be taken from the last Business Plan approved by the Board of Directors of SSMC.
