Common use of Budgets Approval Clause in Contracts

Budgets Approval. Not later than 30 days prior to the commencement of each fiscal year, prepare and submit to, and obtain the approval of a majority of the Board of Directors, including at least on director nominated or designated by the holders of the Series D Preferred Stock of, a business plan and monthly operating budgets in detail for the upcoming fiscal year, including capital and operating expense budgets, cash flow projections and profit and loss projections, all itemized in reasonable detail (including itemization of provisions for officers' compensation). Review the budget and business plan periodically, and resubmit all changes therein and all material deviations therefrom to the Board of Directors. The Company shall not amend its budget or enter into any activity not in the ordinary course of business and not materially envisioned by the budget and business plan, unless approved by the affirmative vote of a majority of the members of the Board of Directors including at least one director nominated or designated by the holders of the Series D Preferred Stock.

Budgets Approval. Not later than 30 days prior to the commencement of each fiscal year, prepare and submit to, and obtain the approval of a majority of the Board of Directors, Directors (including at least on director nominated or designated a majority of the directors elected solely by the holders of the Series D Preferred Stock Stock) of, a business plan and monthly operating budgets in detail for the upcoming fiscal year, including capital and operating expense budgets, cash flow projections and profit and loss projections, all itemized in reasonable detail (including itemization of provisions for officers' ’ compensation). Review the budget and business plan periodically, and resubmit all changes therein and all material deviations therefrom to the Board of Directors. The Company shall not amend its budget or enter into any activity not in the ordinary course of business and not materially envisioned by the budget and business plan, unless approved by the affirmative vote of a majority of the members of the Board of Directors (including at least one director nominated or designated a majority of the directors elected solely by the holders of the Series D Preferred Stock).