Common use of Budgets; Business Plans; Financial Projections Clause in Contracts

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than thirty (30) days before the commencement of each Fiscal Year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafter, (i) a monthly budget for such Fiscal Year; (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Agent and the Lenders for the preceding Fiscal Year; and (iii) a consolidated plan and financial forecast, prepared in accordance with the Parent Guarantor's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period), including, without limitation, (A) a forecasted consolidated balance sheets and statements of cash flow of the Parent Guarantor for each Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, statements of earnings and retained earnings, and cash flow of the Parent Guarantor and its Subsidiaries for and as of the end of each fiscal quarter of such Fiscal Year, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, and (D) forecasted compliance with the provisions of Article XI. ----------

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than June 30, 1997 with respect to Fiscal Year 1997 and with respect to each Fiscal Year thereafter thirty (30) days before after the commencement beginning of each such Fiscal Year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafter, Xxxxx Karan International (i) a monthly budget for such Fiscal Year; (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Administrative Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Administrative Agent and the Lenders for the preceding Fiscal Year; Year and (iii) a consolidated and consolidating plan and financial forecast, prepared in accordance with the Parent GuarantorXxxxx Karan International's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Commitment Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Date, including, without limitation, (A) a forecasted consolidated balance sheets sheet, and the related consolidated statements of income, stockholders' equity and cash flow flows of Xxxxx Karan International and its Subsidiaries for and as of the Parent Guarantor end of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for each such Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, and the related consolidated statements of earnings and retained earningsincome, stockholders' equity and cash flow flows of the Parent Guarantor Xxxxx Karan International and its Subsidiaries for and as of the end of each fiscal quarter month of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for and as of the end of each fiscal month of such Fiscal Year, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, Year and (D) forecasted compliance with the provisions of Article XI. ----------ARTICLE X."

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than June 30, 1997 with respect to Fiscal Year 1997 and with respect to each Fiscal Year thereafter thirty (30) days before after the commencement beginning of each Fiscal Year fiscal year of the Parent Guarantor Xxxxx Karan International for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafter, (i) a monthly budget for such Fiscal Year; (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Administrative Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Administrative Agent and the Lenders for the preceding Fiscal Year; Year and (iii) a consolidated and consolidating plan and financial forecast, prepared in accordance with the Parent GuarantorXxxxx Karan International's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Commitment Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Date, including, without limitation, (A) a forecasted consolidated balance sheets sheet, and the related consolidated statements of income, stockholders' equity and cash flow flows of Xxxxx Karan International and its Subsidiaries for and as of the Parent Guarantor end of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for each such Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, and the related consolidated statements of earnings and retained earningsincome, stockholders' equity and cash flow flows of the Parent Guarantor Xxxxx Karan International and its Subsidiaries for and as of the end of each fiscal quarter month of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for and as of the end of each fiscal month of such Fiscal Year, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, Year and (D) forecasted compliance with the provisions of Article XI. ----------X.

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than thirty (30) days before after the commencement beginning of each Fiscal Year fiscal year of the Parent Guarantor Xxxxx Karan International for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafter, (i) a monthly budget for such Fiscal Year; (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Administrative Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Administrative Agent and the Lenders for the preceding Fiscal Year; Year and (iii) a consolidated and consolidating plan and financial forecast, prepared in accordance with the Parent GuarantorXxxxx Karan International's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Commitment Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Date, including, without limitation, (A) a forecasted consolidated balance sheets sheet, and the related consolidated statements of income, stockholders' equity and cash flow flows of Xxxxx Karan International and its Subsidiaries for and as of the Parent Guarantor end of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for each such Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, and the related consolidated statements of earnings and retained earningsincome, stockholders' equity and cash flow flows of the Parent Guarantor Xxxxx Karan International and its Subsidiaries for and as of the end of each fiscal quarter month of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for and as of the end of each fiscal month of such Fiscal Year, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, Year and (D) forecasted compliance with the provisions of Article XI. ----------X.

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than thirty (30) days before prior to the commencement of each Fiscal Year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, in 1997 and thereafter, (i) a monthly quarterly budget for such Fiscal Year; (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Agent and the Lenders for the preceding Fiscal Year; and (iii) a consolidated plan and financial forecast, prepared in accordance with the Parent GuarantorParent's and Borrower's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Revolving Credit Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Date, including, without limitation, (A) a forecasted consolidated and consolidating balance sheets and statements of cash flow of the Parent Guarantor and its Subsidiaries, Leasing Affiliate and its Subsidiaries, and the Borrower and its Subsidiaries for each Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, statements of earnings and retained earnings, and cash flow of the Parent Guarantor and its Subsidiaries, Leasing Affiliate and its Subsidiaries, and the Borrower and its Subsidiaries for and as of the end of each fiscal quarter of the immediately succeeding Fiscal Year and for and as of the end of each such Fiscal YearYear thereafter, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, and (D) forecasted compliance with the provisions of Article XI. ----------ARTICLE XI and SECTION 12.01(o)(ii)(G)- (K).

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than thirty (30) days before prior to the commencement of each Fiscal Year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, in 1997 and thereafter, (i) a monthly quarterly budget for each Borrower and its Subsidiaries for such Fiscal Year; (ii) an annual business plan for each Borrower and its Subsidiaries for such Fiscal Year, substantially in the form of the business plan plans heretofore delivered to the Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan plans delivered to the Agent and the Lenders for the preceding Fiscal Year; and (iii) a consolidated plan and financial forecast, prepared in accordance with the Parent GuarantorParent's and ASOC's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Revolving Credit Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Date, including, without limitation, (A) a forecasted consolidated and consolidating balance sheets and statements of cash flow of the Parent Guarantor and its Subsidiaries, Leasing Affiliate and its Subsidiaries, and each Borrower and its Subsidiaries for each Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, statements of earnings and retained earnings, and cash flow of the Parent Guarantor and its Subsidiaries, Leasing Affiliate and its Subsidiaries, and each Borrower and its Subsidiaries for and as of the end of each fiscal quarter of the immediately succeeding Fiscal Year and for and as of the end of each such Fiscal YearYear thereafter, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, and (D) forecasted compliance with the provisions of Article XI. ----------ARTICLE XI and SECTION 12.01(O)(II)(G)-(K).

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than (i) June 30, 1997 with respect to Fiscal Year 1997, (ii) December 1, 1997 with respect to Fiscal Year 1998 and (iii) with respect to each Fiscal Year thereafter, thirty (30) days before after the commencement beginning of each Fiscal Year such fiscal year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafterXxxxx Karan International, (iA) a monthly budget for such Fiscal Year; (iiB) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Administrative Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Administrative Agent and the Lenders for the preceding Fiscal Year; Year and (iiiC) a consolidated and consolidating plan and financial forecast, prepared in accordance with the Parent GuarantorXxxxx Karan International's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Commitment Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Date, including, without limitation, (AI) a forecasted consolidated balance sheets sheet, and the related consolidated statements of income, stockholders' equity and cash flow flows of Xxxxx Karan International and its Subsidiaries for and as of the Parent Guarantor end of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for each such Fiscal Year, (BII) forecasted consolidated and consolidating balance sheets, and the related consolidated statements of earnings and retained earningsincome, stockholders' equity and cash flow flows of the Parent Guarantor Xxxxx Karan International and its Subsidiaries for and as of the end of each fiscal quarter month of such Fiscal Year, and the forecasted consolidating statements of income of each Borrower for and as of the end of each fiscal month of such Fiscal Year, (CIII) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, Year and (DIV) forecasted compliance with the provisions of Article XI. ----------ARTICLE X."

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than thirty (30) days before the commencement beginning of each Fiscal Year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafter, Borrower (i) a monthly budget for such Fiscal Year; , (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Administrative Agent and the Lenders, accompanied by a report reconciling all changes and departures from the business plan delivered to the Administrative Agent and the Lenders for the preceding Fiscal Year; Year and (iii) a consolidated and consolidating plan and financial forecast, prepared in accordance with the Parent GuarantorBorrower's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of prior to the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Maturity Date, including, without limitation, including (A) a forecasted consolidated balance sheets sheet, and the related consolidated statements of income, stockholders' equity and cash flow flows of the Parent Guarantor Borrower and its Subsidiaries for each and as of the end of such Fiscal Year, and the forecasted consolidating statements of income of the Borrower for such Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, and the related consolidated statements of earnings and retained earningsincome, stockholders' equity and cash flow flows of the Parent Guarantor Borrower and its Subsidiaries for and as of the end of each fiscal quarter month of such Fiscal Year, and the forecasted consolidating statements of income of the Borrower for and as of the end of each fiscal month of such Fiscal Year, (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, Year and (D) forecasted compliance with the provisions of Article XI. ----------X.

Budgets; Business Plans; Financial Projections. As ---------------------------------------------- soon as practicable and in any event not later than thirty (30) days before the commencement beginning of each Fiscal Year of the Parent Guarantor for each of the Parent Guarantor's Fiscal Years ending November 30, 1997 and thereafter, Borrower (i) a monthly budget for such Fiscal Year; , (ii) an annual business plan for such Fiscal Year, substantially in the form of the business plan heretofore delivered to the Agent and the LendersAdministrative Agent, accompanied by a report reconciling all changes and departures showing variances from the business plan delivered to the Administrative Agent and the Lenders for the preceding Fiscal Year; Year and (iii) a consolidated and consolidating plan and financial forecast, prepared in accordance with the Parent GuarantorBorrower's normal accounting procedures applied on a consistent basis, for each succeeding Fiscal Year of prior to the Parent Guarantor and its Subsidiaries until the scheduled Term Loan Termination Date (during the Term Loan Period) or Acquisition Facility Termination Date (during the Acquisition Facility Period)Maturity Date, including, without limitation, including (A) a forecasted consolidated balance sheets sheet, and the related consolidated statements of income, stockholders' equity and cash flow flows of the Parent Guarantor Borrower and its consolidated Subsidiaries for each and as of the end of such Fiscal Year, and the forecasted consolidating statements of income of the Borrower and its consolidated Subsidiaries for such Fiscal Year, (B) forecasted consolidated and consolidating balance sheets, and the related consolidated statements of earnings income, stockholders' equity and retained earningscash flows of the Borrower and its consolidated Subsidiaries and as of the end of each fiscal month of such Fiscal Year, and cash flow the forecasted consolidating statements of income of the Parent Guarantor Borrower and its consolidated Subsidiaries for and as of the end of each fiscal quarter month of such Fiscal Year, Year and (C) the amount of forecasted Capital Expenditures and Excess Cash Flow for such Fiscal Year, and (D) forecasted compliance with the provisions of Article XI. ----------.