Budgets; Long Term Plans Clause Samples
The "Budgets; Long Term Plans" clause establishes the requirement for parties to prepare, review, and approve financial budgets and strategic plans covering extended periods, such as annual or multi-year horizons. Typically, this clause outlines the process for submitting proposed budgets, the timeline for approval, and the responsibilities of each party in developing and adhering to long-term operational or financial plans. Its core function is to ensure that all parties are aligned on financial expectations and strategic direction, thereby promoting transparency, accountability, and effective resource allocation throughout the duration of the agreement.
Budgets; Long Term Plans. (i) as soon as available, but in any event not later than 15 days prior to the first day of each fiscal year of the Company, a copy of the initial budget of the Company and its Subsidiaries for such fiscal year, prepared on a monthly basis and including appropriate balance sheet, income statement, cash flow and working capital projections for such period, (ii) promptly after the same are produced, copies of any material adjustments to the budget of the Company and its consolidated Subsidiaries referred to in clause (i) above, and (iii) promptly after the same is presented to the management of the Company, a copy of any long-range business plans of the Company that may be prepared from time to time for or at the direction of the management of the Company, and all material amendments thereto which may be in effect from time to time.
Budgets; Long Term Plans. (i) as soon as available, but in any event not later than 15 days prior to the first day of each fiscal year commencing with the fiscal year 2001 of the Parent, a copy of the initial budget of the Companies for such fiscal year, prepared on a monthly basis and including appropriate balance sheet, income statement, cash flow and working capital projections for such period, (ii) promptly after the same are produced, copies of any material adjustments to the budget of the Companies referred to in clause (i) above, and (iii) promptly after the same is presented to the Board of Directors of the Companies, a copy of any long-range business plans of the Companies that may be prepared from time to time for or at the direction of the Board of Directors of the Companies, and all material amendments thereto which may be in effect from time to time;
Budgets; Long Term Plans. (i) as soon as available, but in any event not later than 15 days prior to the first day of each fiscal year commencing with the fiscal year 2005 of the Company, a copy of the initial budget of the Company for such fiscal year, prepared on a monthly basis and including appropriate balance sheet, income statement, cash flow and working capital projections for such period, (ii) promptly after the same are produced, copies of any material adjustments to the budget of the Company referred to in clause (i) above, (iii) promptly after the same is presented to the Board of Directors of the Company, a copy of any long-range business plans of the Company that may be prepared from time to time for or at the direction of the Board of Directors of the Company (and with respect to fiscal year 2005, a long range business plan of the Company for calendar year 2005 shall be delivered by the Company to the Lenders on or before June 30, 2004), and all material amendments thereto which may be in effect from time to time; and (iv) as soon as available, but in any event no later than January 31 of each year, commencing January 31, 2005, projected income statement, balance sheet, and cash flow statement for the subject calendar year and each calendar year thereafter through the year 2007;
Budgets; Long Term Plans. (i) as soon as available, but in any event not later than 30 days after the first day of each fiscal year commencing with the fiscal year 2008 of the Company, a copy of the initial budget of the Company for such fiscal year, prepared on a monthly basis and including appropriate balance sheet, income statement, cash flow, and working capital projections for that period, (ii) promptly after the same are produced, copies of any material adjustments to the budget of the Company referred to in clause (i) above, (iii) promptly after the same is presented to the Board of Directors of the Company, a copy of any long-range business plans of the Company that may be prepared from time to time for or at the direction of the Board of Directors of the Company, and all material amendments thereto which may be in effect from time to time; and (iv) as soon as available, but in any event no later than January 31 of each year, commencing January 31, 2007, projected income statement, balance sheet, and cash flow statement for the subject calendar year;