Business Plan and Budget. As soon as available, but in any event no later than forty five (45) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the then current fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information under Sections 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a consolidated basis, including forecasts prepared by management of the Borrower, in form satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the immediately following fiscal year.
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of Holdings, (i) an annual budget of Holdings and its Subsidiaries on a Consolidated basis and (ii) projected Consolidated balance sheets and statements of income or operations of Holdings and its Subsidiaries on a monthly basis for the immediately following fiscal year, prepared by management of Holdings, in form reasonably satisfactory to the Administrative Agent and the Required Lenders, of. As to any information contained in materials furnished pursuant to Section 6.02(e), Holdings shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of Holdings to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.
Business Plan and Budget. The Company shall have delivered to the Investor prior to the Closing a detailed business plan and budget with respect to the Group Companies for the year 2020 to the Investor’s satisfaction.
Business Plan and Budget. The Company has delivered to the Purchaser on or before the Closing a business plan and budget for the twelve (12) months following the Closing (the “Business Plan”). Such Business Plan was prepared in good faith based upon assumptions and projections which the Founders believe are reasonable and not materially misleading.
Business Plan and Budget. 9.1 The Company and each of the Mereo Founders undertakes to each Institutional Investor to carry on, develop and expand the business of the Target Group in accordance with the Business Plan.
9.2 The Company shall provide to each Investor, not later than 30 days prior to the start of each financial year:
(a) a detailed budget and cash flow forecast for the Group in respect of that financial year; and
(b) an updated business plan for the Group, including updated medium and long term assumptions and projections.
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Company, an annual business plan and budget of the Company and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Company, in form satisfactory to the Administrative Agent and the Required Lenders, of Consolidated balance sheets and statements of income or operations and cash flows of the Company and its Subsidiaries on a quarterly basis for the immediately following fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(f), the Company and its Subsidiaries shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company and its Subsidiaries to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.
Business Plan and Budget. The initial five (5) year Business Plan and Budget is attached as Exhibit E and is hereby approved by all Members. Sixty (60) days prior to the commencement of calendar year 2014 and each subsequent calendar year thereafter, the Common Board Members shall develop and provide to the entire Executive Board, for its consideration and approval, an updated annual business plan and budget for the upcoming calendar year . Each Board Member shall provide any comments to such proposed annual business plan and budget to all other Board Members as soon as practicable but not later than twenty (20) days after receipt thereof from the Common Board Members. Upon timely submission of all comments, the Executive Board shall meet for purposes of reviewing, finalizing and approving such submitted annual business plan and budget including incorporating therein any related comments deemed appropriate or desirable. Upon the Special Approval of any such annual business plan and budget, the same shall be deemed to constitute the “Business Plan and Budget” for such applicable calendar year for all purposes of this Agreement. The Common Board Members may delegate the preparation of any proposed annual business plan and budget to any officer or officers of the Company; provided, that the same procedures shall be followed with respect to the comment, consideration and approval of such annual business plan and budget. Upon failure of the Executive Board to reach agreement and Special Approval of any submitted business plan and budget, the Business Plan and Budget for the immediately preceding year shall continue and remain in effect until such time as a new Business Plan and Budget it appropriately approved and implemented hereunder. In addition, from time to time, the chief executive officer of the Company may submit changes, variances, additions or other modifications or updates to the then current Business Plan and Budget to the Executive Board for its consideration and approval. Each Board Member shall provide any comments to any such proposal to the Company’s chief executive officer and all other Board Members as soon as practicable but not later than twenty (20) days after receipt thereof. Upon timely submission of all comments, the Executive Board shall meet with the Company’s chief executive officer for purposes of reviewing, finalizing and approving or disapproving any such submitted proposals including incorporating therein any related comments deemed appropriate or desirab...
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Parent, an annual business plan of the Parent and its Subsidiaries on a Consolidated basis, prepared by management of the Parent, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Parent and its Subsidiaries on a quarterly basis for the immediately following fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(c), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Loan Parties to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.
Business Plan and Budget. 12.1 The activities and operations of the Company shall be conducted in full accordance with the jointly agreed Business Plan covering a five-year period with the initial business plan being included as SCHEDULE [*] to this Contract. The Initial Business Plan shall set out the key financial, operating and performance targets, statistics, criteria or performance indicators that the Company is to execute upon and adhere to for each year.
12.2 The Initial Business Plan shall be deemed approved by the Parties upon signing of this Contract without any further formalities in this regard. Not later than three (3) months prior to the end of the period covered by the then-current Business Plan or such other time as agreed by the General Meeting, the Company shall submit an updated Business Plan to the General Meeting for its approval. In the event that the updated Business Plan is not approved by the end of the period covered by the then-current Business Plan, the Company shall continue to operate in accordance with the then-current Business Plan until the disagreement with respect to the Business Plan is finally resolved in accordance with the procedures described in Clause 10.5.
12.3 The Initial Business Plan shall serve as the first budget as attached to this Contract as SCHEDULE [*] shall be deemed approved by the Parties upon signing of this Contract without any further formalities in this regard. Any subsequent budget covering a financial year based on the Business Plan shall be submitted by the Board to the General Meeting for its approval not later than the end of the second week of the last calendar month (the “Deadline”) of the immediately preceding financial year.
12.4 If the General Meeting has not approved the applicable Budget by the Deadline, the last approved Budget shall continue to apply for the first three (3) months of the subsequent financial year. In the event that such Budget is not approved within the first three months of the subsequent financial year, the Company shall continue to be operated in accordance with the last approved Budget until the disagreement with respect to the Budget is finally resolved in accordance with the procedures described in Clause 10.5.
