Business Plan and Budgets Clause Samples
The 'Business Plan and Budgets' clause establishes the requirement for the parties to prepare, review, and approve a formal business plan and associated budgets for a project or venture. Typically, this clause outlines the process for submitting initial and updated business plans, specifies timelines for budget preparation, and may detail the approval process or the parties' respective roles in budget management. Its core practical function is to ensure that all parties have a clear, agreed-upon roadmap for operations and financial planning, thereby reducing misunderstandings and aligning expectations regarding the project's direction and resource allocation.
Business Plan and Budgets. (a) Prior to the date hereof, MGM has prepared and delivered to DW for its review and approval, (i) the Construction Budget, (ii) a pre-opening budget for the Project and (iii) a written, detailed business plan for the Project setting forth the proposed development, construction, management, financing, operation, leasing and/or sale plans for the Project. The business plan is incorporated herein by reference and has been jointly approved by the Members, as of the Signing Date, and together with the other components described in clauses (i), (ii) and (iii) shall be referred to herein as the “Initial Business Plan”. The Managing Member shall deliver, or cause to be delivered, to DW (I) on the Closing Date, (II) prior to the beginning of each Fiscal Year and at (III) such other times as determined by the Managing Member, an updated Business Plan for the Project, containing the components described in clauses (ii), (iii) and (iv) of this Section 7.9(a). Any modifications to the previously approved Business Plan shall be subject to the Approval of the Board of Directions to the extent required in accordance with Section 9.3 of this Agreement.
(b) At least ninety (90) days prior to the estimated completion of the Project and at the beginning of each Fiscal Year thereafter, the Managing Member shall cause the Operations Manager to prepare and submit to the Board of Directors for its review, (i) a preliminary Annual Budget for each Project Component for the upcoming Fiscal Year and (ii) a proposed business plan for each Project Component (x) setting forth the proposed, financing, operation, leasing and/or sale plans with respect to the applicable Project Component and (y) including, without limitation, (1) a detailed description of the anticipated rents and operating expenses, the maintenance and repair of the applicable Project Component and any planned or required improvements to such Project Component and (2) a detailed marketing report, which, at a minimum, sets forth a list of expected vacancies and a description of anticipated rents or other revenues over the applicable year and any related costs and expenses. Such business plan, once Approved by the Representatives on the Board of Directors in accordance with Section 9.3 of this Agreement shall be referred to herein as a “Business Plan” and, collectively, the “Business Plans” for the applicable Project Component. Each Annual Budget shall show all projected expenditures for operating expenses and capital imp...
Business Plan and Budgets adopting the Business Plan or Budget;
Business Plan and Budgets. (a) The General Partner will provide to the Limited Partners for informational purposes only a business plan for the operation of the Hotel Properties no later than sixty (60) days after the First Closing Date. No later than December 15 of each Fiscal Year the General Partner shall provide to the Limited Partners for informational purposes only a revised and updated business plan for the period ending on the last day of the next succeeding Fiscal Year. The business plan will include the following: ******** ******* *************** ******************** **************** **************** ***************** ******** **************************;
Business Plan and Budgets. (a) The General Partner shall submit the draft business plan for the operation of the Partnership Investments to the Limited Partners for approval no later than sixty (60) days after the First Closing Date. No later than December 15 of each Fiscal Year the General Partner shall submit to the Limited Partners for approval a revised and updated business plan for the period ending on the last day of the next succeeding Fiscal Year. The business plan shall include the following: ************************************************************************************************** ****************************************
Business Plan and Budgets. Each Member shall also have the right to receive upon request copies of the annual operating and capital expenditure budget of the Company for any fiscal year as well as a copy of the currently approved Business Plans of the Company.
Business Plan and Budgets. Without prejudice to the generality of clause 7.1, and subject to clause 7.3, the Company shall supply the principals with copies of:
Business Plan and Budgets. 1.1 Adoption of the Business Plan and Budgets referred to in Clause 13 of the Agreement;
Business Plan and Budgets. (a) The General Partner shall submit the draft business plan for the operation of the Partnership Investments to the Limited Partners for approval no later than sixty (60) days after the First Closing Date. No later than December 15 of each Fiscal Year the General Partner shall submit to the Limited Partners for approval a revised and updated business plan for the period ending on the last day of the next succeeding Fiscal Year. The business plan shall include the following:
(ii) a report of potential acquisition and disposition transactions;
(iv) Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
(b) The General Partner shall prepare and present to the Limited Partners for each Fiscal Year for their approval the following budgets: (i) a consolidated capital budget for the Partnership, any Partnership Investment Vehicle and any Portfolio Company, setting forth in reasonable detail the estimated Capital Expenses with respect to each Partnership Investment for such Fiscal Year (the “Partnership Capital Budget”) and (ii) a consolidated operating budget for the Partnership, any Partnership Investment Vehicle and any Portfolio Company, setting forth in reasonable detail the estimated operating costs and expenses with respect to each Partnership Investment, including estimated Partnership Investment Expenses and Partnership Administrative Expenses (the “Partnership Operating Budget”; together with the Partnership Capital Budget, each a “Budget” and collectively, the “Budgets”). The draft of each Budget for the balance of the 2006 Fiscal Year Fiscal Year shall be presented to the Limited Partners for approval prior to sixty (60) days after the First Closing Date. Each Budget for each subsequent Fiscal Year shall be in the form of the Budget for the prior Fiscal Year. A first draft of each Budget for the subsequent years shall be presented to the Limited Partners prior to *********** of such Fiscal Year and a final draft shall be presented to the Limited Partners prior to February 15 of such Fiscal Year. Within twenty (20) days of its receipt of each of the initial draft and the final draft of a Budget, each Limited Partner shall deliver a notice to the General Partner approving or objecting to such Budget. Any notice objecting to a proposed Budget shall include a detailed explanation of the items to which such Limited Pa...
Business Plan and Budgets. Operator shall deliver to the Management Committee for approval a proposed Business Plan and Budget detailing the Joint Venture Operations to be performed for the period detailed therein. Within fourteen (14) Days of such delivery, the Management Committee shall meet to consider and to endeavour to agree on the Business Plan and Budget.
Business Plan and Budgets. Without prejudice to the generality of Clause 5.1, the Company shall supply the parties with copies of: