Company Budget Clause Samples
The Company Budget clause establishes the framework for creating, approving, and managing the financial plan of a company. It typically outlines the process for preparing the annual or periodic budget, specifies who is responsible for drafting and approving the budget, and may set guidelines for amending the budget if necessary. This clause ensures that there is a clear and agreed-upon process for allocating and controlling company funds, thereby promoting financial discipline and preventing unauthorized expenditures.
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Company Budget. The initial Company Budget shall be approved by the Board no later than the Side Letter Effective Date (the “Initial Company Budget”). As soon as practicable prior to the end of each Fiscal Year, commencing with the Fiscal Year 2026, and in any event not later than thirty (30) days prior to the end of each Fiscal Year, and with respect to any Company Budget relating to securitization, from time-to-time, the Administrative Member shall prepare and deliver to the Board for approval, a proposed Company Budget, in form substantially similar to the Initial Company Budget, which for the avoidance of doubt shall include Non-Discretionary Expenses. The Board shall endeavor to approve any proposed Company Budget or propose amendments thereto within five (5) Business Days; [***].
Company Budget. Prior to the Closing, the Company shall prepare and deliver to Purchaser a budget in respect of the Company’s and its Subsidiaries’ operations for the period from and including the Closing Date through the six-month anniversary thereof for approval (such approval not to be unreasonably conditioned, withheld or delayed) (it being understood that the Company shall, subject to applicable Law, consult with Purchaser in connection with the development of such budget) (such budget, if so approved, the “Post-Closing Budget”); provided that if such budget is not so approved, the “Post-Closing Budget” shall mean a budget in respect of the Company’s and its Subsidiaries’ operations for such six-month period the Company, in consultation with Purchaser, determines is reasonably necessary or advisable for the Company and its Subsidiaries to carry on its businesses as then-currently conducted.
Company Budget. The Company and the Purchaser will develop a proposed budget for the Company. The Company shall be operated in a manner so that the Aggregate Purchase Price will provide sufficient equity funding to the Company to meet its initial budgeted financial requirements for its first two years of operations. Additional scientific staffing and research and development expenditures will be funded through a research agreement that will be sought by the Company with a major pharmaceutical company. The Purchaser will fund executive staffing (i.e., CEO or other executives who are not already Parent employees) and other infrastructure expenditures in accordance with the budget.
Company Budget. No later than March 31, 1997, the Manager -------------- shall prepare and shall submit to the Members a budget (the "Company Budget") representing the Company's overall operating budget which shall include the annual operating budget for the Company, including projections of income and expense by major line item, any expected capital calls and borrowing needs with respect thereto, startup and ongoing out of pocket third party expenses (including without limitation, legal, accounting and auditing costs) and other operating costs and such operating and overhead costs expected to be incurred by the Company in connection therewith. The Company Budget will be updated quarterly; provided, however, that any material changes to the operating budget prior to the quarterly update will require the approval of the Members in the same manner as the original Company Budget.
Company Budget. At least sixty (60) calendar days before any Fiscal Year, the Board shall prepare and approve an annual budget setting forth all anticipated expenses of the Company during the course of that upcoming Fiscal Year (the “ Annual Budget”). If the Board does not prepare and approve an annual budget, the Annual Budget from the prior Fiscal Year shall remain in effect until such new annual budget is so prepared and approved.
Company Budget. The Company Budget has been prepared in a commercially reasonable manner, based on accurate historical financial, production and reserve information concerning the Company. The results set forth in the Company Budget are achievable by the Company in all material respects, in the time frames set forth in the budget, without material expenditures by the Company and its subsidiaries not reflected in the Company Budget. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER AND ACQUIRECO
Company Budget. If the Company determines prior to the Closing to finalize the Company’s annual budget for the fiscal year ending December 31, 2021, it will consult with Parent on finalizing such budget.
Company Budget. (a) Subject to Sections 5.04(c)(ii) and 2.06(e) and for so long as (i) with respect to Wind Acquisition only, the Ownership Percentage of Wind Acquisition continues to equal or exceed 25%, or (ii) with respect to CVPS only, the Ownership Percentage of CVPS continues to equal or exceed 25%, the Company shall prepare, or cause to be prepared, and submit to Wind Acquisition, so long as the condition set forth in the foregoing clause (i) is satisfied, and to CVPS, so long as the condition set forth in the foregoing clause (ii) is satisfied, at least 30 days prior to the end of any fiscal year, a draft operating and capital expenditure budget for the then-succeeding fiscal year with respect to the Company and its Subsidiaries on a consolidated basis (the “Draft Budget”);
(b) Subject to Sections 5.04(c)(ii), 2.06(d) and 2.06(e) and for so long as (i) with respect to Wind Acquisition only, the Ownership Percentage of Wind Acquisition continues to equal or exceed 25%, or (ii) with respect to CVPS only, the Ownership Percentage of CVPS continues to equal or exceed 25%, the Draft Budget shall not be the adopted and approved budget of the Company and its Subsidiaries (the “Approved Budget”) without the consent of Wind Acquisition, so long as the condition set forth in the foregoing clause (i) is satisfied, and without the consent of CVPS, so long as the condition set forth in the foregoing clause (ii) is satisfied; provided, that the Approved Budget shall not govern, be applicable to or in any way set forth the cash dividend or distribution policies of the Company or any Subsidiaries, which cash dividend and distribution policies shall be determined solely by the Board, subject to Section 2.07.
(c) Subject to Section 2.06(d), if the Company and each of Wind Acquisition and CVPS, to the extent entitled to approve the Approved Budget in accordance with Section 2.06(b), cannot agree on and adopt an Approved Budget for the then-succeeding fiscal year by the end of the then current fiscal year, then the Approved Budget for such then-succeeding fiscal year shall be the then-existing Approved Budget, modified by increasing each line-item amount reflected therein no more than 10% or such other amount as may have been otherwise approved by Wind Acquisition and CVPS. For the fiscal year ending December 31, 2005, the existing operating and capital expenditure budgets for the Company and Subsidiaries attached hereto as Annex A (with such changes thereto as shall be mutually agre...
Company Budget. Subject to Section 9.5, as soon as practicable and in any event on or before January 1 of each Fiscal Year, the Board shall cause the Company’s operating budget for the next Fiscal Year to be prepared, setting forth in reasonable detail in comparative form the corresponding figures for the preceding fiscal year on a monthly basis for the subject Fiscal Year projected operating expenses, capital expenditures, other costs and expenses, revenues from operations and any other source, cash flow from operations, amounts of capital and services the Company and its Subsidiaries will require and material terms of any financing the Company or any of its Subsidiaries will require and any other relevant financial information in respect of the Company and its Subsidiaries for the subject Fiscal Year.