Initial and Subsequent Business Plans. The initial Business Plan of the Company, consistent with the Phase I Minimum RUP Commitment and Toshiba’s proposed schedule therefor and setting forth the Company’s products, pricing, operating budget, capital expenditures, expense budgets, financing plans and other business activities of the Company through the **** will be agreed upon and certified by the Board of Executive Officers as soon as practicable after the Closing.
(i) The initial Business Plan and each successive Business Plan will, at the time such Business Plan is in effect, represent the Company’s then-current forecast of the proposed operations of the Company.
(ii) An updated Business Plan complying with Section 3.4(b) (Form and Scope) in respect of each successive Fiscal Year after the **** shall be prepared under the direction of the President of the Company and submitted to the Board of Executive Officers for review and approval not later than the **** preceding the commencement of such Fiscal Year.
(iii) When the proposed Business Plan in respect of a Fiscal Year is approved by the Board of Executive Officers, it shall constitute the Business Plan of the Company for such Fiscal Year and the Company and its Executive Officers and employees shall implement such Business Plan, which shall be the basis of the Company’s operations for such Fiscal Year. Upon approval, the approved Business Plan shall constitute the approved operational, financing and capital expenditure budget, subject to Section 6.3 of the Master Agreement. The Board of Executive Officers shall have the authority pursuant to Section 5.1(d) (Matters Requiring the Approval of the Board of Executive Officers) to amend the most recently approved Business Plan, including the operating budget contained therein, and any Member may request that the Board of Executive Officers review the Company’s operating results and prospects, as well as market conditions, and consider a proposal for amendment or review of the most recently approved Business Plan at any regularly scheduled or special meeting of the Board of Executive Officers and upon such request, the Board of Executive Officers shall in good faith make such review and/or consider such proposal. **** Indicates that certain information contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Initial and Subsequent Business Plans. (i) The Initial Business Plan of the Partnership for the five year period commencing on January 1, 1995, shall be mutually agreed upon by the Partners in writing and delivered by them at the Closing.
(ii) The Partners acknowledge that the Initial Business Plan and each successive updated Business Plan will represent their then current estimate of the proposed operations of the Partnership, and that the failure to meet any of the projections, goals or milestones in such Plan shall not, in and of itself, constitute a default by the Partnership or either Partner.
(iii) An updated Business Plan covering the immediately succeeding 12-month period complying with Section 3.04(b) shall be prepared prior to the commencement of each fiscal quarter of the Partnership under the direction of the Chief Executive Officer and submitted to the Governing Board and the Partners for review and approval not later than [*] prior to the commencement of each fiscal quarter or [*] before the commencement of each fiscal year.
(iv) When the proposed Business Plan for a 12-month period is approved by the Governing Board and the Partners, it shall constitute the Business Plan and the Partnership and its officers and employees shall implement such Business Plan, which shall be the basis of the Partnership's operations for such 12-month period, except to the extent such Business Plan is superseded by a subsequently adopted 12-month Business Plan.
(v) The Partnership shall not adopt or be governed by any overall business plan or budget other than a Business Plan approved by the Governing Board and the Partners and meeting the requirements of Section 3.04(b). (b)
Initial and Subsequent Business Plans. The initial Business Plan for the Partnership commencing on the Closing Date and ending on December 31, 1992, is attached as Exhibit A. To the extent that any provision of the Business Plan deals with the same matter as any Operative Document, the provisions of such Operative Document shall control. A Business Plan relating to each succeeding Fiscal Year shall be prepared in compliance with paragraph (b) below under the direction of the President and submitted to the Governing Committee for approval not later than 60 days prior to the beginning of such Fiscal Year. When the Business Plan for a Fiscal Year is approved pursuant to Section 4.03(a), the Partnership, the Partners and the officers and employees of the
