Common use of Monthly Operating Meetings Clause in Contracts

Monthly Operating Meetings. In each calendar month commencing after the date hereof, representatives of Purchaser and the Parent shall meet to review the financial condition of the Companies and their Subsidiaries as reflected in the information furnished pursuant to Section 9.3 of the Securities Purchase Agreement. Each operating meeting shall at all times be comprised of at least three (3) members of senior management of the Parent, who initially shall be Exxxxx X. Xxxxx, Txxxxx Xxxxxxxxx and Mxxx Xxxxxxxx, and two (2) individuals designated by Purchaser. The financial officers and other members of senior management of the Companies shall be available at each operating meeting to review financial information and discuss other matters. Purchaser and the Parent shall mutually agree in each calendar month on the date and time for the operating meeting to be held in the immediately succeeding calendar month (provided that the failure to agree on such date and time in any month shall not be construed as an agreement not to hold an operating meeting in the immediately succeeding month, provided, further, that if such meeting is not held (except where Purchaser expressly agrees it need not be held), it shall be a breach of this Agreement). Operating meetings may be conducted by telephone so long as each of the persons attending can hear each of the other persons attending the operating meeting. The financial officers of the Companies shall prepare a financial package to be delivered to Purchaser at least forty-eight hours (48) hours prior to each regularly scheduled monthly operating meeting. The financial package shall include, among other things, (a) each statement, schedule, analysis or other information described in Section 9.3 of the Securities Purchase Agreement that can be prepared from available information or otherwise reported but has not yet been delivered to Purchaser and (b) such other information regarding the Companies and their Subsidiaries as Purchaser may from time to time request.

Monthly Operating Meetings. In each calendar month commencing after the date hereof, representatives of Purchaser LLCP and of the Parent Company shall meet to review the financial condition of the Companies Company and their its Subsidiaries as reflected in the financial information furnished pursuant to Section SECTION 9.3 of the Securities Purchase Agreement. Each operating meeting shall at all times be comprised of at least three two (32) members of senior management of the ParentCompany, who initially shall be Exxxxx Xxxxxxx X. Xxxxx, Txxxxx Xxxxxxxxx Xxxxxxx and Mxxx Xxxxxxxx, Xxxx Xxxxxxxx and two (2) individuals designated by PurchaserLLCP (who shall be representatives of Xxxxxx Xxxxxxxxx Capital Partners, Inc. ("LLCP INC."), an Affiliate of LLCP). The financial officers and other members of senior management of the Companies Company shall be available at each operating meeting to review financial information and discuss other matters. Purchaser LLCP and the Parent Company shall mutually agree in each calendar month on the date and time for the operating meeting to be held in the immediately succeeding calendar month (provided PROVIDED that the failure to agree on such date and time in any month shall not be construed as an agreement not to hold an operating a meeting in the immediately succeeding month, provided, further, that if such meeting is not held (except where Purchaser expressly agrees it need not be held), it shall be a breach of this Agreement). Operating meetings Meetings may be conducted by telephone so long as each of the persons attending can hear each of the other persons attending the operating meeting. The Company's financial officers of the Companies shall prepare a financial package for delivery to be delivered to Purchaser LLCP at least forty-eight hours (48) hours prior to each regularly scheduled monthly operating meeting. The financial package shall include, among other things, (ai) each statement, schedule, analysis or other information described in Section 9.3 of the Securities Purchase Agreement that can be prepared from available information or otherwise reported but has not yet been delivered to Purchaser Monthly Reporting Package and (bii) such other information regarding the Companies Company and their Subsidiaries its subsidiaries as Purchaser LLCP may from time to time request. The provisions of this SECTION 1.3 shall apply on a quarterly basis instead of a monthly basis after the date on which the Note has been indefeasibly paid in full or otherwise satisfied in full.

Monthly Operating Meetings. In each calendar month commencing -------------------------- after the date hereof, representatives of Purchaser LLCP and of the Parent Company shall meet to review the financial condition of the Companies Company and their its Subsidiaries as reflected in the information furnished pursuant to Section 9.3 of the Securities Purchase Agreement1.3. Each operating meeting ----------- shall at all times be comprised of (i) at least three (3) members of senior management of the ParentCompany, who initially shall be Exxxxx X. Xxxxx Xxxxxx, Xxxxxxx Xxxx, and Xxxxx Xxxxx, Txxxxx Xxxxxxxxx (ii) the financial consultant retained in accordance with Section 9.10 of the Securities Purchase Agreement and Mxxx Xxxxxxxx, and (iii) two (2) individuals designated by PurchaserLLCP (who shall be representatives of Xxxxxx Xxxxxxxxx Capital Partners, Inc. ("LLCP Inc."), an affiliate of LLCP). The --------- financial officers and other members of senior management of the Companies Company shall be available at each operating meeting to review financial information and discuss other matters. Purchaser LLCP and the Parent Company shall mutually agree in each calendar month on the date and time for the operating meeting to be held in the immediately succeeding calendar month (provided that the failure to agree on -------- such date and time in any month shall not be construed as an agreement not to hold an operating a meeting in the immediately succeeding month, provided, further, that if such meeting is not held (except where Purchaser expressly agrees it need not be held), it shall be a breach of this Agreement). Operating meetings Meetings may be conducted by telephone so long as each of the persons attending can hear each of the other persons attending the operating meeting. The Company's financial officers of the Companies shall prepare a financial package for delivery to be delivered to Purchaser LLCP at least forty-eight hours (48) hours prior to each regularly scheduled monthly operating meeting. The financial package shall include, among other things, (ai) each statement, schedule, analysis or other information described set forth in Section 9.3 of the Securities Purchase Agreement 1.3 ----------- that can be prepared from available information or otherwise reported but has not yet been delivered to Purchaser LLCP and (bii) such other information regarding the Companies Company and their Subsidiaries its subsidiaries as Purchaser LLCP may from time to time request.