Common use of Operating Plans Clause in Contracts

Operating Plans. All Operations shall be planned and conducted and all estimates, reports, and statements shall be prepared and made on the basis of a calendar year, save and except with respect to the first (reduced) year of Operations. Not later than 60 days before the commencement of each calendar year, the President shall prepare and submit to the Board for approval a proposed Operating Plan for such calendar year. Any Operating Plan submitted to the Board by the President hereunder may provide for allowances for contingencies as set out in Section 6.11(b). If the President or a Director believes that any Operating Plan should be revised prior to the end of the applicable calendar year, the President or such Director may propose one or more supplemental Operating Plans to the Board to be accomplished by the end of the then-current calendar year. During the 2 Year Hold Period, the Board shall review the Operating Plan on a quarterly basis to determine whether any changes to the Operating Plan are required in the applicable calendar year. Any material revisions or amendments to the Annual Operating Plan will be made in accordance with Section 5.4(a).