Preparation and Approval of Budgets. At least one month prior to the beginning of each fiscal year of the Company, the Company shall prepare and submit to its Board of Directors, for its review and approval, an annual plan for such year, which shall include monthly capital and operating expense budgets, cash flow statements and profit and loss projections itemized in such detail as the Board of Directors may reasonably request. Each annual plan shall be modified as often as is necessary in the judgment of the Board of Directors to reflect changes required as a result of operating results and the other events that occur, or may be reasonably expected to occur, during the year covered by the annual plan, and copies of each such modification shall be submitted to the Board of Directors. The Company will, simultaneously with the submission thereof to the Board of Directors, deliver a copy of each such annual plan and modification thereof to each Investor.
Preparation and Approval of Budgets. So long as a Participating Holder or New Holder holds shares of Common Stock or Preferred Stock, at least one month prior to the beginning of each fiscal year of the Company, the Company shall prepare and submit to its Board of Directors for discussion purposes a first draft of an annual plan for such year which shall include monthly capital and operating expense budgets, cash flow statements and profit and loss projections and year-end projected balance sheets, itemized in such detail as the Board of Directors may reasonably request. The final draft of such annual plan shall be presented to the Board of Directors of the Company for approval prior to the beginning of each fiscal year of the Company and, after such annual plan is approved by the Board of Directors, a summary of such annual plan (such summary to be approved by the Board of Directors) shall be furnished to the Investors holding shares of Common Stock or Preferred Stock. Each annual plan shall be modified as often as is necessary to reflect changes required as a result of operating results and other events that occur, or may be reasonably expected to occur, during the year covered by the annual plan, and copies of such modification shall be submitted to the Board of Directors of the Company.
Preparation and Approval of Budgets. In the event that PentaPure exercises the First Option, then for each fiscal year of Xxxxxxxxxx thereafter at least one month prior to the beginning of the fiscal year Xxxxxxxxxx shall prepare and submit to its Board of Directors, for its review and approval, an annual plan for such year, which shall include monthly capital and operating expense budgets, cash flow statements and profit and loss projections itemized in such detail as the Board of Directors may reasonably request. Each annual plan shall be modified as often as is necessary in the judgment of the Board of Directors to reflect changes required as a result of operating results and other events that occur, or may be reasonably expected to occur, during the year covered by the annual plan, and copies of each such modification shall be submitted to the Board of Directors. Xxxxxxxxxx will, simultaneously with the submission thereof to the Board of Directors, deliver a copy of each such annual plan and modification thereof to PentaPure.
Preparation and Approval of Budgets. 6.2.1 No earlier than sixty (60) Working Days and no later than forty (40) Working Days before the start of each calendar year, the Panel Secretary shall circulate to all parties, and invite comments on, a draft budget setting out the Panel's good faith estimate of the reasonable costs and expenses that the Panel anticipates it will incur (or be committed to) in the next calendar year.
6.2.2 The Panel shall consider any comments received within ten (10) Working Days of circulating the draft budget and, after making any amendments it considers necessary, it shall (within a further ten (10) Working Days) present the draft budget to the Secretary of State for approval.
6.2.3 The Secretary of State may, taking into account the parties’ desire to avoid unnecessary costs being incurred by the Panel:
(a) approve the draft budget; or
(b) amend the draft budget and approve such amended budget.
6.2.4 If, during a calendar year, the Panel wishes to amend the budget approved by the Secretary of State, then if such amendment relates to a sum:
(a) within the limits determined from time to time by the Secretary of State, the Panel may by resolution amend the budget; or
(b) above such limit, the Panel shall obtain approval from the Secretary of State.
Preparation and Approval of Budgets. At least one month prior to ----------------------------------- the beginning of each fiscal year of the Company, the Company shall prepare and submit to its Board of Directors, for its review and approval, an annual plan for such year (the "Annual Plan"), which shall include monthly capital and ----------- operating expense budgets, cash flow statements and profit and loss projections itemized in such detail as the Board of Directors may reasonably request. The Annual Plan shall also include, without limitation, a development plan for restaurants for the ensuing year including plans for market locations of such restaurants, estimated timing of openings and a budget of expenses. Each Annual Plan shall be modified as often as is necessary in the judgment of the Board of Directors to reflect changes required as a result of operating results and other events that occur, or may be reasonably expected to occur, during the year covered by the Annual Plan, and copies of each such modification shall be submitted to the Board of Directors. Each Annual Plan, or modification thereof, must be approved by at least 66-2/3% of the members of the Board of Directors. The Company will, simultaneously with the submission thereof to the Board of Directors, deliver a copy of each such annual plan and modification thereof to each Preferred Shareholder. Each site for a new restaurant shall be approved by a real estate site selection committee comprised of six members selected by the Board of Directors in the same manner the Annual Plan is approved from members of the Board of Directors and senior management, at least one of which shall be the member of the Board of Directors elected by the holders of the Series C Preferred Shares. Each new restaurant site shall be approved by four of the six members of such committee; provided, however, that each site so approved shall be in accordance with the Annual Plan then in effect.
Preparation and Approval of Budgets. At least one month prior to the beginning of each fiscal year of the Company, the Company shall prepare and submit to its Board of Directors, for its review and approval, a proposed annual operating budget and strategic plan for the Company for the succeeding fiscal year, containing forecasts of profit and loss and cash flow with monthly breakdowns and management's reasonably estimated projections of indebtedness and commitments for the succeeding fiscal year (the "Budget"), in such detail as the Board of Directors may reasonably request. Each Budget shall be modified as often as is necessary in the judgment of the Board of Directors to reflect changes required as a result of operating results and other events that occur, or may be reasonably expected to occur, during the year covered by the Budget, and copies of each such modification shall be submitted to the Board of Directors. The Company will, simultaneously with the submission thereof to the Board of Directors, deliver a copy of each such Budget and modification thereof to each Purchaser.
Preparation and Approval of Budgets. At least one month prior to the beginning of each fiscal year of the Company, the Company shall prepare and submit to the Board of Directors, for its review and approval, an annual plan for such year; that shall include monthly capital and operating expense budgets, cash flow statements and profit and loss projections itemized in such detail as the Board of Directors may reasonably request. Each annual plan shall be modified as often as necessary in the judgment of the Board of Directors to
Preparation and Approval of Budgets. 17 8.6 PAYMENT OF TAXES AND MAINTENANCE OF PROPERTIES...............................................................18 8.7 INSURANCE....................................................................................................18 8.8 PAYMENT OF INDEBTEDNESS AND DISCHARGE OF OBLIGATIONS.........................................................19 8.9
Preparation and Approval of Budgets. At least one month prior to the beginning of each fiscal year of the Company, the Company shall prepare and submit to its Board of Directors for discussion purposes a first draft of an annual plan for such year (which shall include monthly capital and operating expense budgets, cash flow statements and profit and loss projections itemized in such detail as Purchaser may reasonably request). The final draft of such annual plan shall be presented to the Board of Directors for approval no later than one month after the beginning of each fiscal year of the Company. Each annual plan shall be modified as often as is necessary to reflect changes required as a result of operating results and other events that occur, or may be reasonably expected to occur, during the year covered by the annual plan, and copies of each modification shall be submitted to the Board of Directors. Copies of each of the documents referred to in this Section shall be provided to Purchaser, or its representative, at the time of submission to the Board of Directors if Purchaser does not then have a designated representative on the Board of Directors.
Preparation and Approval of Budgets. Service Provider shall prepare and present to the board of directors of Parent for approval a monthly budget of HNR Finance (in substantially the same form as the initial budget) to the extent the term of this Agreement is extended and continues beyond the one-year anniversary of the Effective Date. Once approved, the initial budget and each monthly budget will be subject to review and adjustment as needed by the board of directors of Parent. If the Parties cannot agree on a budget or if Service Provider does not agree to an adjustment of the budget by the board of directors of Parent, then the Parties shall resolve such dispute pursuant to Section 10.
