Preparation of Budgets. (a) Prior to the beginning of Borrower's fiscal year Borrower agrees to prepare and submit to the Board and furnish to the Lender a copy of an annual plan for such year which shall include, without limitation, plans for expansion, if any, plans for incurrences of Indebtedness and projections regarding other sources of funds, quarterly projected capital and operating expense budgets, cash flow statements, profit and loss statements and balance sheet projections, itemized in such detail as the Board may request.
(b) Borrower shall furnish to the Lender monthly financial reports, including budgets (as currently used by management in the conduct of business) within 30 days of the end of each month thereafter.
(c) Borrower agrees that it will review its operations with the Agent. Such operations reviews will be in such depth and detail as the Agent shall reasonably request and will be held as reasonably necessary, generally once a fiscal quarter.
Preparation of Budgets. Annually and at least thirty (30) days prior to the commencement of each fiscal year of Practice, Manager shall prepare and deliver to the Policy Board for its approval an operational and capital budget for such fiscal year ("Annual Budget"), setting forth an estimate of the operating revenues and expenses associated with the provision of professional services by Practice (including, without limitation, all costs associated with the leased premises used by Practice, equipment, supplies, services, and personnel provided by Manager to Practice pursuant to this Agreement, and all compensation costs associated with Practice and Practice personnel) and sources and uses of capital expenditures. Such budget shall separately address Physician Expenses, Manager Expenses and Practice Surplus which shall be in line with historical expenses of Practice and which are reasonable and customary for Practice and shall include reasonable reserves for the repayment of principal on all borrowings of Practice. Any non-budgeted expenses shall be reviewed and approved by the Policy Board. Any such non-budgeted expense in excess of $5,000 per year undertaken by Practice without approval by the Policy Board, which for this purpose must include the approval of at least one member designated by Manager, shall be deducted from Practice Surplus (except for emergency circumstances). Manager shall use its best efforts to perform its duties and obligations under this Agreement such that the actual revenues, costs, and expenses associated with the provision of professional services during any applicable period of Practice's fiscal year shall be consistent with the Annual Budget. Manager shall prepare and submit to the Policy Board for its approval, and shall thereafter adopt, an Annual Budget for the current fiscal year as soon as practicable. In the event that the Policy Board does not approve any such Annual Budget, then the Annual Budget for the previous year shall be used until the Policy Board, using its best efforts, approves a new Annual Budget.
Preparation of Budgets. 22 SECTION 5.06 PAYMENT OF TAXES AND OTHER INDEBTEDNESS....................................................22 SECTION 5.07 MAINTENANCE OF EXISTENCE AND RIGHTS; CONDUCT OF BUSINESS...................................23 SECTION 5.08 SEC FILINGS................................................................................23 SECTION 5.09 NOTICE.....................................................................................23 SECTION 5.10 COMPLIANCE WITH LOAN DOCUMENTS.............................................................23 SECTION 5.11 COMPLIANCE WITH MATERIAL AGREEMENTS........................................................23 SECTION 5.12
Preparation of Budgets. 24 Section 5.03. Payment of Taxes and Other Indebtedness..................... 25 Section 5.04. Maintenance of Existence and Rights; Conduct of Business.... 25 Section 5.05.
Preparation of Budgets. WellQuest shall prepare annual capital and operating budgets for the Practice. WellQuest shall disclose to Practice all Practice Expenses and Regional Costs expensed to Practice, and where WellQuest deems appropriate, WellQuest may consult with Practice regarding budgets and Regional Costs.
Preparation of Budgets. 4.3.1 The Manager shall prepare and submit to the Company for approval a Budget for the operation and maintenance of the Project, which Budget is to be prepared and submitted at the times and covering the periods hereinafter described:
4.3.1.1 upon the Commencement Date, covering the balance of the calendar year after the Commencement Date;
4.3.1.2 at least forty-five (45) days prior to the end of the calendar year during the term of this Agreement, covering the remaining term of the Agreement.
4.3.2 Each Budget shall include, at a minimum, the following information:
4.3.2.1 a operating expense budget detailing on a month-by-month basis the projected operating costs and non-recoverable costs. Exhibit F
4.3.2.2 a description of proposed maintenance, repairs or alterations.
4.3.2.3 a schedule of all Project Operating Expenses for the Project for the period covered by the Budget. Project Operating Expenses shall include, but not be limited to, the following:
Preparation of Budgets. 23 SECTION 5.03
Preparation of Budgets. The Technical Committee with input from the General Manager shall, at least ninety (90) days prior to the end of each Financial Year, prepare and submit to the Board a detailed annual Budget for the Group in relation to the forthcoming Financial Year.
Preparation of Budgets. (a) Prior to the beginning of Borrower's fiscal year Borrower agrees to prepare and submit to the Board and furnish to Lender a copy of an annual plan for such year which shall include, without limitation, plans for expansion, if any, plans for incurrences of Indebtedness and projections regarding other sources of funds, quarterly projected capital and operating expense budgets, cash flow statements, profit and loss statements and balance sheet projections, itemized in such detail as the Board may request.
(b) Borrower shall furnish to the Lender monthly financial reports, including budgets (as currently used by management in the conduct of business) within 30 days of the end of each month thereafter.
Preparation of Budgets. Preparation of annual budgets will be initiated in each July during such period and a preliminary budget will be presented for review by the JFT before [**] during such period. The completed Development Plan budget or Commercialization Plan budget, as applicable, should be approved by the Parties by the end of each November during such period. Reporting by each Party will be performed as follows (with copies provided to the JPDT or JCT and to the other Party): Q1-Q3 Actuals End of Calendar Quarter [**] Q4 Actuals End of Calendar Quarter [**] Preliminary annual budget Annually [**] Final annual budget Annually [**] Forecasts for sales (current Calendar Year) for the United States Quarterly, except Q4 [**] Full profit and loss forecast for the United States (current Calendar Year) Quarterly, except Q4 [**] Responsibility for preparing the Development Plan budget and Commercialization Plan budget (other than the initial budget, which shall be determined by the Parties) will rest with the JPDT and JCT, respectively. Both JPDT and JCT budgets shall be reviewed and approved by the JFT and presented to the JSC for review (which shall then present to the Parties for approval).
