Common use of STRATEGIC AND BUSINESS PLANS; REPORTS Clause in Contracts

STRATEGIC AND BUSINESS PLANS; REPORTS. (a) The Board of Directors and the Officers will conduct an interactive strategic planning process on an annual basis. In connection with this process, the Officers shall prepare and submit to the Board of Directors and the Board of Directors shall review, consider and adopt: (i) a strategic plan for the Company; and (ii) a three (3) year business plan, including capital and operating budgets. Such process shall be conducted in accordance with the strategic planning processes of the Members, as determined by the Board of Directors. (b) In the event that the Board of Directors fails to timely approve capital or operating budgets for any period, the Officers will be authorized to spend such amounts as are necessary or appropriate to meet the Company's prior commitments and obligations and to conduct and maintain the Company's operations and properties in a safe and efficient manner in accordance with industry practice. (c) The Officers shall provide the Board of Directors with monthly reports of the operating results of the Company compared with the strategic and business plan, including the capital and operating budgets, and annual and periodic reports of compliance matters (e.g. financial controls, environmental, human resources, etc.).

STRATEGIC AND BUSINESS PLANS; REPORTS. (a) The Board of Directors and the Officers will conduct an interactive strategic planning process on an annual basis. In connection with this process, the Officers shall prepare and submit to the Board of Directors and the Board of Directors shall review, consider and adopt: (i) a strategic plan for the Company; and (ii) a three (3) year business plan, including capital and operating budgets. Such process shall be conducted in accordance with the strategic planning processes of the Members, as determined by the Board of Directors. (b) In the event that the Board of Directors fails to timely approve capital or operating budgets for any period, the Officers will be authorized to spend such amounts as are necessary or appropriate to meet the Company's ’s prior commitments and obligations and to conduct and maintain the Company's ’s operations and properties in a safe and efficient manner in accordance with industry practice. (c) The Officers shall provide the Board of Directors with monthly reports of the operating results of the Company compared with the strategic and business plan, including the capital and operating budgets, and annual and periodic reports of compliance matters (e.g. financial controls, environmental, human resources, etc.).