Subsequent Budgets. Thereafter, the Operator shall provide the Budget for the subsequent Contract Year to the District no later than November 15 of the prior Contract Year. Each such Budget shall be included in the Rate Plan in accordance with Section 6.2 hereof. If there is any disagreement between the Operator and the District regarding such Budget, the Operator shall have the authority to make the final decision on the Budget after good faith consideration of the District’s comments.
Subsequent Budgets. 9.4.1 Each calendar year, at least [six (6) weeks] prior to the end of the Financial Year, the Management Board must prepare and submit to the Supervisory Board, for its consideration and approval, a draft of the new Budget in accordance with the Strategy.
9.4.2 The Budget must include:
(a) a profit and loss forecast for the Group for each month in that next Financial Year;
(b) a balance sheet forecast for the Group for each month in that next Financial Year;
(c) a cash flow forecast for the Group for each month in that next Financial Year;
(d) capital expenditures forecast for the Group in that next Financial Year, stipulating individual investments and investment projects in excess of EUR [●] ([●] euro);
(e) a forecast of key performance metrics for the Group for each month in that next Financial Year;
(f) a summary report on the Group's performance during the current Financial Year; and
(g) such other Budget-related information as the Supervisory Board may request.
Subsequent Budgets. The Member Committee shall adopt an annual budget for the operations of the Company, which budget shall be in at least as much detail and cover the same matters as the initial budget. The proposed budget shall be presented to the Member Committee no later than 60 days prior to the commencement of each fiscal year of the Company.
Subsequent Budgets. (a) Prior to the expiry of the relevant period for the Budget (or by such later date as the Board may decide), the Company shall procure that the CEO prepares and submits to the Board, for its consideration and approval, a draft Budget in a format consistent with the Initial Budget for the next Financial Year. The draft Budget will be a detailed, monthly budget consistent with the first calendar year of the then current Business Plan.
(b) The draft Budget submitted to the Board for the next Financial Year (as the case may be) will not become the Budget for that subsequent period unless and until it has received Board Approval.
(c) If:
(i) during the term of the Agreed Business Plan, a Budget for a Financial Year has not been approved in accordance with clause 10.3(b) by the start of that Financial Year, then, unless and until the draft Budget for that Financial Year has been so approved, the operating cost budget for the Group shall be carried forward from the last Budget and adjusted for achieved synergies and the latest cost estimate of activities in the Agreed Business Plan; and
(ii) following the term of the Agreed Business Plan, a Budget for a Financial Year has not been approved in accordance with clause 10.3(b) by the start of that period or Financial Year, then, unless and until the draft Budget for that period or Financial Year has been so approved, the operating cost budget for the Group shall be carried forward from the last Budget until a new Budget is agreed.
Subsequent Budgets. 32 (f) Five-Year Budget.................................................. 32 6.4
Subsequent Budgets. Not earlier than 90 nor later than 30 Business Days before the commencement of each financial year, the Company shall produce to each of the Shareholders a draft Budget for that financial year, complying with the principles set out in Sub-Clause 6.5.
Subsequent Budgets. For all periods subsequent to the initial five-year period, budgets shall be proposed by the Manager and approved by the Members Committee on an annual basis. In the event a budget is not so approved by the first day of a new fiscal year, the prior budget shall be deemed to be in effect for the new fiscal year, with all line items escalated by the Consumer Price Index published by the U.S. Department of Labor, Bureau of Labor Statistics, for the prior year, and the Manager shall operate the LLC pursuant to such budget until a new budget is approved by the Members Committee. All budgets shall include, and clearly distinguish between, items of direct liability of the LLC (such as payments owing to the Captive Management Services Provider), and planned payments and reimbursements to the Manager for the services provided by it to the LLC and the Members. All budgets referred to herein are operating budgets.
Subsequent Budgets. The Lender shall have received and approved each and every Budget subsequent to the initial Budget described in Section 6.1 above, with such modifications (if any) as are agreed to by Borrower and Lender.
Subsequent Budgets. Prior to the end of the First Tariff Period, and prior to the end of each calendar year following the end of the First Tariff Period, (each calendar year following the end of the First Tariff Period being hereinafter referred to as a "Subsequent Tariff Period"), the Seller's board of directors shall prepare a new budget (a "Subsequent Budget") for the costs the Seller estimates will be incurred with respect to the Power Station in the applicable Subsequent Tariff Period. The Subsequent Budget shall contain specific line items and cost estimates for the various components of the Current Tariff defined in Section 6 hereof, and where appropriate, adjustments to such costs for fluctuations in the exchange rate. It shall also contain an adjustment for the differences from year to year between actual costs incurred and the budgeted costs. The amounts in a Subsequent Budget which are adopted by the Seller's board of directors, as adjusted for fluctuations in the exchange rate and for the differences between actual and budgeted costs, shall be the basis for determining the Current Tariff which shall be payable by the Purchaser in applicable Subsequent Tariff Periods. Such amounts in a Subsequent Budget also shall be the basis for any adjustments to the Current Tariff to be made pursuant to Section 8 hereof during such applicable Subsequent Tariff Period.
Subsequent Budgets. (a) The Company must procure that the Chief Executive Officer prepares and submits to the Board each year, for its consideration and approval, a draft Budget for the next Financial Year.
(b) The Budget for a Financial Year must include:
(i) an operating budget for the Group setting out for each calendar month in that Financial Year projected revenue, operating expenditure, capital expenditure and working capital requirements;
(ii) a cash flow and regulatory capital forecast for the Group for each quarter in that Financial Year and a projected consolidated balance sheet for the Group as at the end of such quarter;
(iii) a report on the Group's performance during the current Financial Year; and
(iv) such other information as the Board requires from time to time.
(c) The Budget submitted to the Board in respect of a Financial Year will not become the Budget for that period unless and until it has received approval of the Board. The Board must in good faith use all reasonable endeavours to approve the Budget.
