Common use of Annual Operating Budgets Clause in Contracts

Annual Operating Budgets. (a) The Fiscal Year of the Company shall be the calendar year. Not later than September 30 of each Fiscal Year (commencing on September 30, 1998), the Chief Executive Officer shall submit to the Board for its approval a proposed operating budget (each a "Proposed Budget") for the subsequent Fiscal Year. Each Proposed Budget shall include at least the following information for the next succeeding Fiscal Year of the Company broken down on a quarterly basis: (i) a projected profit and loss statement; (ii) a projected balance sheet; (iii) a projected cash flow statement; (iv) projected capital expenditures; and