Approved Business Plan. (1) Not later than 45 days before the commencement of each fiscal quarter, the Company shall prepare and submit to the Purchaser a Business Plan for such quarter that complies with the Mandatory Requirements and the Initial Approved Business Plan.
Approved Business Plan. “Approved Business Plan” means a Business Plan approved by the Board as a Major Decision pursuant to Section 9.2.
Approved Business Plan. Subject to clause (i) of the definition of “Major Decisions” on Schedule 6, the Managing Member may amend the Approved Business Plan from time to time in its sole discretion. The Managing Member shall provide the Co-Investor Members with written notice of any material amendment to the Approved Business Plan (it being agreed that such notice requirement shall not derogate from clause (i) of the definition of “Major Decisions” on Schedule 6).
Approved Business Plan. (a) The Executive Committee shall cooperate in good faith to approve a Business Plan for each Fiscal Year, subject to approval of the NSAM Designees (to the extent required) in accordance with Section 5.3(c). An initial draft of the Business Plan with respect to any Fiscal Year (other than 2015) shall be delivered to NSAM Member no later than November 1 of the immediately preceding Fiscal Year. If a Business Plan with respect to any Fiscal Year is not approved by December 31 of the immediately preceding Fiscal Year, then the most recent Approved Business Plan shall continue to be in effect, except as follows, without duplication: (i) to the extent specific line items of the Business Plan have been approved in accordance with the applicable provisions of this Section 5.4, the budget for such specific line items shall be as so approved; (ii) until approved as provided in the foregoing clause (i) or the adoption of a new Approved Business Plan, the total budget for such Fiscal Year shall be increased by five percent (5%) over the aggregate budgeted amount set forth in the Approved Business Plan for the prior Fiscal Year, which the parties hereto agree may be allocated among the various expenses set forth in such Approved Business Plan in the reasonable discretion of the Executive Committee; provided, that Necessary Expenses may be reasonably incurred without any limitation or approval so long as NSAM Member and AHI Member are immediately notified of such expenses. Any proposed revision to an Approved Business Plan shall be submitted to the Executive Committee for its approval, subject to obtaining any approval of the NSAM Designees required under Section 5.3(c), and upon approval of such revision to the extent required by this Agreement, the Approved Business Plan, as so revised, shall thereafter constitute the Approved Business Plan for the period covered thereby.
Approved Business Plan. Within 30 days after the date hereof, the Company shall deliver to the Investor a draft of the Business Plan for 1997-1998, and the Company and the Investor shall exercise reasonable efforts to reach agreement on the Approved Business Plan.
Approved Business Plan. Within one hundred eighty (180) days following the execution and delivery of this Agreement, Majestic shall prepare and submit to the Executive Committee for its review and approval the annual business plan for the Company's first Business Plan Period. If Majestic does not deliver the annual business plan for the first Business Plan Period to the Executive Committee within such one hundred eighty (180)-day period, then Tejon shall have the right, in its sole and absolute discretion, at any time thereafter, to elect to dissolve the Company by delivering written notice of such election to the other Member in accordance with the terms of Section 12.01(a) (provided such right shall terminate if and when the Executive Committee approves the initial business plan for the Company). If Majestic timely delivers the annual business plan to the Executive Committee for the Company's first Business Plan Period, but the Executive Committee does not approve such business plan for any reason on or prior to the first anniversary of the Effective Date, then each Member shall have the right, in its sole and absolute discretion, at any time thereafter, to elect to dissolve the Company by delivering written notice of such election to the other Member in accordance with the terms of Section 12.01(b) (provided such right shall terminate if and when the Executive Committee approves the initial business plan). Within three (3) Business Days following the approval of the initial business plan, the Executive Committee and Tejon shall execute and deliver that certain Contribution Agreement and Joint Escrow Instructions in the form attached hereto as Exhibit "D" (the "Contribution Agreement"). On or before the Applicable ABP Date (as defined below), the Administrative Member shall submit a new annual business plan for each ensuing Business Plan Period to the Executive Committee for its review and approval. Each annual business plan shall include, without limitation, (i) a narrative description of the proposed objectives and goals for the Company, which shall include a description of any major transaction to be undertaken by the Company for such Business Plan Period (or other period); (ii) for the first Business Plan Period, a Development Plan and Development Budget as described in Section 2.08 for the Improvements; (iii) for the first Business Plan Period, the status of the construction of the Improvements; (iv) following the Project Stabilization Date (as reasonably determined by the...
Approved Business Plan. The Members agree that the current business plan for the Company shall be that adopted by the Members on the Effective Date and shall be inclusive of the following items described in (i)-(iv) below (collectively, the “Approved Business Plan”). The xxxx *** indicates that text has been redacted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934 and filed separately with the Securities and Exchange Commission. 2 4409429v26 / 500303.0022
Approved Business Plan. 1116763.08/OC 373745-00002/0-0-00/pdo/agt 60 54430-10898/2652216.4
Approved Business Plan. The Members agree that the initial business plan for the Company is to acquire the Property and seek the Entitlements inclusive of the following items described in (i)-(iv) below, attached hereto as Exhibit “B” (collectively, the “Approved Business Plan”).
Approved Business Plan. The then in effect approved business plan, and any approved changes, modifications, or amendments to such plan, or any non-material changes, modifications or amendments to such plan shall be the “Approved Business Plan” for the Property.
