Budgets and Business Plans. The Company shall prepare a proposed annual operating and capital budget and business plan for the Company, which shall be submitted to the Investor not less than thirty (30) days prior to the commencement of each Financial Year. The Board shall adopt a budget and business plan for the Company within one (1) month after the commencement of the relevant Financial Year, which the Board shall review at least twice annually and may revise from time to time in accordance with the needs of the Group.
Budgets and Business Plans. (a) On or before October 15th of each year during the term hereof, the applicable Designated Manager shall prepare and submit to the Members for Approval of the Members a proposed update to the Initial Business Plan and a proposed annual budget for the next calendar year for each of the Archstone Residual Assets for which it has been appointed the Designated Manager
Budgets and Business Plans. (a) The Company shall prepare proposed annual operating and capital budgets and business plans for the Company and each Subsidiary, which shall be submitted to all Directors not less than 60 days prior to the commencement of each Financial Year. The Board shall adopt budgets and business plans for the Company and each Subsidiary within one month after the commencement of the relevant Financial Year.
Budgets and Business Plans. The Company shall prepare detailed proposed annual operating and capital expenditure budgets and business plans for the Group, which shall be submitted to all Directors and to the Holders not less than 30 days prior to the end of each prior Financial Year. The budget and business plans shall include detailed capital expenditure plans, financial projections (including an income statement, balance sheet and cash flow statement etc.), debt financing/repayment requirements, business strategy and detailed arrangements associated with the expected creation of any subsidiaries, partnerships and joint ventures. The Board shall as soon as practicable adopt detailed budgets and business plans for the Group before the commencement of the relevant financial year.
Budgets and Business Plans. The Company shall operate in accordance with the annual budgets and business plans approved by the Shareholders’ Meeting.
Budgets and Business Plans. (a) The initial budget and business plan for the Company shall be as adopted by the Company Board on the date hereof.
Budgets and Business Plans. (1) The operating and capital budget (the “Budget”) for the operation, repair and maintenance of each of the Properties for 2013 (the “2013 Budget”) has been submitted to, and has been approved by, Company. On or before the date specified each year by the Company (but no earlier than July 31st, nor later than October 31st), Manager shall prepare and submit to Company a preliminary Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested by Company. Such Budgets shall be uploadable by the MRI accounting system and shall:
Budgets and Business Plans. (i) Manager shall prepare and submit to KBS a proposed operating and capital budget (the “Budget”) for the operation, repair and maintenance of each of the Properties for the remainder of the calendar year in which the effective date of the Management Services Agreement occurs, no later than [thirty (30) days] after such effective date. The Budget for 2011 (the “2011 Budget”) has been submitted to, and has been approved by, KBS. Thereafter, on or before the date specified each year by KBS (but not later than October 31), Manager shall prepare and submit to KBS an updated draft Budget for the remainder of the current calendar year and a preliminary Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested KBS. Such Budgets shall:
Budgets and Business Plans. (a) Manager shall prepare and submit to Owner a proposed operating and capital budget (the "Budget") for the operation, repair and maintenance of the Premises for the remainder of the calendar year in which the Effective Date occurs, no later than thirty (30) days after the Effective Date. Thereafter, on or before the date specified each year by Owner (but not later than October 1), Manager shall prepare and submit to Owner an updated Budget for the remainder of the current calendar year and a preliminary Budget for the next calendar year. Thereafter, Manager shall prepare and submit to Owner the final Budget for the next calendar year, incorporating any changes requested by Owner. Such Budgets shall: (i) be prepared utilizing the Kardin software, (ii) be prepared on a cash and/or accrual basis, as directed by Owner, and (ii) show a month by month projection of income, expenses, capital expenditures and reserves. Owner shall have final approval over the Budget, provided Owner may not disapprove the payments required to be made to Manager hereunder. If a Budget is not agreed to prior to the commencement of the next succeeding calendar year, beginning on January 1st of such year until a Budget is approved, Manager shall operate the Premises in accordance with the Budget for the immediately preceding calendar year (subject to an increase of ten percent (10%) in any line items over such line items for the prior calendar year subject to (a) an aggregate limitation for all line items of a five percent (5%) increase, and (b) such provisions of the Budget which have been approved); provided, however, Manager shall be permitted to make such expenditures in excess of the amounts set forth in the last approved Budget for taxes and other governmental charges, insurance premiums, utility charges, union wage and work rule cost increases, amounts required to be paid pursuant to existing leases and contracts, and amounts required to be paid in the event of an emergency to preserve the value of the Premises until a Budget for the current calendar year is approved.
Budgets and Business Plans. 36 Section 6.3 Implementation of Annual Business Plan................................................38 Section 6.4
