Common use of Subsequent Budgets Clause in Contracts

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 Initial 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 Initial Business Plan; and (ii) following the term of the Initial 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. (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 Initial 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 Initial Agreed Business Plan; and (ii) following the term of the Initial 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.