Budget; Projections. Prior to the consummation of a Qualifying IPO, within ninety days after the end of each fiscal year (commencing with the first fiscal year ending after the Closing Date), a consolidated budget for the following fiscal year on a quarterly basis as customarily prepared by management of the for its internal use and setting forth the material underlying assumptions based on which such consolidated budget was prepared (including any projected consolidated balance sheet of the and its Restricted Subsidiaries as of the end of the following fiscal year and the related condensed consolidated statements of projected operations or income (loss) and projected cash flow, in each case, to the extent prepared by management of the and included in such consolidated budget, which projected financial statements shall be prepared in good faith on the basis of assumptions believed to be reasonable at the time of preparation of such projected financial statements).
Annual Budget. The Parties acknowledge and agree that [Exhibit A] reflects the Annual Budget for the balance of 2016. Crestwood Midstream shall use its Best Efforts to submit to Newco a proposed Annual Budget for each subsequent Fiscal Year on or before September 15 of the preceding year. Each proposed Annual Budget shall include such supporting documentation and data as reasonably requested by Newco and be in a form established or approved by Newco from time to time. Such forms shall contain the types of information included in prior Annual Budgets and reflect substantially similar methodologies to those used in the preparation of such prior Annual Budgets. Each Annual Budget shall itemize the expected costs and expenses Crestwood Midstream anticipates will be required to be incurred in providing the Services by individual line items in accordance with the procedures set forth in [Schedule 5.01(a)] (the Accounting Procedures).
Financial Projections. The Administrative Agent shall have received pro forma Consolidated financial statements for the Borrower and its Subsidiaries, and projections prepared by management of the Borrower, of balance sheets, income statements and cash flow statements on a quarterly basis for the term of the Credit Facility, which shall not be materially inconsistent with any financial information or projections previously delivered to the Administrative Agent.
Projected Operating Budget. Within thirty (30) days after the beginning of each fiscal year, commencing with fiscal year , furnish a month by month projected operating budget and cash flow of Castle and its Subsidiaries on a consolidated and consolidating basis for such fiscal year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter), such projections to be accompanied by a certificate signed by the President, Chief Financial Officer or other Authorized Officer of each Borrower to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.
Operating Budget Matters. Within [●] days of the Closing Date, the Company and Buyer shall finalize an operating budget for the Surviving Corporation.
Variances From Operating Budget. Furnish , concurrently with the delivery of the financial statements referred to in [[Sections 9.7, 9.8 and 9.9]9]9]]9]9], a written report summarizing all material variances from budgets submitted by pursuant to [Section 9.12] and a discussion and analysis by management with respect to such variances.
for the partial year commencing on the date hereof and for each Fiscal Year thereafter, by no later than forty-five (45) days prior to the commencement of such period or Fiscal Year, an annual operating budget presented on a monthly basis consistent with the annual operating statement described above for the Property, including cash flow projections for such Fiscal Year and all proposed capital replacements and improvements, which such budget shall # until the occurrence and continuance of a Trigger Period, be provided to for informational purposes and # after the occurrence and during the continuance of a Trigger Period not take effect until approved by (after such approval has been given in writing, such approved budget shall be referred to herein as the “Approved Annual Budget”). Until such time that approves a proposed Annual Budget, the most recent Approved Annual Budget shall apply (or, if none, the prior year’s annual operating statement shall be deemed the Approved Annual Budget for up to 45 days, during which shall prepare a budget for ’s approval), adjusted to reflect actual increases in Taxes, Insurance Premiums and utilities expenses; and
Monthly Financial Statements. As soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrowers consolidated operations for such month certified by a Responsible Officer and in a form reasonably acceptable to Bank (the Monthly Financial Statements); # Monthly Compliance Certificate. Within thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement substantially in the form of [Exhibit B]; # Annual Operating Budget and Financial Projections. Within sixty (60) days after the end of each fiscal year of Borrower and as updated promptly following approval by Borrowers Board of Directors # annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and # annual financial projections for the following fiscal year (on a quarterly basis) as approved by Borrowers Board of Directors, together with any related business forecasts used in the preparation of such annual financial projections;
The Borrowers shall submit to the Agent proposed Annual Operating Budgets for the succeeding Fiscal Year (broken out by Property) not later than thirty (30) days prior to the commencement of such Fiscal Year, in each case in form and substance reasonably satisfactory to the Agent; provided, however, that the Annual Operating Budget for the Fiscal Year shall be the budget attached hereto as [Exhibit F] until such time as the Borrowers submit a revised Annual Operating Budget for the Fiscal Year and such budget is Approved by the Agent in accordance with the procedures set forth in this [Section 5.1.10(f)]. At all times during the term of the Loan, the Annual Operating Budget so submitted to the Agent shall be subject to the Agent’s Approval (each such Annual Operating Budget, an “Approved Annual Operating Budget”); provided that, subject to [Section 5.1.10], if no Default has occurred and remains outstanding and if no Event of Default has occurred, such Approval shall not be unreasonably withheld, conditioned or delayed. In the event that the Agent objects to a proposed Annual Operating Budget submitted by the Borrowers which requires the Approval of the Agent hereunder, the Agent shall advise the Borrowers of such objections within ten (10) Business Days after receipt thereof (and deliver to the Borrowers a reasonably detailed description of such objections) and the Borrowers shall promptly revise such Annual Operating Budget and resubmit the same to the Agent. The Agent shall advise the Borrowers of any objections to such revised Annual Operating Budget within ten (10) Business Days after receipt thereof (and deliver to the Borrowers a reasonably detailed description of such objections) and the Borrowers shall promptly revise the same in accordance with the process described in this subsection until the Agent Approves a proposed Annual Operating Budget. Until such time that the Agent approves a proposed Annual Operating Budget, the most recently prior Approved Annual Operating Budget for the Borrowers shall apply (or, in the case of the Annual Operating Budget for the Fiscal Year , the draft budget attached hereto as [Exhibit F] shall apply); provided that such Approved Annual Operating Budget shall be adjusted to reflect actual amounts owing for Taxes, Insurance Premiums, utilities expenses, fixed increases (or decreases) under previously executed agreements and increases (or decreases) in variable expenses as a result of changes in occupancy levels at the Properties from the prior Fiscal Year.
Annual Information and Projections. Within 30 days after the end of each fiscal year of the Borrowers, all such financial information regarding the Borrowers and their Subsidiaries and specifically regarding the Properties, as the Administrative Agent shall reasonably request, including, but not limited to, partnership, limited liability company and joint venture agreements, property cash flow projections, property budgets, actual and budgeted capital expenditures, operating statements (current year and immediately preceding year, if the Property existed as a Property in the immediately preceding year), mortgage information, rent rolls, lease expiration reports, leasing status reports, notes payable summary, bullet notes summary, equity funding requirements, contingent liability summary, lines of credit summary, lines of credit collateral summary, wrap notes and notes receivable summary, schedule of outstanding letters of credit, summary of cash and Cash Equivalents, projection of management and leasing fees and overhead budgets.
Annual Financial Statements. As soon as practicable and in any event within ninety (90) days (or, if earlier, on the date of any required public filing thereof) after the end of each Fiscal Year (commencing with the Fiscal Year ended ), an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the year. Such annual financial statements shall be audited by Grant Thornton LLP or an independent certified public accounting firm of recognized national standing acceptable to the Administrative Agent, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing standards that is not subject to any “going concern” or similar qualification or exception or any qualification as to the scope of such audit or with respect to accounting principles followed by the Borrower or any of its Subsidiaries not in accordance with GAAP.
Furnish and Lenders within one hundred twenty (120) days after the end of each fiscal year of Castle, financial statements of Castle and its Subsidiaries on a consolidated basis including, but not limited to, statements of income and stockholders' equity and cash flow from the
Annual Financial Statements. Within one hundred twenty (120) days of the end of the calendar year, Borrowers shall provide the Bank with internally prepared combined annual financial statements of Borrowers, prepared on a sound accounting basis in accordance with GAAP, consistently applied (including combined balance sheets and combined income statements) and the information in [Section 6.6(a)] [(i) and (ii)])], respectively, above for such entire applicable fiscal year period). Borrowers shall cause
Financial projections covering a time period acceptable to and specifying the assumptions used in creating the projections. Annual projections shall in any case be provided to within 30 days of each fiscal year end.
as soon as available, but in any event within thirty (30) days after the end of each fiscal year, a copy of the detailed annual operating budget or plan approved by management of the Borrowers, including 885707.04-LACSR02A - MSW
In the event that any Borrower wishes to incur an extraordinary Operating Expense not set forth in the Approved Annual Operating Budget (each, an “Extraordinary Expense”) and such Extraordinary Expense, taken together with any other Extraordinary Expense incurred for the same purpose, exceeds the least of # five percent (5%) of the Approved Annual Operating Budget allocable to the Property or Properties impacted by such Extraordinary Expense, # twenty percent (20%) of the total expense incurred by the Borrowers in the same category (as such categories are depicted in the draft budget attached hereto as [Exhibit F]) allocable to the Property or Properties impacted by such Extraordinary Expense or # , then the Borrowers shall promptly deliver to the Agent a reasonably detailed explanation of such proposed Extraordinary Expense and shall not incur such Extraordinary Expense unless and until the same has been Approved by the Agent.
Budget shall mean any Annual Budget or any other budget approved by Newco.
“Annual Operating Budgets” means the budget, including all Operating Expenses, and all known or anticipated leasing costs, for each Property (broken out by Property and shown in the aggregate) prepared by the Borrowers for the applicable Fiscal Year or other period, as the same may be amended, modified or supplemented from time to time in accordance with this Agreement.
Notwithstanding the provisions of Paragraph 6 hereof, during the period from until (but not including) (the Settlement Agreement Period), all capital expenditures (excluding expenditures for SCR Equipment (as defined herein)) made in respect of the Columbia Plant and the 345 KV Substation shall be entirely funded by Power Company and shall not be shared by the Companies in accordance with their Ownership Shares. In order that the Companies may have greater certainty for their own planning purposes, but without limiting its obligation under the preceding sentence, Power Company commits to use commercially reasonable efforts during the Settlement Agreement Period to incur total capital expenditures for the Columbia Plant and the 345 KV Substation (excluding expenditures for SCR Equipment) in an amount that is no less than the aggregate amount set forth in the budget for the Columbia Plant and the 345 KV Substation attached hereto as [Exhibit B]; provided that, incurring such capital expenditures is consistent with good utility operating practices at the time that such expenditures are scheduled to be incurred (the CapEx Budget and the aggregate amount of capital expenditures reflected thereon being referred to as the Commitment Amount). In order that the Companies may have greater certainty for their own planning purposes, but without limiting its obligations under the preceding sentences of this paragraph 1.1(a), Power Company will use commercially reasonable efforts to incur capital expenditures in an amount that is consistent with the amounts set forth in [Exhibit B] on an annual basis; provided that, incurring such capital expenditures is consistent with good utility operating practices at the time that such expenditures are scheduled to be incurred (the Annual Budget Amount). If the capital expenditures incurred in any given year is materially more or less than the Annual Budget Amount, or if Power Company's projections concerning capital expenditures change such that it anticipates spending materially more or less than the Annual Budget Amount in a future year, any of the Companies may request a meeting among senior executive officers of the Companies to discuss the reasons for such variance from the Annual Budget Amount and means of addressing such variance.
If the Operating Committee determines that a Discovery may be a Commercial Discovery, Operator shall, as soon as practicable, deliver to the Parties a Development Plan together with the first annual Work Program and Budget (or a multi-year Work Program and Budget pursuant to clause 6.10) and provisional Work Programs and Budgets for the remainder of the development of the Discovery, which shall contain, inter alia:
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