Common use of Approval of Budgets Clause in Contracts

Approval of Budgets. (A) Each budget shall be approved by Partnership Governance Committee Action. Prior to November 15 of each fiscal year, the CEO shall prepare and submit to the Partnership Governance Committee for approval each of the budgets for the ensuing fiscal year (and, as appropriate, for subsequent periods), and on or before December 1, the Partnership Governance Committee shall by Partnership Governance Committee Action approve, with such modifications as it considers appropriate, each such budget. (B) If the Partnership Governance Committee does not approve the Operating Budget for the next fiscal year by December 1, pending approval of such budget by Partnership Governance Committee Action, the preceding fiscal year's Operating Budget shall, to the extent practicable, guide the operation of the Partnership. The failure to approve an Operating Budget shall in no way limit or restrain the authority of the Partnership or its officers to conduct operations. (C) The Partnership Governance Committee may, by Partnership Governance Committee Action, amend or supplement any previously approved budget at any time.

Approval of Budgets. (A1) Each budget shall be approved by Partnership Governance Committee Action. Prior to November 15 of each fiscal year, the CEO shall prepare and submit to the Partnership Governance Committee for approval each of the budgets for the ensuing fiscal year (and, as appropriate, for subsequent periods), and on or before December 1, the Partnership Governance Committee shall by Partnership Governance Committee Action approve, with such modifications as it considers appropriate, each such budget. (B2) If the Partnership Governance Committee does not approve the Operating Budget for the next fiscal year by December 1, pending approval of such budget by Partnership Governance Committee Action, the preceding fiscal year's Operating Budget shall, to the extent practicable, guide the operation of the Partnership. The failure to approve an Operating Budget shall in no way limit or restrain the authority of the Partnership or its officers to conduct operations. (C3) The Partnership Governance Committee may, by Partnership Governance Committee Action, amend or supplement any previously approved budget at any time.