Common use of Approval of Budgets Clause in Contracts

Approval of Budgets. The Management Committee may (a) approve a proposed Operating Budget or Capital Expense Budget, (b) approve a portion of the proposed Operating Budget or Capital Expense Budget and reject the other portions of the proposed Operating Budget or Capital Expense Budget, or (c) reject the proposed Operating Budget or Capital Expense Budget. The O&M Arrangements will require that the Operator, in the event the Management Committee rejects all or a portion of a proposed Operating Budget or Capital Expense Budget, within not more than ten (10) days after rejection, shall prepare and submit a revised Operating Budget or Capital Expense Budget, as applicable, to the Management Committee for approval at a meeting called for such purpose as soon as practicable upon due notice in accordance with Section 4.3.4.