Common use of Approval of Proposed Programs and Budgets Clause in Contracts

Approval of Proposed Programs and Budgets. On or before February 15th of each calendar year, at a meeting of the Management Committee, the Representatives shall submit in writing to the Management Committee whether such Representatives (a) approve the proposed Program and Budget, (b) propose modifications to the proposed Program and Budget, or (c) reject the proposed Program and Budget. If the Management Committee does not approve the proposed Program and Budget, then the Management Committee shall call another meeting to be held within 10 days after the first meeting to consider the Program and Budget and to vote on a revised Program and Budget. During such 10-day period, the Management Committee shall negotiate in good faith to develop a revised Program and Budget that is acceptable to all of the Representatives, but no Representative shall have any obligation to agree to any particular modification to the Program and Budget during such negotiations. At the subsequent meeting to again vote on the Program and Budget (taking into account any revisions proposed by the Representatives during the negotiation period), the Representatives shall vote to either accept or reject the revised Program and Budget but may not propose additional modifications.

Approval of Proposed Programs and Budgets. On or before February 15th of each calendar year, at a At the meeting of the Management Committee, for which notice was provided under Section 6.3, the Representatives shall of each Member will submit in writing to the Management Committee whether such Representatives (a) approve the proposed Program and Budget, (b) propose modifications to the proposed Program and Budget, or (c) reject the proposed Program and Budget. If the Management Committee does Representatives of a Member do not approve the proposed Program and Budget, then the Management Committee shall will call another meeting to be held within 10 30 days after the first meeting to consider the Program and Budget and to vote on a revised Program and Budget. During such 10-30 day period, the Management Committee shall Manager will negotiate in good faith with the Representatives to develop a revised Program and Budget that is acceptable to all of the Representatives, but no Representative shall have any obligation to agree to any particular modification to the and will deliver its revised Program and Budget during such negotiations. to the Representatives at or before the subsequent meeting.. At the subsequent meeting to again vote on the Program and Budget (taking into account any revisions proposed by the Representatives during the negotiation period), the Representatives shall of each Member will vote to either accept or reject the revised Program and Budget Budget, but may not propose additional modifications. If one or more Representatives do not attend any meeting of the Management Committee, the purpose of which is to review and approve a Program and Budget or an Amendment, then the Representatives present at the meeting may approve the proposed Program and Budget, but no other action may be taken at the meeting.