Common use of Approved Operating Budget Clause in Contracts

Approved Operating Budget. Within ten (10) days of receiving the proposed Operating Budget, Licensee and any secured lender to Licensee shall approve the Operating Budget, which approval shall not be unreasonably withheld, conditioned or delayed, or, after consultation with and agreement from Management Firm, approve the Operating Budget with changes (either being the approved Operating Budget). Notwithstanding the foregoing, if for any reason the Parties do not approve an Operating Budget before the first day of the Fiscal Year, the Parties shall use the approved Operating Budget for the previous Fiscal Year until a new Operating Budget is approved. The approved Operating Budget shall constitute authorization for Management Firm to incur obligations and make expenditures to operate and manage the Enterprise pursuant to such Operating Budget.