Common use of Deadlock on Proposed Programs and Budgets Clause in Contracts

Deadlock on Proposed Programs and Budgets. If the Members, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, then the Manager shall continue Operations at levels comparable with the last adopted Program and Budget but in no event at levels which do not fully provide for the minimum holding costs of the Properties.

Deadlock on Proposed Programs and Budgets. If the Members, acting through the Management Committee, fail Committee fails to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, then subject to the Manager contrary direction of the Management Committee and to the receipt of necessary funds, the Company shall continue Operations at levels substantially comparable with the last adopted Program and Budget but in no event at levels which do not fully provide for the minimum holding costs of the PropertiesBudget.