Common use of Operating Plans and Budgets Clause in Contracts

Operating Plans and Budgets. At least sixty (60) days prior to each January 1 occurring after the applicable Term Loan Conversion Date, it will submit to the Term Agent for approval a proposed Operating Plan and Budget for each Project for the three Operating Years commencing on each such January 1, together with a reconciliation of actual expenses versus those projected in the previously delivered Operating Plan and Budget. The Term Agent will have the right to request revisions to each proposed Operating Plan and Budget, and after an Operating Plan and Budget has been finalized and approved by the Term Agent, it will, and will cause the Affiliates to, follow and comply with such Operating Plan and Budget in all particulars. It will have the right to revise any Operating Plan and Budget with the prior written approval of the Term Agent. Once approved by the Term Agent, an Operating Plan and Budget or a revised Operating Plan and Budget will supersede all prior Operating Plans and Budgets and will continue in effect until a subsequent Operating Plan and Budget has been approved by the Term Agent.