Common use of Presentation of Programs and Budgets Clause in Contracts

Presentation of Programs and Budgets. During the Sole Funding Period, Programs and Budgets shall be prepared for such period as AEM may determine. Thereafter, proposed Programs and Budgets shall be prepared by the General Manager for a period of twelve months or any other reasonable period determined by the General Manager. The first Program and Budget after the Sole Funding Period shall be prepared by the General Manager at such time as it considers appropriate. During the budgetary period encompassed by any Program and Budget and at least two months prior to its expiration, a proposed Program and Budget for the succeeding budgetary period shall be prepared by the General Manager and submitted to each of the Shareholders.