Common use of Programs and Budgets Clause in Contracts

Programs and Budgets. Plans of Operations shall be prepared for information purposes only, shall be delivered to the Management Committee and shall describe the Operations the Manager intends to conduct during the period covered by the applicable Plan of Operations. If the Manager desires to conduct Operations substantially different from those described in the current Plan of Operations, the Manager shall, at least five days before undertaking such other Operations, notify the Management Committee. The Manager shall not be obligated to fulfill every aspect of a Plan of Operations or to conduct the Operations described therein on any particular schedule. (a) The Manager shall: (1) Keep the Management Committee generally informed concerning all Operations conducted by the Manager with respect to or affecting the Properties: (2) Provide the Management Committee with monthly reports pertaining to Operations conducted on or for the benefit of the Properties, on or before March 31 of each year, furnish to the Management Committee a narrative report with all maps and sections prepared by appropriate field professionals, together with copies of all non-interpretive reports and data gathered on the Properties by the Manager. (3) Make available for inspection and copying by the Management Committee all non-interpretive reports, studies, and analyses concerning the Properties, and make all core and other samples available for inspection by the Management Committee; (4) Submit to the Management Committee on or before March 31 of each year a statement of Expenses incurred during the preceding year; (5) Make all payments and complete all obligations required to maintain the Properties in good standing and furnish proof to the Management Committee of the making of such payments; (6) Discharge the powers and duties of the manager, as provided in Section 8.2, and this Article 9; and (7) Prepare an initial Program and Budget for consideration by the Management Committee within 60 days following the Effective Date.