Common use of Project Budgets Clause in Contracts

Project Budgets. (a) Company Management shall deliver to the Board of Managers a budget for the Project, which shall include capital expenditures, cash flow, projected EBITDA and other financial projections (setting forth in detail the assumptions therefor) for the Project for the period from initial development through completion and/or sale by the Company (“Project Budget”). The initial Project Budget is attached hereto as Exhibit C. Any subsequent Project Budget shall be delivered to the Board of Managers at least thirty (30) days prior to the end of the then-current Fiscal Year. (b) After receipt of any Project Budget (except for the initial Project Budget), the Board of Managers shall have ten (10) days to review it. The Board of Managers shall deliver notice to Company Management on or prior to the tenth (10th) day after receipt of any Project Budget specifying in reasonable detail all disputed items and the basis therefor and the amount of any proposed adjustments. No later than five (5) days after receiving the proposed adjustments to any Project Budget from the Board of Managers, Company Management shall propose a revised Project Budget to the Board of Managers, which shall take into account the proposed adjustments received from the Board of Managers. Any revised Project Budget shall be subject to the approval of the Board of Managers, and, if applicable, in accordance with Section 7.06. If after the receipt of any revised Project Budget, the Board of Managers has additional disputed amounts and proposed adjustments to such Project Budget, the Board of Managers and Company Management shall work in good faith to resolve any such disputed amounts and proposed adjustments.