2014 and 2015 Contract Years Clause Samples

2014 and 2015 Contract Years. The Parties acknowledge that prior to the date hereof, pursuant to the Existing OSA, the Service Provider has prepared and submitted to LIPA an Operating Budget and Capital Budget (together, the “Budgets”, and individually, a “Budget”) for each of the 2014 and 2015 Contract Years, including all related anticipated Pass-Through Expenditures. Together therewith, the Service Provider has also provided a proposed monthly Operating Budget and Capital Budget for each such Contract Year, including a proposed drawdown schedule for funding payment of Pass-Through Expenditures (together with the Budgets for such Contract Year, the “Service Provider Budget Portion”). In preparing the Service Provider Budget Portion, the Service Provider has consulted with LIPA with respect thereto. As promptly as practicable following the date hereof, LIPA shall prepare for consolidation with each relevant Budget the LIPA Budget Portion (together with the Service Provider Budget Portion, the “Consolidated LIPA Budget”) sufficiently in advance, but not later than October 1, 2013, to allow the Consolidated LIPA Budgets for the 2014-2015 Contract Years to be submitted for consideration by the LIPA Board of Trustees not later than December 15, 2013. Within forty-five (45) days following its receipt of the 2014-2015 Consolidated LIPA Budgets, LIPA shall advise the Service Provider whether it will recommend approval by the LIPA Board of Trustees of the proposed Consolidated LIPA Budgets or of any modifications thereto which LIPA believes are necessary or appropriate. The Parties shall use good faith efforts to resolve any differences with respect to the 2014-2015 proposed Consolidated LIPA Budgets as promptly as practicable. Any matter relating to the 2014-2015 Consolidated LIPA Budgets shall not be subject to dispute resolution under Section 8.6 or otherwise.