Anticipated Program Costs. As of the Effective Date, the Parties agree that Exhibit “C” represents a reasonable estimate of Program Costs anticipated to be incurred by the Parties in the acquisition of the Navigation Center site and the completion of modifications or capital improvements thereto (Exhibit C(1)), and annually to operate the Navigation Center during the Term (Exhibit C(2)). The Parties hereby approve of such Program Costs as the Program Budget, which will govern the Program Treasurer’s allocation of Program Funds to the Parties. At each Annual Meeting, a new Program Budget will be approved by the Party Representatives for the immediately ensuing Annual Term, and any such Program Budget may thereafter be modified, amended, or superseded by the Party Representatives.
