Common use of Approval of Proposed Programs and Budgets Clause in Contracts

Approval of Proposed Programs and Budgets. On or before December 15 of each calendar year at a meeting of the Board of Managers, the Board of Managers shall vote on and adopt a Program and Budget. If the Board of Managers does not approve the proposed Program and Budget, then the Board of Managers shall call another meeting to be held within ten (10) days after the first meeting to consider the Program and Budget and to vote on a revised Program and Budget. During such ten (10) day period, the Board of Managers shall work in good faith to develop a revised Program and Budget that can be approved by the Board of Managers. At the subsequent meeting to again vote on the Program and Budget (taking into account any revisions proposed during the revision period), the Board of Managers shall vote to either accept or reject the revised Program and Budget.