Common use of BUDGETS, CORPORATE PLANNING AND EXPENSES Clause in Contracts

BUDGETS, CORPORATE PLANNING AND EXPENSES. SECTION 10.1. On or before October 1 of each calendar year, the Manager shall prepare and submit to the Executive Officers a detailed draft budget for the next calendar year in a format acceptable to the Executive Officers and the Board of Directors and generally used by the Manager which shall include a statement of estimated revenue and out-of-pocket expenses in providing the Services (the “Draft Budget”).