Common use of Budgets; Expenses Clause in Contracts

Budgets; Expenses. The Company hereby agrees that it shall fund 100% of the costs and expenses of Entitlement that are specifically authorized in any entitlement budget that is prepared under the direction of the Consultant and approved by DevelopmentCo and the Company in its reasonable discretion (each an “Approved Entitlement Budget”). To the extent that the Company requests Consultant Services that include the services of the support staff of Consultant (including insurance, personnel, accountants, paralegals, attorneys and regulatory staff) such Approved Entitlement Budget will include reimbursement for any out-of-pocket expenses incurred in connection therewith. Budgets will be prepared on an annual basis and may include salaries and other general and administrative expenses anticipated for the next calendar year, estimated costs and expenses of the dedicated project manager. Except as otherwise agreed to herein or in writing, Consultant and the Company agree that the services of Xxxxxxxx Xxxx and other senior managers of Consultant will be provided without compensation from PXP, the Company or DevelopmentCo. For purposes of clarification, the Company shall have no obligation to fund any Consultant, DevelopmentCo or third party expenses unless such amounts are budgeted and approved in advance by DevelopmentCo and the Company. Consultant shall provide the board of directors of DevelopmentCo and the Company with quarterly comparisons of budgeted to actual expenses. The Consultant or the Company may propose an amendment to any Approved Entitlement Budget at any time and from time to time as changing circumstances may dictate. Any such amendment must be approved by DevelopmentCo, the Consultant and the Company in their reasonable discretion. For purposes of this Agreement, all approvals. consents or authorizations of DevelopmentCo required or permitted by this Agreement shall require the approval of a majority of board of directors of DevelopmentCo.