Default Budget. (a) If on November 1 of any Fiscal Year no Annual Budget has been approved for the following Fiscal Year, then the Annual Budget for the then current Fiscal Year, adjusted (without duplication) to reflect increases or decreases resulting from the following events, shall govern the Fiscal Year beginning on the January 1 following the aforesaid November 1, subject to the limitations set forth in Section 8.6(b) below:
Default Budget. 24 8.7 Resignation..........................................................25 8.8 Removal..............................................................25 8.9 Vacancies............................................................25 8.10 Meetings.............................................................25
Default Budget. If on January 1 of any fiscal year the Company no Proposed Budget has been approved by the Company Board for such fiscal year and a Default Budget was in effect for the prior fiscal year, then such Default Budget, adjusted (without duplication) to reflect increases or decreases resulting from the events listed above (as if the references in the first sentence of this Section 6.07(b) to "Budget" referred to such "Default Budget") shall govern until the Company Board approves a new Proposed Budget.
Default Budget. In the event that the Members’ Committee fails to approve a budget for any two (2) year period pursuant to Sections 7.01 and 7.02 hereof, then the Approved Budget for the next ensuing year shall be the budget for the second year of the two (2) year period as was contemplated within the then effective Approved Budget (for the avoidance of doubt, 2010 being the second year of the initial Approved Budget) and if the two (2) year period covered by the most recent Approved Budget expires and no further budget is approved by the Members’ Committee, there shall be a Default Budget (as defined below) for the next ensuing year. The default budget (a “Default Budget”) shall be equal to the annualized operating expenditures of the Company for the most recent three months.
Default Budget. In the event the Board of Directors fails to pass a resolution approving a Final Budget, the Default Budget for the upcoming fiscal year shall be capped at a three percent annual inflation increase of the current budget.
Default Budget. Beginning with the year following the year in which the date of Commercial Operation occurs, if the Parties have not agreed upon a cost budget to be included in as part of the Operating Plan & Budget by January 1 of the year to which such Operating Plan & Budget applies, then the Default Budget shall be deemed to be the approved budget until such time as the Parties agree on a cost budget for such year or the budget-related Disputes between the Parties have been resolved in accordance with Article XI. The Default Budget shall be prepared by Operator and delivered to Owners not later than seven (7) days prior to the first day of the period to which the Default Budget applies. The Default Budget, which shall be prorated for the year in which this Agreement is terminated, shall be equal to the actual Operating Expenses incurred during the preceding year (annualized in the event such preceding year is less than a full year) increased by the same percent as the percent increase, if any, in the Escalation Factor during the twelve (12) month period ending with the most recent September 30, and adjusted to (i) delete any Non-Recurring Operating Expense incurred during the preceding year, if such non-recurring expense, in the reasonable opinion of Operator, is not expected to be incurred during the applicable year, (ii) add any Non-Recurring Operating Expense scheduled to be incurred during the applicable year as such amount is set forth in the most recent Operating Plan & Budget and (iii) delete (without duplication of the adjustments made in accordance with (i) and (ii) of this Section 5.02(c)) the impact of any Emergency, Force Majeure Event, time that BSP II was not operating, or suspension of Services that occurred during the preceding year. The Operator Incentive component of the Default Budget shall be the same as the Operator Incentive component of the Operating Plan & Budget for the immediately preceding year.
Default Budget. In the event any Budget for a given Contract Year has not been finalized in accordance with Section 7.3(a)
Default Budget. In the event any O&M Budget for a given Contract Year has not been finalized in accordance with Section 7.3(c) (O&M Budgets – Administrator Review of O&M Budgets) by July 1 of such Contract Year, the applicable approved O&M Budget for the immediately preceding Contract Year (as the same may have been amended) (such O&M Budget as it relates to the given Contract Year, a “Default Budget”) shall remain in effect until such time as the applicable O&M Budget for such Contract Year is so finalized; provided that any such Default Budget shall be compliant with the then applicable Rate Order.
Default Budget. In the event that the Members’ Committee fails to approve a budget for any two (2) year period pursuant to Sections 7.01 and 7.02 hereof, then the Approved Budget for the next ensuing year shall be the budget for the second year of the two (2) year period as was contemplated within the then effective Approved Budget (for the avoidance of doubt, 2008 being the second year of the initial Approved Budget) and if the two (2) year period covered by the most recent Approved Budget expires and no further budget is approved by the Members’ Committee, there shall be a Default Budget (as defined below) for the next ensuing year. The default budget (a “Default Budget”) shall be equal to the annualized actual net cash for the most recent three months (expressed in termsof revenue, operating expenditures and capital spending) escalated by four percent (4%) . The Members’ monthly funding of the Default Budget will be based on the monthly average of the total annual Default Budget, unless the Members agree to allocate the annual Default Budget in another manner..
Default Budget. In the event the LIPA Board of Trustees has not approved a Consolidated LIPA Budget by the beginning of a Contract Year, the approved Consolidated LIPA Budget for the immediately preceding Contract Year (as the same may have been amended) as adjusted for inflation (such Consolidated LIPA Budget, a “Default Budget”) will remain in effect until such time as a Consolidated LIPA Budget for that Contract Year is so approved by the Parties or effected in accordance with Section 8.6(G)(3) hereof. Expenditures made pursuant to a Default Budget, and any related Excess Expenditures, shall be deemed as if made in accordance with an approved Consolidated LIPA Budget.
