Common use of Interim Budgets Clause in Contracts

Interim Budgets. For any period during which no Budget has been duly adopted by the Executive Committee, the Executive Committee shall be deemed to have approved, and, without any further act of any Partner being required, the Partners shall be bound by a Budget consisting of the following items: (a) for the calendar year during which no Budget has been adopted, Operations and expenditures for items other than capital expenditures of a type, to the extent and in amounts equal to the amounts approved in the last Budget duly approved by the Executive Committee without regard to this Section; (b) such Operations and operating or capital expenditure items as the Executive Committee shall unanimously approve; and (c) such Operations and additional operating or capital expenditures in such amounts and at such times as may be necessary in the reasonable good faith judgment of any Major Partner in order to maintain the Operations or to avoid any default by the Partnership or any Partner under any contract or agreement by which they are bound.

Interim Budgets. For any period during which no Budget has --------------- been duly adopted by the Executive Committee, the Executive Committee shall be deemed to have approved, and, without any further act of any Partner being required, the Partners shall be bound by a Budget consisting of the following items: (a) for the calendar year during which no Budget has been adopted, Operations and expenditures for items other than capital expenditures of a type, to the extent and in amounts equal to the amounts approved in the last Budget duly approved by the Executive Committee without regard to this Section; (b) such Operations and operating or capital expenditure items as the Executive Committee shall unanimously approve; and (c) such Operations and additional operating or capital expenditures in such amounts and at such times as may be necessary in the reasonable good faith judgment of any Major Partner in order to maintain the Operations or to avoid any default by the Partnership or any Partner under any contract or agreement by which they are bound.

Interim Budgets. For any period during which no Budget has --------------- been duly adopted by the Executive Committee, the Executive Committee shall be deemed to have approved, and, without any further act of any Partner being required, the Partners shall be bound by a Budget consisting of the following items: (a) for the calendar year during which no Budget has been adopted, Operations and expenditures for items other than capital expenditures of a type, to the extent and in amounts equal to the amounts approved in ___ the last Budget duly approved by the Executive Committee without regard to this Section;: (b) such Operations and operating or capital expenditure items as the Executive Committee shall unanimously approve; and (c) such Operations and additional operating or capital expenditures in such amounts and at such times as may be necessary in the reasonable good faith judgment of any Major Partner in order to maintain the Operations or to avoid any default by the Partnership or any Partner under any contract or agreement by which they are bound.