Operating Plan & Budget Approval Clause Samples

Operating Plan & Budget Approval. (i) Not later than thirty (30) days after receiving the Proposed Operating Plan & Budget, Owners shall either approve the Proposed Operating Plan & Budget or provide Operator in writing with its reasons for withholding Big Stone II Power Plant June 30, 2005 approval and the changes required to obtain Owners’ approval. The Owners, as part of the process of approving the Proposed Operating Plan & Budget, shall set reasonable annual performance standards for the Operator within one or more Key Performance Indicators listed on Schedule 5.02(b)(i). Any Disputes regarding the Proposed Operating Plan & Budget not resolved by the Parties within thirty (30) days following Operator’s receipt of Owners’ comments shall be resolved in accordance with Article XI. The portions of the Proposed Operating Plan & Budget approved by the Parties shall constitute the Operating Plan & Budget respectively for the applicable year. (ii) The Parties agree to amend, from time to time, the Operating Plan & Budget as appropriate to reasonably account for, in a timely manner, unanticipated circumstances, including, but not limited to, changes in Applicable Law, Emergencies, and Force Majeure Events.