Common use of Process for Succeeding Budgets Clause in Contracts

Process for Succeeding Budgets. Annually and at least thirty (30) days prior to the commencement of each fiscal year of PC, Business Manager, in consultation with PC's representative to the Policy Board, shall prepare and deliver to PC for PC's approval a proposed Budget, setting forth an estimate of PC's revenues and expenses for the upcoming fiscal year (including, without limitation, the Management Fee and Performance Fee associated with the services provided by Business Manager hereunder). PC shall review the proposed Budget and either approve the proposed Budget or request any changes within fifteen (15) days after receiving the proposed Budget. The Budget shall be adopted by PC after its approval thereof and may be revised or modified only in consultation with the Business Manager.

Process for Succeeding Budgets. Annually and at least thirty (30) days prior to the commencement of each fiscal year of PC, Business Manager, in consultation with PC's representative to the Policy Board, shall prepare and deliver to PC for PC's approval a proposed Budget, setting forth an estimate of PC's revenues and expenses for the upcoming fiscal year (including, without limitation, the Management Fee and Performance Fee associated with the services provided by Business Manager hereunder). PC shall review the proposed Budget and either approve the proposed Budget or request any changes within fifteen (15) days after receiving the proposed Budget. The Budget shall be adopted by PC after its approval thereof and may be revised or modified only in consultation with the Business Manager.

Process for Succeeding Budgets. Annually and at least thirty (30) days prior to the commencement of each fiscal year of PC, Business Manager, in consultation with PC's representative to the Policy Board, Manager shall prepare and deliver to PC for PC's approval a proposed Budget, setting forth an estimate of PC's revenues and expenses for the upcoming fiscal year (including, without limitation, the Management Fee and Performance Fee associated with the services provided by Business Manager hereunder). PC shall review the proposed Budget and either approve the proposed Budget or request any changes within fifteen (15) days after receiving the proposed Budget. The Budget shall be adopted by PC after its approval thereof and may be revised or modified only in consultation with the Business Manager.

Process for Succeeding Budgets. Annually and at least ------------------------------ thirty (30) days prior to the commencement of each fiscal year of PC, Business Manager, in consultation with PC's representative to the Policy Board, Manager shall prepare and deliver to PC for PC's approval a proposed Budget, setting forth an estimate of PC's revenues and expenses for the upcoming fiscal year (including, without limitation, the Management Fee and Performance Fee associated with the services provided by Business Manager hereunder). PC shall review the proposed Budget and either approve the proposed Budget or request any changes within fifteen (15) days after receiving the proposed Budget. The Budget shall be adopted by PC after its approval thereof and may be revised or modified only in consultation with the Business Manager.