Common use of Review and Adoption of Proposed Programs and Budgets Clause in Contracts

Review and Adoption of Proposed Programs and Budgets. Within thirty (30) days after submission of a proposed Program and Budget, or a proposed Amendment thereto under Section 10.9, each Member shall submit in writing to the Management Committee: (a) Notice that the Member approves any or all of the components of the proposed Program and Budget; or (b) Modifications proposed by the Member to the components of the proposed Program and Budget; or (c) Notice that the Member rejects any or all of the components of the proposed Program and Budget. If a Member fails to give any of the foregoing responses within the allotted time, the failure shall be deemed to be a vote by the Member for adoption of the Manager's proposed Program and Budget. If a Member makes a timely submission to the Management Committee pursuant to Subsections 10.4(a), (b) or (c), then the Management Committee shall consult regarding the possible development of a Program and Budget acceptable to all Members (provided that no Member shall be obligated to agree to any actual change to a proposed Program and Budget in connection with such consultations) failing which the Management Committee shall determine a Program and Budget by majority vote of Ownership Interests.

Review and Adoption of Proposed Programs and Budgets. Within thirty forty-five (3045) days after submission by the Manager to the Management Committee of a proposed Program and Budget, or a proposed Amendment thereto under Section 10.9, each Member shall submit in writing to the Management Committee: (a) Notice notice that the Member approves any or all of the components of the proposed Program and Budget; or; (b) Modifications proposed by the Member to the components suggested modifications of the proposed Program and Budget; or (c) Notice notice that the Member rejects any or all of the components of the proposed Program and Budget, together with a specific and itemized description of each rejected component and the reasons for the rejection thereof. If a Member fails to give make any of the foregoing responses within the allotted timetime provided, the failure shall be deemed to be a vote by the Member for adoption of the Manager's proposed Program and Budget. If a Member one or more Members makes a timely submission to the Management Committee pursuant to Subsections response in accordance with Sections 10.4(a), (b) or (c), then the Manager, working with the responding Member(s), shall seek for a period not to exceed sixty (60) days to address and resolve each component for which a modification has been suggested or which has been rejected, including the development, discussion and analysis of reasonable alternatives and shall propose revised components acceptable to the Members. The Manager shall then call a Management Committee shall consult regarding meeting in accordance with Section 8.3 to review and vote on the possible development previously unapproved components of a Program and Budget acceptable to all Members (provided that no Member shall be obligated to agree to any actual change to a the proposed Program and Budget in connection with such consultations) failing which the Management Committee shall determine a Program and Budget by majority vote of Ownership InterestsBudget.

Review and Adoption of Proposed Programs and Budgets. Within thirty (30) days after submission of a proposed Program and Budget, or a proposed Amendment thereto under Section 10.9, each Member shall submit in writing to the Management Committee: (a) Notice that the Member approves any or all of the components of the proposed Program and Budget; or (b) Modifications proposed by the Member to the components of the proposed Program and Budget; or (c) Notice that the Member rejects any or all of the components of the proposed Program and Budget. If a Member fails to give any of the foregoing responses within the allotted time, the failure shall be deemed to be a vote by the Member for adoption of the Manager's Managers proposed Program and Budget. If a Member makes a timely submission to the Management Committee pursuant to Subsections 10.4(a), (b) or (c), then the Management Committee shall consult regarding the possible development of a Program and Budget acceptable to all Members (provided that no Member shall be obligated to agree to any actual change to a proposed Program and Budget in connection with such consultations) failing which the Management Committee shall determine a Program and Budget by majority vote of Ownership Interests.