Common use of Approved Budget Clause in Contracts

Approved Budget. On or before December 1 of each year, beginning on December 1, 2006, the Manager shall prepare a proposed operating budget for the following fiscal year and each of the four quarters in such fiscal year, which such operating budget shall include such items as determined by the Manager from time to time which reflect the actual and proposed operations of the LLC. Each such operating budget shall include a projected income statement, a projected statement of cash flows and a projected balance sheet for the following fiscal year and for each of the four quarters in such fiscal year, and shall identify costs allocated to the LLC and to be paid to a Member for overhead, personnel, and other shared resources, which allocation shall be directly proportional to the portion of such shared resources actually used by the LLC during the applicable period. Each such operating budget shall be unanimously approved by the Members on or before the first day of the applicable fiscal year (each, an "APPROVED BUDGET"). The Members shall use good faith efforts to resolve any differences regarding any item in a proposed operating budget to ensure that any such differences have been resolved prior to the first business day of the next fiscal year; PROVIDED, HOWEVER, that if the Members cannot reach unanimity prior to the first day of the applicable fiscal year, then the Approved Budget which was last approved by the Members in accordance with this SECTION 6.8 shall apply to the then-current fiscal year until a new operating budget is approved. The Manager shall use good faith efforts to update the projected quarterly amounts in the Approved Budget on a quarterly basis at least ten (10) days in advance of the commencement of the applicable quarter, to the extent necessary based on changes occurring during the course of the fiscal year. Any updates to the budget submitted to and approved by the Members during the course of any fiscal year shall be incorporated into and shall constitute the Approved Budget for the remainder of the fiscal year.

Approved Budget. On or before December 1 of each year, beginning on December 1, 2006Subject to Section 3(j) hereof, the Manager Chief Executive Officer of the LLC shall prepare a proposed operating budget be responsible for the following fiscal year preparation of a budget and business plan for each Fiscal Year, and shall, by the date designated by the Chief Financial Officer of OM(US)H (usually on or about September 15 of the four quarters in year immediately preceding such fiscal year, which such operating budget shall include such items as determined Fiscal Year) and unless otherwise extended by the Manager from time to time which reflect the actual Chief Financial Officer of OM(US)H, submit such proposed budget and proposed operations of the LLC. Each such operating budget shall include a projected income statement, a projected statement of cash flows and a projected balance sheet for the following fiscal year and for each of the four quarters in such fiscal year, and shall identify costs allocated business plan to the LLC and to be paid to a Member Board of Managers for overhead, personnel, and other shared resources, which allocation shall be directly proportional to the portion of such shared resources actually used by the LLC during the applicable periodpreliminary approval. Each such operating budget shall be unanimously If approved by the Members on or before Board of Managers, such proposed budget and business plan shall be submitted by the first day Chief Executive Officer of the LLC to OM(US)H for final approval. If OM(US)H notifies the Chief Executive Officer of the LLC of any objection(s) to the proposed budget and business plan, the Chief Executive Officer of the LLC shall revise and resubmit such proposed budget and business plan to the Board of Managers, and, if then approved by the Board of Managers, such proposed budget and business plan shall be resubmitted by the Chief Executive Officer of the LLC to OM(US)H. The same procedures for approval, objection, revision and resubmission shall be applicable fiscal year (each, an "APPROVED BUDGET"). The Members shall use good faith efforts to resolve any differences regarding any item in until final approval of a proposed operating budget to ensure that any such differences have been resolved prior to the first and business day of the next fiscal yearplan by OM(US)H; PROVIDEDprovided, HOWEVERhowever, that if such final approval is not obtained, the Members canbudget and business plan then in effect will continue. Upon such final approval, such budget and business plan shall be the “Approved Budget” for the relevant period. Subject to Section 3(j) hereof, not reach unanimity later than 30 days prior to any fiscal quarter, the first day Chief Executive Officer of the applicable fiscal year, LLC may submit proposed changes to the then the Approved Budget which was last approved by the Members in accordance with this SECTION 6.8 for such subsequent fiscal quarter as he shall apply deem necessary. Such changes shall be subject to the then-current fiscal year until a new operating same approval process as the initially proposed budget is approved. The Manager shall use good faith efforts to update the projected quarterly amounts in the Approved Budget on a quarterly basis at least ten (10) days in advance of the commencement of the applicable quarter, and to the extent necessary based on changes occurring during the course of the fiscal year. Any updates to the budget submitted to and finally approved by OM(US)H shall modify the Members during previously Approved Budget, and the course of any fiscal year modified budget and business plan shall thereupon be incorporated into and shall constitute the Approved Budget for the remainder of the fiscal yearrelevant period.