Common use of Approval of Capital Budget Clause in Contracts

Approval of Capital Budget. Within thirty (30) days following submission of the Capital Budget to Lessor, Lessor shall give Lessee written notice either (a) that Lessor approves the Capital Budget or (b) indicating with reasonable specificity the respects in which Lessor objects to the Capital Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor's objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Capital Budget within thirty (30) days after receipt of Lessor's written notice, Lessee and Lessor shall refer any disputed Capital Budget matter to arbitration using procedures set forth in Article XXXVII hereof and each party shall endeavor to cause such arbitration to be completed as quickly as possible, but in any event not later than six (6) months following referral to arbitration. In the event Lessor fails to deliver the notice set forth in this section within the required time period, the Capital Budget shall be deemed approved. Lessor shall be obligated to make all Capital Expenditures which are pursuant to a Capital Budget which has been approved or deemed approved in accordance with the procedures set forth above.

Approval of Capital Budget. Within thirty (30) days following submission of the Capital Budget to Lessor, Lessor shall give Lessee written notice either (a) that Lessor approves the Capital Budget or (b) indicating with reasonable specificity the respects in which Lessor objects to the Capital Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor's objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Capital Budget within thirty (30) days after receipt of Lessor's written notice, Lessee and Lessor shall refer any disputed Capital Budget matter to arbitration using procedures set forth in Article XXXVII XLI hereof and each party shall endeavor to cause such arbitration to be completed as quickly as possible, but in any event not later than six (6) months following referral to arbitration. In the event Lessor fails to deliver the notice set forth in this section within the required time period, the Capital Budget shall be deemed approved. Lessor shall be obligated to make all Capital Expenditures which are pursuant to a Capital Budget which has been approved or deemed approved in accordance with the procedures set forth above.

Approval of Capital Budget. Within thirty (30) days following submission of the Capital Budget to Lessor, Lessor shall give Lessee written notice either (a) that Lessor approves the Capital Budget or (b) indicating with reasonable specificity the respects in which Lessor objects to the Capital Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor's objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Capital Budget within thirty (30) days after receipt of Lessor's written notice, Lessee and Lessor shall refer any disputed Capital Budget matter to arbitration using procedures set forth in Article XXXVII hereof XLI hereto and each party shall endeavor to cause such arbitration to be completed as quickly as possible, but in any event not later than six (6) months following referral to arbitration. In the event Lessor fails to deliver the notice set forth in this section section, within the required time period, the Capital Budget shall be deemed approved. Lessor shall be obligated to make all Capital Expenditures which are pursuant to a Capital Budget which has been approved or deemed approved in accordance with the procedures set forth above.