Common use of Budget Approval Clause in Contracts

Budget Approval. The holders of a majority of the Series C Preferred, Series B-1 Preferred, and Series B Preferred, voting together as a single class, in their reasonable discretion, shall have the right to approve the Budget (as delivered pursuant to Section 3.1(a)(iv)) in its entirety (and not in part) each year. If a notice of objection to the Budget is not provided to the Company by the holders of a majority of Series C Preferred, Series B-1 Preferred, and Series B Preferred, voting together as a single class, within ten (10) days after the Company has provided the Budget in any given year, such Budget will be deemed to have been accepted by the holders of the Series C Preferred, Series B-1 Preferred, and Series B Preferred.