Default Budget. If on January 1 of any fiscal year the Company no Proposed Budget has been approved by the Company Board for such fiscal year and a Default Budget was in effect for the prior fiscal year, then such Default Budget, adjusted (without duplication) to reflect increases or decreases resulting from the events listed above (as if the references in the first sentence of this Section 6.07(b) to "Budget" referred to such "Default Budget") shall govern until the Company Board approves a new Proposed Budget.
Appears in 2 contracts
Sources: Joint Venture Formation and Stockholders Agreement (Gemstar International Group LTD), Joint Venture Formation and Stockholders Agreement (Gemstar International Group LTD)