Default Operating Budget Clause Samples

Default Operating Budget. If the Parties are unable to reach agreement with respect to any Operating Budget pursuant to Section 9.1.2 other than the Initial Operating Budget, the Operating Budget to be used by Operator and deemed approved by Owner shall include the (i) Operating Budget for the preceding Calendar Year, excluding extraordinary or non-recurring items completed in such previous Calendar Year (if any), multiplied by (ii) one hundred and ten percent (110%), plus (iii) any Required Upgrade Budget then in effect (such amounts, collectively the “Default Operating Budget”). Any Default Operating Budget shall be in effect only until such time as a new Operating Budget is approved by Owner.