Common use of Initial Budgets Clause in Contracts

Initial Budgets. The Manager shall propose and the Authority shall review, amend as appropriate and approve the Annual T&D Budget and the Five-Year Planning Budget for the first Contract Year prior to the Closing Date. Such initial Annual T&D Budget and Five-Year Planning Budget shall reflect an agreed-upon estimate of adjustments in T&D System costs attributable to productivity improvements to be undertaken by the Manager and in accordance with the Acquisition Agreement, estimated synergy savings from the combination of Long island Lighting Company and The Brooklyn Union Gas Company pursuant to the BUGLILCO Agreement.

Initial Budgets. The Manager shall propose and the Authority shall review, amend as appropriate and approve the Annual T&D Budget and the Five-Year Planning Budget for the first Contract Year prior to the Closing Date. Such initial Annual T&D Budget and Five-Year Planning Budget shall reflect an agreed-upon estimate of adjustments in T&D System costs attributable to productivity improvements to be undertaken by the Manager and in accordance with the Acquisition Agreement, estimated synergy savings from the combination of Long island Island Lighting Company and The Brooklyn Union Gas Company pursuant to the BUGLILCO Agreement.