Process for Finalizing the Draft Budget Sample Clauses

Process for Finalizing the Draft Budget. For a period of seven (7) days after receipt of the Draft Budget, the Board of Directors may request further details and submit written comments on the Draft Budget. If, after reviewing the Draft Budget, the Company does not agree with any term thereof, the Company shall, within the same seven (7) day period, give the Manager notice of such disagreements and terms (the “Questioned Items”) and a proposal for resolution of each such Questioned Item. The Company and the Manager shall endeavor to resolve any such differences between them with respect to the Questioned Items. In resolving any Questioned Item, the Company and the Manager shall consider, among other things, the Company’s obligations under any relevant Charters, Credit Facility, or Other Financing Agreement.
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Process for Finalizing the Draft Budget. For a period of thirty (30) days after receipt of the Draft Budget, the Board of Directors, from time to time, may request further details and submit written comments on the Draft Budget. The Company will give good faith consideration to the Draft Budget. If, after giving good faith consideration to the Draft Budget, the Company does not agree with any term thereof, the Company will, within the same thirty (30)-day period, give the Manager notice of the Company’s enquiry to the Draft Budget, which notice will include the list of the items under consideration (the “Questioned Items”) and a proposal for resolution of each such Questioned Item. The Company and the Manager will endeavour, both acting reasonably, to resolve any such differences between them with respect to the Questioned Items. In resolving any Questioned Item, the Company and the Manager will have regard to the Company’s obligations under the relevant Charters, any credit facilities or other financing documents, the amount of the Administrative Services Fee, Management Services Fee and commissions to be paid to the Manager and the amount of the Technical Services Fees to be paid to the Technical Manager.
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