Common use of WORKPLAN AND BUDGET Clause in Contracts

WORKPLAN AND BUDGET. As of the date of the closing of the Offering, DURA shall have provided Xxxxxx Corp. II with a workplan and budget acceptable to the Board of Directors of Xxxxxx Corp. II covering the period from the closing through December 31, 1998, a copy of which is attached hereto as SCHEDULE 2.1. Thereafter, DURA and Xxxxxx Corp. II shall prepare an annual workplan and budget in accordance with Section 3 hereof. DURA and Xxxxxx Corp. II may make changes in the annual workplan and budget from time to time as approved in writing by an authorized representative of each party. Expenditures made on behalf of Xxxxxx Corp. II by DURA for which DURA is to be reimbursed pursuant to Section 5.1 hereof, shall not exceed in any calendar year one hundred twenty percent (120%) of the amount allocated in the annual workplan and budget applicable to such year unless otherwise approved by the Board of Directors of Xxxxxx Corp. II. DURA shall report significant deviations from the annual workplan and budget to Xxxxxx Corp. II in a timely manner.