Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than ten percent (10%) in the aggregate, then the excess over ten percent (10%), unless directly caused by an emergency or unexpected expenditure made pursuant to Section 8.13 or unless otherwise authorized or ratified by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests nor deemed a contribution under this Agreement. Budget overruns of ten percent (10%) or less in the aggregate shall be borne by the Participants in proportion to their respective Participating Interests.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds the Budget (unless directly caused by an emergency or unexpected expenditure made pursuant to Section 9.8 or unless otherwise authorized by the Management Committee and incorporated into an amended Program and Budget), the excess shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests. Budget overruns of ten percent or less shall be borne by the Participants in proportion to their respective Participating Interest as of the time the overrun occurs.
Budget Overruns; Program Changes. The Manager shall immediately provide notice to the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget (as amended under Section 6.4) by more than 15%, then the excess over 15%, unless directly caused by an emergency or unexpected expenditure made under Section 6.9 or unless otherwise authorized by the unanimous approval of the Management Committee, shall be at the sole cost and expense of the Manager and shall not considered a Capital Contribution or taken into account in the calculation of Interests. Budget overruns of 15% or less shall be considered costs and expenses of the Company, and shall be funded by the Members making additional Capital Contributions to the Company in proportion to their respective Interests. 6.9
Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget for the Property. If the Operator exceeds an adopted Budget by more than 10%, then the excess over 110%, unless directly caused by an emergency or unexpected expenditure made pursuant to subsection 9.7 or unless otherwise authorized by the Management Committee, shall be for the sole account of the Operator and such excess shall not be included in the calculations of the Participating Interests for the Property. Budget overruns of 110% or less shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.
Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The Operator shall not exceed an adopted Budget by more than 10% unless directly caused by an emergency or unexpected expenditure made pursuant to Section 9.8 or unless otherwise authorized by the Management Committee. Budget overruns shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than fifteen percent (15.0%) in the aggregate, then the excess over fifteen percent (15.0%), unless authorized or ratified by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Ownership Interests nor deemed a contribution under this Agreement. Budget overruns of fifteen percent (15.0%) or less in the aggregate shall be borne by the Members in proportion to their respective Ownership Interests.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than ten percent (10%), then such excess over ten percent (10%), shall be for the sole account of the Manager, not creditable to the calculation of Participating Interests, unless such excess amount is directly caused by an emergency or unexpected expenditure made pursuant to Section 9.8 or is otherwise authorized by the approval of the Management Committee. Budget overruns of ten percent (10%) or less shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget (including any contingency line item therein) by more than five percent (5%) in the aggregate, then any such excess must be authorized or ratified by the unanimous consent of the Management Committee. Budget overruns below such threshold or otherwise approved or ratified by the Management Committee shall be borne by the parties in accordance with their respective Ownership Interests or as the parties otherwise agree.
Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. During the Venture Period, the Operator may not exceed an approved Program and Budget without the approval of the Management Committee. If the Operator exceeds an approved Program and Budget without the approval of the Management Committee; (i) during the Exploration phase of the Venture, the Operator shall, if requested by the non-Operator, be solely responsible for the costs associated with exceeding the approved Program and Budget; (ii) during the Development phase of the Venture, the Operator shall advance the non-Operator's pro rata share of the costs associated with exceeding the approved Program and Budget together with its own pro rata share, such advance to bear interest at an annual rate equal to one percentage point above the Prime Rate, to be repaid within one year from the date of the advance; and (c) during the Operation phase, the Participants shall be responsible for the costs associated with exceeding the approved Program and Budget in accordance with their Participating Interests.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. Material departure shall be defined as Budget overruns of ten percent (10%) or $50,000, whichever is greater.
