Common use of Budget Overruns; Program Changes Clause in Contracts

Budget Overruns; Program Changes. For Programs and Budgets adopted after completion of Horizon’s Initial Contribution, 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 twenty percent (20%) in the aggregate, then the excess over ten percent (10%), except to the extent caused by a Force Majeure condition, emergency or unexpected expenditure made pursuant to Section 9.13 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 twenty percent (20%) or less in the aggregate shall be borne by the Participants in proportion to their respective Participating Interests.

Budget Overruns; Program Changes. For Programs and Budgets adopted after completion Beginning as of Horizon’s Initial Contributionthe Effective Date, the Manager shall immediately notify the Management Committee of any material departure from an adopted Program and BudgetBudget as soon as reasonably practicable. If the Manager exceeds an adopted Budget by more than twenty twenty-five percent (2025%) excluding any contingency portion of the Program and Budget, in the aggregate, then the excess over ten twenty percent (1020%), except to the extent unless directly caused by a Force Majeure condition, an emergency or unexpected expenditure made pursuant to Section 9.13 9.8 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 twenty twenty-five percent (2025%) or less in the aggregate shall be borne by the Participants in proportion to their respective Participating Interests.

Budget Overruns; Program Changes. For Programs and Budgets adopted after completion of Horizon’s ▇▇▇▇▇▇▇’▇ Initial Contribution, 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 twenty percent (20%) 10% in the aggregate, then the excess over ten percent (10%), except to the extent unless directly caused by a Force Majeure condition, an emergency or unexpected expenditure made pursuant to Section 9.13 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 twenty percent (20%) 10% or less in the aggregate shall be borne by the Participants in proportion to their respective Participating Interests.