Budget Variances. After an Operating Plan has been approved by Owner or has otherwise become the Approved Operating Plan pursuant to the terms of the preceding paragraph, during the Fiscal Year in which an Approved Operating Plan is applicable, Operator shall operate and manage the Hotel in accordance with the Approved Operating Plan and, except as set forth below, Operator will not make expenditures, without Owner's prior written approval, which exceed a total of 110% of the aggregate budgeted amount in the Approved Operating Plan (excluding amounts budgeted for Capital Expenditures). Notwithstanding the foregoing, in the event actual Total Revenue for any Fiscal Year exceeds (or is reasonably projected to exceed) the Total Revenue for such Fiscal Year contemplated in the Approved Operating Plan, the aggregate budgeted amount with respect to expenditures which are reasonably anticipated to increase in connection with increases in Total Revenue will automatically be increased by a percentage which is determined by dividing the actual or reforecasted Total Revenue by the Total Revenue which was contemplated in the Approved Operating Plan. In such event, Operator shall promptly give Owner written notice of such automatic increase, and the basis for such revenue projections. Owner and Operator on a quarterly basis during the Fiscal Year in which the Operating Plan is applicable will meet to review the operating performance of the Hotel as compared to the Approved Operating Plan and will make such modifications thereto as shall be reasonable in the circumstances. In addition to the foregoing, Operator shall have the right to depart from the Approved Operating Plan in the event such departure is necessary in view of reasonably unforeseen circumstances such as, but not limited to, the costs of labor, material, services, utilities and supplies, casualties, force majeure, operation of law or economic market conditions, provided that Operator shall notify Owner in writing of any such departure as soon as is practicable.
Budget Variances. Tenant may incur and expend amounts as a Community Expense consistent with the Approved Budget. Tenant may incur and expend amounts as a Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. Community Expense in excess of the Approved Budget without the consent of Landlord, provided that such amounts (a) are incurred as a result of an Emergency Situation beyond the commercially reasonable control of Tenant in accordance with the provisions of Section 9.4 hereof, (b) relate to taxes and assessments, insurance costs should there be a material change in the insurance market for a particular type of coverage, or utility costs (i.e., uncontrollable expenses), or (c) are incurred as a result of an increase in a third-party expense which was unexpected, not budgeted and outside Tenant’s control. In addition to the foregoing, Tenant may incur and expend amounts as a Community Expense in excess of the Approved Budget without the consent of Landlord, provided further that (i) the total applicable quarterly or year-to-date Approved Budget (on a Community-by-Community basis) is not exceeded by more than [***] of the total quarterly or year-to-date Approved Budget for all expense categories (on a Community-by-Community basis) (other than those described in clause (c) of the preceding sentence and those described in Sections 9.2.3) and (ii) with respect to any expense category in the Approved Budget (other than those described in Sections 9.2.3 ), the total applicable quarterly or year-to-date expense category amount in the Approved Budget therefor (on a Community-by-Community basis) is not exceeded by more than the greater of [***] for such expense category. Notwithstanding the foregoing, if at any time the year-to-date Community Expenses for any expense category in the Approved Budget (on a Community-by-Community basis) are exceeded, or Tenant reasonably determines that such year-to-date Community Expenses for any expense category are likely to exceed the year-to-date Approved Budget (on a Community-by-Community basis), then Tenant will provide a reforecast of the Community Expenses for the applicable Community for the remainder of the year within thirty (30) days of reporting the variance or Tenant’s reasonable determination that there is likely to be such a variance and shall explain in reasonable detail the reasons for any changes or ex...
Budget Variances. Except as specifically authorized in this Agreement, Property Manager shall obtain Owner's specific prior written consent before undertaking any expenditure of Owner's funds in excess of the applicable budgeted amount set forth in an Approved Operating Budget or Approved Capital Budget, unless such excess amount (a "Permitted Budget Overrun") is less than both of the following: (i) $________ in the aggregate for any calendar year for all such Permitted Budget Overruns, and (ii) ___ percent (__%) of the applicable budgeted amount. Property Manager shall promptly advise Owner in writing of any Permitted Budget Overruns.
Budget Variances. 11 7.3.4 Rates........................................ 11 7.4 Agreements.......................................... 12 7.4.1 Leases, Licenses, Concessions................ 12 7.4.2 Contracts.................................... 12 7.5
Budget Variances. If as, of any date, either (a) cumulative expenses and costs exceed the amounts set forth in the Budget by more than five percent, (b) any line item expenses and costs exceed the amounts set forth in the Budget by more than twenty-five percent (25%), or (c) cumulative collections (that are available for use by the Borrower in the ordinary course of business) are less than the amounts set forth in the Budget by more than ten percent; or
Budget Variances. For each calendar month, commencing with the month of May, 1999, not allow the actual expenses incurred by AB during that month on a line item basis to exceed by more than 10% the expenses shown on the Budget for that line item for that calendar month.
Budget Variances. During any calendar month, AB shall allow expenses on a line item basis during that month to exceed by more than ten percent (10%) the expenses shown on the Budget for each line item for that month.
Budget Variances. The Borrower will not permit (x) the Actual Cash Receipts to be less than Budgeted Cash Receipts (each calculated on a cumulative basis as opposed to on a line by line basis), in each case, for such Variance Testing Period, by more than the Permitted Variance for such Variance Testing Period, and (y) the aggregate amount of Actual Operating Disbursement Amounts and Actual Debtor Professional Fee Amounts to exceed the aggregate amount of Budgeted Operating Disbursement Amounts and Budgeted Debtor Professional Fee Amounts (each calculated on a cumulative basis as opposed to on a line by line basis), in each case, for such Variance Testing Period, by more than the Permitted Variance. The Borrower will deliver to the Administrative Agent on or before Thursday of each week (commencing with the week ending May 7, 2021) a budget variance report and a certificate in reasonable detail certifying that the Loan Parties are in compliance with this Section 4.14.
Budget Variances. Significant budget variances should be avoided. All local jurisdictions are required to compare the budget to actual results and make mid year revisions as needed. (Policy adopted May 12, 1993) (Applicable to Recipients)
Budget Variances. (a) If the Operator becomes aware of, or reasonably expects, a material departure from an approved Operating Budget, the Operator shall notify the Operating Committee. A departure from an approved Operating Budget is material if actual and forecast operating Costs during the Budgetary Period are in excess of 105%, or are less than 95% of the total operating Costs budgeted for the Budgetary Period. In such case, the Operator shall prepare a revised Operating Budget for the remainder of the Budgetary Period and submit the same to the Operating Committee for review and approval (including where applicable, the unanimous approval of the Operating Committee if the revised Operating Budget would have required unanimous approval pursuant to Section 6.7 if originally submitted to the Operating Committee). Any such revised Operating Budget so approved by the Operating Committee shall thereafter constitute the Operating Budget for the remainder of the Budgetary Period.
