Changes to Budgets Sample Clauses
The "Changes to Budgets" clause defines the process and conditions under which the financial allocations or spending limits set out in an agreement may be modified. Typically, this clause outlines who has the authority to propose or approve budget changes, the required notice or documentation, and any thresholds for permissible adjustments. For example, it may require written approval from both parties before increasing project costs or reallocating funds between budget categories. Its core practical function is to ensure transparency and mutual agreement regarding financial changes, thereby preventing disputes and maintaining control over project expenditures.
Changes to Budgets. An update of the Budgets reflecting all actual and anticipated costs and in compliance with Section 3.02 hereof, which update must be approved by Agent, such approval not to be unreasonably withheld or delayed; provided that nothing in this Section 4.02(e)(9) shall entitle Agent to request, or shall permit Agent to condition its consent to any change(s) in the Budgets on (x) an increase in any line item in the Budgets for tenant improvements or leasing commission costs and/or (y) an increase in any interest line item on account of any delay in achieving Stabilized Occupancy. The proviso clause of the preceding sentence shall not apply with respect to any Advance made on or after the Original Maturity Date (after giving effect to any extensions under Section 3.19(b) hereof) if, as of the Original Maturity Date, the ratio (expressed as a percentage) of the Remaining Loan Amount to the Appraised Value of the FC Units is more than 70%. Nothing in this Section 4.02(e)(9) shall prohibit Agent from reasonably withholding its consent to any line item decrease in any of the line items referred to in clauses (x) and (y) above;
Changes to Budgets. PSC acknowledges and agrees that SBC may make changes to the PSC Costs Budget and the Equipment and Facilities Budget by providing prior notice to PSC. SBC acknowledges and agrees that changes to either the PSC Costs Budget or the Equipment and Facilities Budget may result in changes to the Services and, where applicable, the Performance Metrics that SBC anticipates PSC will provide during the applicable Budget Period. Subject to Section 8 of this Appendix, if PSC desires to make any changes to either the PSC Costs Budget or the Equipment and Facilities Budget, PSC will first obtain the prior approval of SBC.
Changes to Budgets. To enable the Trust to exercise its approval rights pursuant to Section 4.1, the Operator shall give prior written notice of any proposed change in any capitalCapital Expenditure Budget or Operating Expense Budget for which approval is required under Section 4.1 a reasonable time prior to the date on which any such change is to be implemented.