Budget Overrun definition
Examples of Budget Overrun in a sentence
If Exelixis’ share of the budgeted cost for the Operating Profit (Loss) [ * ] for such [ * ] is in the aggregate [ * ] what Genentech [ * ] such calendar year, then the [ * ] the budget used in the calculation of the Budget Overrun above.
Any Member that voted in the negative in connection with the Budget Overrun shall be permitted to elect, by written notice to the other Members within ten (10) Days of its receipt of the notice described in the immediately preceding sentence, to make a Dilution Election.
Subject to Section 10.2, if the Actual Operating Expenses (excluding any expenditure is necessary to remedy an Emergency and is otherwise incurred in compliance with Article 18) in any Month exceed the amount set forth in the Budget provided by Operator for such Month (the “Budget Overrun”), Owner shall be assessed and pay to Owner the Budget Overrun for that Month.
As applicable, the Operating Budget or Capital Expense Budget, or any Major Budget Category line item therein, shall be deemed amended by any Material Budget Overrun approved by Majority Vote.
In no event shall the sum of the Availabilty Damages, the Heat Rate Damages, and the Budget Overrun for any Contract Year exceed the Operating Fee for that Contract Year.
In addition to such notice, ADA shall forthwith provide Nortel with a written report setting out ADA'▇ ▇xplanation or understanding of the causes of any such Budget Overrun and ADA'▇ ▇stimate of the cost to Nortel to complete the Work or that portion of the Work applicable to the Milestone.
The Project Operator shall be entitled to make expenditures in excess of the Capital Expense Budget, as necessary in order to meet the requirements of Applicable Law, Prudent Industry Practice, the Operating Standards and this Agreement; provided that any Material Budget Overrun shall be subject to the prior approval of the Management Committee by Majority Vote.
If, at any time during the Term of this Agreement, the Project Operator determines that a Budget Overrun is expected, it shall promptly notify the Management Committee in writing before such overrun is incurred; provided, however that before incurring a Material Budget Overrun, the Project Operator shall obtain approval of the Management Committee by Majority Vote.
If, for any calendar quarter: (A) Exelixis’ share of the budgeted cost for the Operating Profit (Loss) [ * ] for such calendar quarter [ * ] is in the aggregate [ * ] (the “Budget Overrun”) by at least [ * ] dollars ($[ * ]); and (B) a [ * ] for such calendar quarter, then Exelixis shall [ * ] such Budget Overrun [ * ]) [ * ] Exelixis to Genentech [ * ].
If Apollomics does not agree to fund completion of such work, or if Apollomics does not respond to TYG’s Budget Overrun Notice within [ ] receipt of such notice, then TYG shall not be required to make such expenditure and its obligation to use its Commercially Reasonable Efforts to provide the Deliverables shall have been discharged; provided that TYG will provide Apollomics with all data and in-process Deliverables developed in connection with such activities up to such time.