Omitted Items definition
Examples of Omitted Items in a sentence
Until the submission by Owner to Operator of the Omitted Items, such Omitted Items that were budgeted in the prior Calendar Year’s Operating Budget shall be considered to be included in the Operating Budget in the same manner and for an amount equal to 110% of the corresponding amount in the Operating Budget for the prior Calendar Year, unless Owner proposes a higher amount for such item, in which case such higher amount shall be included in the Operating Budget.
If such breach relates to Omitted Item(s) where the Threshold Omission Value is not reached, Buyer and Seller shall, in good faith, attempt to agree upon a resolution with respect to the Omitted Item(s) prior to Closing, provided if agreement is not reached and the Omitted Item(s) results in Omitted Item Damages of more than $5,000,000, the Dispute shall be submitted to binding arbitration in accordance with Article XX prior to Closing.
If such breach relates to Omitted Item(s) where the Threshold Omission Value is not reached, Buyer and Seller shall, in good faith, attempt to agree upon a resolution with respect to the Omitted Item(s) prior to Closing, provided if agreement is not reached and the Omitted Item (s) results in Omitted Item Damages of more than $5,000,000, the Dispute shall be submitted to binding arbitration in accordance with Article XX prior to Closing.