Operating Performance Variance definition

Operating Performance Variance means that the actual Net Operating Proceeds (as defined below) is (i) less than 92%, during the period commencing as of the Effective Date and expiring on the second (2nd) anniversary of the date that the Property is initially acquired by Owner, or (ii) thereafter, less than 94% of the Net Operating Proceeds called for under the Baseline Budget, as adjusted for variances approved by Owner in writing, for a period of six (6) full consecutive calendar months, except that for purposes of determining whether the Property’s operations no longer have an Operating Performance Variance following the implementation of an action plan, the foregoing measurement period shall instead be monthly during the three (3) month period during which the action plan was implemented.
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Examples of Operating Performance Variance in a sentence

  • If an Operating Performance Variance has occurred and Owner desires to terminate this Agreement, then Owner must, no later than thirty (30) days after the occurrence of such Operating Performance Variance, deliver written notice thereof to Manager (the “Owner Notice”).

  • If Owner provides an Owner Notice, then no later than ten (10) business days after Owner’s delivery of the Owner Notice, Manager shall deliver to Owner an “action plan” of measures that it proposes to undertake in an effort to cause the Property’s operations to no longer have an Operating Performance Variance.

  • If Manager is unable to restore the Property’s performance to eliminate the Operating Performance Variance by the end of such three (3) month period, then, no later than thirty (30) days after the expiration of such three (3) month period, Owner shall have the right, as its sole and exclusive remedy, to terminate this Agreement by providing written notice of such termination to Manager.

  • In the event that an Operating Performance Variance (as defined below) occurs, Owner shall have the right, as its sole and exclusive remedy, to terminate this Agreement on the terms and conditions hereinafter set forth.

Related to Operating Performance Variance

  • Annual performance report means a written appraisal of the teaching staff member's performance prepared by the teaching staff member’s designated supervisor based on the evaluation rubric for his or her position.

  • Energy Performance Score means the numeric rating generated by Portfolio Manager that compares the Energy usage of the building to that of similar buildings.

  • Performance Monitoring System has the meaning given to it in paragraph 1.1.2 in Part B of Schedule 6 (Service Levels, Service Credits and Performance Monitoring);

  • Final Performance means the Final Valuation Price divided by the Initial Price(Settlement) each in respect of the Worst Performing Underlying Asset as calculated in respect of the Final Valuation Date. "Final Valuation Date" means 29 November 2027, subject to adjustment.

  • Key Performance Indicators or “KPIs” means the performance measurements and targets set out in Part 3 of Schedule 1 (Services) of this Framework Agreement;