Budget Overrun definition

Budget Overrun means a situation where the operating expenses of the budget exceed the operating revenue and the aggregate result is negative.
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Budget Overrun means any expenditure or the incurrence of a liability (contingent or realized) that is necessary in order for Facility to be operated so as to meet the requirements of Applicable Law, Prudent Industry Practice and the Operating Standards and the requirements of the Participation Agreement and this Agreement and will or is expected to cause, in any material respect, (a) a Major Budget Category of the Operating Budget to be exceeded or (b) the Operating Budget to be exceeded.
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Budget Overrun has the meaning given in Section 9.6.
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Examples of Budget Overrun in a sentence

  • 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.

  • The Project Operator shall be entitled to make expenditures in excess of the Operating 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.

  • 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.

  • 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.

  • 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 in accordance with this Agreement, and any conditions set forth in such approval.

  • The deduction of the Budget Overrun shall not exceed the total amount of the Operating Fees to be paid hereunder.

  • 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.

  • 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.


More Definitions of Budget Overrun

Budget Overrun shall have the meaning set forth in Section 8.8.
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Budget Overrun is defined in Section 6.7(b)(iii)(14).
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Related to Budget Overrun

  • Cost Overrun means an obligation exceeding the maxi- mum capital expenditure authorized by an approval.

  • Budget Period means the fiscal period for which a budget is prepared.

  • Budget year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;

  • Budget means a resource, expressed in financial terms, proposed by the Board for the purpose of carrying out, for a specific period, any or all of the functions of the Trust.

  • BASE budget means the minimum general fund budget of a district, which includes 80% of the basic

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Budget unit means the unit for which the ANB of a district is calculated separately pursuant to 20-9-311.

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Development Budget shall have the meaning set forth in Section 3.3.

  • CapEx Budget means the annual budget for the Asset Entities taken as a whole covering the planned Capital Expenditures for the period covered by such budget. The CapEx Budget shall not include Capital Expenditures consisting of discretionary expenditures made to acquire fee or easement interests with respect to any Ground Lease Tower Site or Easement Tower Site, or non-recurring expenditures made to enhance the Operating Revenues of a Tower Site.

  • Capital Expenditure Budget shall constitute an estimate for the applicable period of the capital expenditures required to (i) accomplish capital enhancement projects included in the most recently approved Strategic Plan, (ii) maintain and preserve the Partnership's assets in good operating condition and repair and (iii) achieve or maintain compliance with any HSE Law.

  • State Budget Director means the individual appointed by the Governor pursuant to Section 321 of The Management and Budget Act, 1984 PA 431, MCL 18.1321.

  • Capital Budget has the meaning given in Section 3.11(a).

  • Expansion Capital Expenditures means cash expenditures for Acquisitions or Capital Improvements. Expansion Capital Expenditures shall include interest (including periodic net payments under related interest rate swap agreements) and related fees paid during the Construction Period on Construction Debt. Where cash expenditures are made in part for Expansion Capital Expenditures and in part for other purposes, the General Partner shall determine the allocation between the amounts paid for each.

  • DIP Budget means the “Approved Budget” as defined in the DIP Term Facility Order.

  • Project Costs means all allowable costs, as set forth in the applicable Federal cost principles, incurred by a recipient and the value of the contribu- tions made by third parties in accom- plishing the objectives of the award during the project period.

  • Subprojects means more than one such Subproject.

  • Wind-Down Budget means a budget to be prepared by the Debtors, and reasonably acceptable to the Deerfield Requisite Supporting Noteholders, the Unaffiliated Requisite Supporting Noteholders, and the Committee, which shall be filed with the Court as part of the Plan Supplement, and which may be amended from time to time after entry of the Confirmation Order, subject to the consent of the Oversight Committee, which consent shall not be unreasonably withheld, and which shall estimate the funds necessary to administer the Plan and wind down the Debtors’ affairs, including the costs of holding and liquidating the Estates’ remaining property, objecting to Claims, making the Distributions required by the Plan, prosecuting claims and Causes of Action that may be held by the Estates against third parties that are not released, waived or transferred pursuant to the Plan (including pursuant to Article X) or otherwise, paying Taxes, filing Tax returns, paying professionals’ fees and expenses, paying the fees and expenses of the Oversight Committee, funding payroll and other employee costs, providing for the purchase of errors and omissions insurance and/or other forms of indemnification for the Plan Administrator, and for all such items and other costs of administering the Plan, the Estates and the Liquidating Debtors (other than the Administrative and Priority Claims Reserve, the Disputed Claims Reserve, and the Professional Fee Reserve).

  • Permitted Capital Expenditures has the meaning given that term in Section 9.12(b).

  • Approved Project Budget means the most recent statement, approved by the FTA, of the costs of the Project, the maximum amount of Federal assistance for which the TJPA is currently eligible, the specific tasks (including specified contingencies) covered, and the estimated cost of each task.

  • Approved Budget means an annual budget-

  • Operating Budget has the meaning given in Section 3.11(a).

  • Project area budget means a multiyear projection of annual or cumulative

  • Net Capital Expenditures means for any period the amount by which Capital Expenditures during such period exceeds reimbursements for such items during such period from any fund established pursuant to the Loan Documents.

  • Annual Operating Budget has the meaning set forth in Section 4.11.

  • Subproject means a development activity proposed by a Beneficiary under Part A.2 (d) of the Project and financed or to be financed through a Subproject Grant (as hereinafter defined) made out of the proceeds of the Development Credit;