Adherence to Operating Budget Clause Samples

Adherence to Operating Budget. ‌ Manager shall use all reasonable efforts to manage and operate the Civic Center in accordance with the Operating Budgets. However, CRDA acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of the Civic Center and similar facilities, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control, and, subject to Manager’s obligation to pay for any Operating Net Losses as described in Section 12.1, Manager shall have no liability if the numbers within the Operating Budget are not achieved. Manager may incur expenditures of Operating Expenses in excess of the Operating Expenses projected in any Operating Budget without needing an approval from CRDA, however (i) Manager shall not exceed the total Operating Expenses projected in any Operating Budget by more than fifteen percent (15%) without the prior approval of CRDA, unless such increased expenses are directly related to the cost of insurance, utilities or employee benefits, and (ii) Manager agrees to notify CRDA within thirty

Adherence to Operating Budget. Manager shall use all reasonable efforts to manage and operate the Facility in accordance with the Operating Budget. Without the prior consent of the City, Manager shall not exceed, commit or contract to expend any sums in excess of the aggregate amounts allowed in the Operating Budget or otherwise approved by City, except for (i) additional expenditures necessary to perform an Emergency Repair, in which event Manager shall notify City prior to making such repair, (ii) increased costs resulting from the scheduling by Manager of additional revenue producing events or activities at the Facility not contemplated by the Operating Budget in effect for such Operating Year; (iii) expenses for services or utilities provided to the Facility by unaffiliated third parties, the cost of which is not within the reasonable control of Manager, such as the costs of utilities and insurance; and (iv) increased costs resulting from events scheduled pursuant to Section 5.4. Manager agrees to notify the City within 30 days of any significant change or variance in the bottom line number in the Operating Budget, and any material increase in total Facility expenses from that provided for in the Operating Budget.

Adherence to Operating Budget. Manager shall use all reasonable efforts to manage and operate the Facility in accordance with the Operating Budget, but shall have no liability for failing to achieve such estimated amounts. Without the prior consent of the University, Manager shall not exceed, commit or contract to expend any sums in excess of the aggregate amounts allowed in the Operating Budget or otherwise approved by Manager, except as specifically set forth herein. Manager agrees to report in writing to the University any significant change or variance in the Operating Budget, and any change to the total costs (as opposed to any particular line item cost) from that provided for in the Operating Budget.

Adherence to Operating Budget. Manager shall use all reasonable efforts to manage and operate the Civic Center in accordance with the Operating Budgets. However, CRDA acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of the Civic Center and similar facilities, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control, and, subject to Manager’s obligation to pay for any Operating Net Losses as described in Section 12.1, Manager shall have no liability if the numbers within the Operating Budget are not achieved. Manager may incur expenditures of Operating Expenses in excess of the Operating Expenses projected in any Operating Budget without needing an approval from CRDA, however (i) Manager shall not exceed the total Operating Expenses projected in any Operating Budget by more than fifteen percent (15%) without the prior approval of CRDA, and (ii) Manager agrees to notify CRDA within thirty (30) days of any significant change or variance in the bottom line number in the Operating Budget of more than fifteen percent (15%), and any material increase in total Operating Expenses from that provided for in the Operating Budget by more than fifteen percent (15%), including Manager’s statement of the reasons for such variance and Manager’s assessment and recommendation of any possible corrective action. In either such case and if requested by ▇▇▇▇, Manager agrees to work with CRDA to develop and implement a plan (or changes to the then current plan) to limit Operating Expenses to be incurred in the remaining months of such Contract Year with the goal of achieving the Operating Budget.

Adherence to Operating Budget. OVG shall use all reasonable efforts to manage and operate the Facility in accordance with the Operating Budget. However, Owner acknowledges that notwithstanding OVG’s experience and expertise in relation to the operation of facilities similar to the Facility, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic, and other conditions and circumstances beyond OVG’s control, and that OVG shall have no liability if the numbers within the Operating Budget are not achieved. OVG agrees to notify Owner within 30 days of any significant change or variance in the bottom-line number in the Operating Budget (defined as a variance of 20% or more), and any material increase in total Facility expenses from that provided for in the Operating Budget. In either such case and if requested by Owner, OVG agrees to work with Owner to develop and implement a plan (or changes to the then current plan) to limit Operating Expense to be incurred in the remaining months of such Operating Year with the goal of achieving the Operating Budget.

Adherence to Operating Budget. Manager shall use all reasonable efforts to manage and operate the Facility in accordance with the Operating Budget. However, Owner acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of facilities similar to the Facility, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control, and that Manager shall have no liability if the numbers within the Operating Budget are not achieved. Manager agrees to notify the Owner within 30 days of any significant change or variance in the bottom line number in the Operating Budget, and any material increase in total Facility expenses from that provided for in the Operating Budget. In either such case and if requested by Owner, Manager agrees to work with Owner to develop and implement a plan (or changes to the then current plan) to limit Operating Expense to be incurred in the remaining months of such Operating Year with the goal of achieving the Operating Budget.

Adherence to Operating Budget. Manager shall use all reasonable efforts to manage and operate the Facility in accordance with the Operating Budget, but shall have no liability for failing to achieve such estimated amounts. Without the prior consent of the City, Manager shall not exceed, commit or contract to expend any sums in excess of the aggregate amounts allowed in the Operating Budget or otherwise approved by Manager, except as specifically set forth herein. Manager agrees to report in writing to the City any significant change or variance in the Operating Budget, and any change to the total costs (as opposed to any particular line item cost) from that provided for in the Operating Budget (unless such change or variance is a result of, or offset by, a corresponding increase in Revenue).