Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than ten percent (10%) in the aggregate, then the excess over ten percent (10%), unless directly caused by an emergency or unexpected expenditure made pursuant to Section 8.13 or unless otherwise authorized or ratified by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests nor deemed a contribution under this Agreement. Budget overruns of ten percent (10%) or less in the aggregate shall be borne by the Participants in proportion to their respective Participating Interests.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds the Budget (unless directly caused by an emergency or unexpected expenditure made pursuant to Section 9.8 or unless otherwise authorized by the Management Committee and incorporated into an amended Program and Budget), the excess shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests. Budget overruns of ten percent or less shall be borne by the Participants in proportion to their respective Participating Interest as of the time the overrun occurs.
Budget Overruns; Program Changes. The Manager shall promptly notify the Management Committee of any material departure from an adopted Program and Budget. If an adopted Budget is exceeded by more than fifteen percent (15%) in the aggregate, then the excess over twelve and one-half percent (12.5%), unless authorized or ratified by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of Ownership Interests nor deemed a contribution under the Agreement. Budget overruns of twenty percent (20%) or less in the aggregate shall be borne by the Members in proportion to their respective Ownership Interests.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The Manager may not exceed an approved Program and Budget by more than 15% without the approval of the Management Committee. If the Manager does exceed an approved Program and Budget by more than 15% without the approval of the Management Committee, the Manager shall be solely responsible for the costs associated with exceeding the approved Program and Budget by more than 15%.
Budget Overruns; Program Changes. The Manager shall immediately provide notice to the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget (as amended under Section 6.5) by more than twenty percent (20%), then the excess over twenty percent (20%), unless directly caused by an emergency or unexpected expenditure made under Section 6.10 or unless otherwise authorized by the unanimous approval of the Management Committee, shall be at the sole cost and expense of the Manager and shall not be considered a Capital Contribution or taken into account in the calculation of Interests. Budget overruns of twenty percent (20%) or less shall be considered costs and expenses of the Company, and shall be funded by the Members making additional Capital Contributions to the Company in proportion to their respective Interests.
Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget for the Property. If the Operator exceeds an adopted Budget by more than 10%, then the excess over 110%, unless directly caused by an emergency or unexpected expenditure made pursuant to subsection 9.7 or unless otherwise authorized by the Management Committee, shall be for the sole account of the Operator and such excess shall not be included in the calculations of the Participating Interests for the Property. Budget overruns of 110% or less shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.
Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The Operator shall not exceed an adopted Budget by more than 10% unless directly caused by an emergency or unexpected expenditure made pursuant to Section 9.8 or unless otherwise authorized by the Management Committee. Budget overruns shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.
Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure including documented reasons, from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than ten per cent (10%), then the excess over ten per cent (10%), unless directly caused by an emergency expenditure made pursuant to Section 9.3(h), due to unforeseen events beyond the reasonable control or anticipation of the Manager, or unless otherwise authorized by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests. Budget overruns of ten per cent (10%) or less shall be acceptable to form part of the Earn-In Expenditures.
Budget Overruns; Program Changes. For Programs and Budgets adopted after completion of Xxxxxxx’x Initial Contribution, the Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than 10% in the aggregate, then the excess over 10%, unless directly caused by an emergency or unexpected expenditure made pursuant to Section 9.13 or unless otherwise authorized or ratified by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests nor deemed a contribution under this Agreement. Budget overruns of 10% or less in the aggregate shall be borne by the Participants in proportion to their respective Participating Interests.
Budget Overruns; Program Changes. The Managing Director will seek approval of the Board in advance of any material departure from an adopted Program or Budget.
