Common use of BUDGET REALLOCATION Clause in Contracts

BUDGET REALLOCATION. Construction Loan Advances may be allocated to line items in the Budget for other purposes or in different proportions as the Administrative Agent in its sole discretion deems reasonably necessary or advisable. The Borrower may reallocate Cost Savings from one line item to another line item in the Budget provided the amount of such reallocation does not exceed the lesser of (i) the amount of the applicable line item then being reallocated, and (ii) $500,000 per line item increased or $1,500,000 in the aggregate. The Borrower shall (i) not, except as provided in the immediately preceding sentence, reallocate the proceeds of the Construction Loan Advances from one Budget line item to another or otherwise amend the Budget without the prior written consent of the Administrative Agent, not to be unreasonably withheld, other than changes resulting from Permitted Changes; and (ii) notify the Administrative Agent promptly whenever the Borrower becomes aware that the Budget is, or might be, inaccurate in any material respect, and submit to the Administrative Agent an amended Budget.