Budget Variances. After an Operating Plan has been approved by Owner or has otherwise become the Approved Operating Plan pursuant to the terms of the preceding paragraph, during the Fiscal Year in which an Approved Operating Plan is applicable, Operator shall operate and manage the Hotel in accordance with the Approved Operating Plan and, except as set forth below, Operator will not make expenditures, without Owner's prior written approval, which exceed a total of 110% of the aggregate budgeted amount in the Approved Operating Plan (excluding amounts budgeted for Capital Expenditures). Notwithstanding the foregoing, in the event actual Total Revenue for any Fiscal Year exceeds (or is reasonably projected to exceed) the Total Revenue for such Fiscal Year contemplated in the Approved Operating Plan, the aggregate budgeted amount with respect to expenditures which are reasonably anticipated to increase in connection with increases in Total Revenue will automatically be increased by a percentage which is determined by dividing the actual or reforecasted Total Revenue by the Total Revenue which was contemplated in the Approved Operating Plan. In such event, Operator shall promptly give Owner written notice of such automatic increase, and the basis for such revenue projections. Owner and Operator on a quarterly basis during the Fiscal Year in which the Operating Plan is applicable will meet to review the operating performance of the Hotel as compared to the Approved Operating Plan and will make such modifications thereto as shall be reasonable in the circumstances. In addition to the foregoing, Operator shall have the right to depart from the Approved Operating Plan in the event such departure is necessary in view of reasonably unforeseen circumstances such as, but not limited to, the costs of labor, material, services, utilities and supplies, casualties, force majeure, operation of law or economic market conditions, provided that Operator shall notify Owner in writing of any such departure as soon as is practicable.
Budget Variances. Tenant may incur and expend amounts as a Community Expense consistent with the Approved Budget. Tenant may incur and expend amounts as a Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. Community Expense in excess of the Approved Budget without the consent of Landlord, provided that such amounts (a) are incurred as a result of an Emergency Situation beyond the commercially reasonable control of Tenant in accordance with the provisions of Section 9.4 hereof, (b) relate to taxes and assessments, insurance costs should there be a material change in the insurance market for a particular type of coverage, or utility costs (i.e., uncontrollable expenses), or (c) are incurred as a result of an increase in a third-party expense which was unexpected, not budgeted and outside Tenant’s control. In addition to the foregoing, Tenant may incur and expend amounts as a Community Expense in excess of the Approved Budget without the consent of Landlord, provided further that (i) the total applicable quarterly or year-to-date Approved Budget (on a Community-by-Community basis) is not exceeded by more than [***] of the total quarterly or year-to-date Approved Budget for all expense categories (on a Community-by-Community basis) (other than those described in clause (c) of the preceding sentence and those described in Sections 9.2.3) and (ii) with respect to any expense category in the Approved Budget (other than those described in Sections 9.2.3 ), the total applicable quarterly or year-to-date expense category amount in the Approved Budget therefor (on a Community-by-Community basis) is not exceeded by more than the greater of [***] for such expense category. Notwithstanding the foregoing, if at any time the year-to-date Community Expenses for any expense category in the Approved Budget (on a Community-by-Community basis) are exceeded, or Tenant reasonably determines that such year-to-date Community Expenses for any expense category are likely to exceed the year-to-date Approved Budget (on a Community-by-Community basis), then Tenant will provide a reforecast of the Community Expenses for the applicable Community for the remainder of the year within thirty (30) days of reporting the variance or Tenant’s reasonable determination that there is likely to be such a variance and shall explain in reasonable detail the reasons for any changes or ex...
Budget Variances. Except as specifically authorized in this Agreement, Property Manager shall obtain Owner's specific prior written consent before undertaking any expenditure of Owner's funds in excess of the applicable budgeted amount set forth in an Approved Operating Budget or Approved Capital Budget, unless such excess amount (a "Permitted Budget Overrun") is less than both of the following: (i) $________ in the aggregate for any calendar year for all such Permitted Budget Overruns, and (ii) ___ percent (__%) of the applicable budgeted amount. Property Manager shall promptly advise Owner in writing of any Permitted Budget Overruns.
Budget Variances. 11 7.3.4 Rates........................................ 11 7.4 Agreements.......................................... 12 7.4.1 Leases, Licenses, Concessions................ 12 7.4.2 Contracts.................................... 12 7.5
Budget Variances. The Borrower shall not (unless the Agent shall otherwise consent in writing):
(a) permit the variance between actual total disbursements for any line item in any Measurement Period to be greater than 15% (provided that, such variance will be 25% for the first-two week Measurement Period and 20% for the first 3-week Measurement Period) of the total disbursements projected for such line item (excluding fees and expenses of the Borrower Professionals and Committee Professionals which shall not be subject to any permitted upward variance) in that Measurement Period in the Approved Budget plus the amount set forth in clause (b), below; and
(b) any unused disbursement amounts contained in a line item for a given week (without giving effect to the 15% (or 25% or 20% as set forth in clause (a) above) variance set forth in clause (a), above) may be expended for the same line item in the succeeding three (3)-weeks; provided that, the unused amounts for any line item may not be carried forward and applied to any other line items or to the fees and expenses of the Borrower Professionals or the Committee Professionals other than any unused amounts for such same line item or such specific Professional’s line item; provided further, that no unused amounts for the fees and expenses of such Professionals shall be carried forward to be applied to such fees and expenses incurred after the occurrence of the Carve-Out Trigger Date; provided, that, disbursements to the Agent Professionals and Lender Professionals shall not be subject to any variance reporting. Furthermore, the Borrower shall not fund any disbursement or other obligation of Gritstone UK with the proceeds of any Loan, other than any expenses for any proposed wind-up or dissolution of such entity, in accordance with the Approved Budget.
Budget Variances. If as, of any date, either (a) cumulative expenses and costs exceed the amounts set forth in the Budget by more than five percent, (b) any line item expenses and costs exceed the amounts set forth in the Budget by more than twenty-five percent (25%), or
Budget Variances. 9 Section 7 BANK ACCOUNTS AND WORKING CAPITAL...............................................................9 7.1
Budget Variances. Manager may incur and expend amounts as an Owner's expense, consistent with the then approved Annual Budget, Capital Budget or Operating Budget. Manager may incur and expend amounts as an Owner's expense in excess of such Budgets if such amounts are incurred as a result of an emergency, or as a result of an increase in a third-party expense which was unexpected, not budgeted and outside Manager's control such as an increase in real estate taxes and assessment or utility charges, additions or modifications of Budget items as a result of compliance with laws or insurance requirements, increases in insurance premiums for insurance policies/coverages approved by Owner, costs and expenses of litigation and similar proceedings and any final orders, judgments or settlements. In addition to the foregoing, the Manager may incur and expend amounts as an Owner's expense to the extent that the total applicable quarterly Budget is not exceeded by more than ten percent (10%) of an amount equal to the total quarterly Budget for all items other than taxes, insurance, utilities and the Management Fee or if Manager believes such quarterly Budget is may be exceeded, Manager may seek Owner's approval to exceed the quarterly Budget, which approval shall not be unreasonably withheld, conditioned or delayed by Owner.
Budget Variances. (a) If the Operator becomes aware of, or reasonably expects, a material departure from an approved Operating Budget, the Operator shall notify the Operating Committee. A departure from an approved Operating Budget is material if actual and forecast operating Costs during the Budgetary Period are in excess of 105%, or are less than 95% of the total operating Costs budgeted for the Budgetary Period. In such case, the Operator shall prepare a revised Operating Budget for the remainder of the Budgetary Period and submit the same to the Operating Committee for review and approval (including where applicable, the unanimous approval of the Operating Committee if the revised Operating Budget would have required unanimous approval pursuant to Section 6.7 if originally submitted to the Operating Committee). Any such revised Operating Budget so approved by the Operating Committee shall thereafter constitute the Operating Budget for the remainder of the Budgetary Period.
(b) If and to the extent that the Operator determines that changes to an approved Sustaining Capital Budget or Non-Sustaining Capital Budget are required, the Operator shall submit a revised Budget to the Operating Committee for review and approval, including where applicable, the unanimous approval of the Operating Committee for any matter contained in such revised Budget which is a matter (or which was a matter in the original Budget that is the subject of the revision) requiring unanimous approval pursuant to Section 6.7 or 6.
Budget Variances. Significant budget variances should be avoided. All local jurisdictions are required to compare the budget to actual results and make mid year revisions as needed. (Policy adopted May 12, 1993) (Applicable to Recipients)
