Common use of Budgeting and Estimates Clause in Contracts

Budgeting and Estimates. (a) Following reasonable consultation with the Rangers, Licensor shall provide the Rangers with reasonably detailed annual estimates of revenues and expenses by month and Home Game (the “Annual Budget”) related to Game Day Services, VIP Club Services, Suite 200 and any other revenues to be recouped and expenses to be paid by the Rangers under this Agreement (such costs and expenses, collectively, the “Rangers Costs”). The Annual Budget shall be provided at such times as may be reasonably required by the Rangers in accordance with the Rangers’ reasonable budgeting and forecasting processes. Upon receipt of the Annual Budget, the Rangers shall have a period of fifteen (15) days to review each estimate and forecast, and identify any objections it has to the Annual Budget. The Rangers and Licensor will then negotiate for a period of fifteen (15) days regarding any disagreements in respect of the Annual Budget. Subject to Section 9.05(b) below, if the Rangers and Licensor are unable to agree with respect to a particular cost within an Annual Budget within such period, the corresponding line item from the most recent approved Annual Budget will control with respect to such line item until such time, if any, that the Rangers and Licensor agree on such proposed line item; provided, that: (1) if such line item in the Annual Budget did not appear in the corresponding most recent approved Annual Budget, then Licensor shall not be entitled to payment or reimbursement for expenses in such line item and Licensor shall have no obligation to provide such product or service until the proposed line item is approved by the Rangers (not to be unreasonably withheld, conditioned or delayed); and (2) if such line item appeared in the prior Annual Budget, then Licensor shall be entitled to payment or reimbursement in an amount not to exceed the applicable line item of the prior approved Annual Budget multiplied by 104%. The Annual Budget for the 2019-20 Contract Year is attached hereto. (b) [*****]. (c) The Rangers Costs shall be consistent with the costs incurred for Other Arena Events, it being understood that costs will differ based on the nature and need of the events and circumstances outside of the reasonable control of Licensor (e.g., Force Majeure). The amount payable by the Rangers to Licensor for Game Day Services and VIP Club Services shall be determined on a monthly basis in accordance with Section 9.06. The Rangers’ consent shall be required for any deviation from the approved Annual Budget and, without such approval, the Rangers shall not be responsible for any costs or expenses in excess of such line items in the approved Annual Budget.

Budgeting and Estimates. (a) Following reasonable consultation with the RangersKnicks, Licensor shall provide the Rangers Knicks with reasonably detailed annual estimates of revenues and expenses by month and Home Game (the “Annual Budget”) related to Game Day Services, VIP Club Services, Suite 200 and any other revenues to be recouped and expenses to be paid by the Rangers Knicks under this Agreement (such costs and expenses, collectively, the “Rangers Knicks Costs”). The Annual Budget shall be provided at such times as may be reasonably required by the Rangers Knicks in accordance with the RangersKnicks’ reasonable budgeting and forecasting processes. Upon receipt of the Annual Budget, the Rangers Knicks shall have a period of fifteen (15) days to review each estimate and forecast, and identify any objections it has to the Annual Budget. The Rangers Knicks and Licensor will then negotiate for a period of fifteen (15) days regarding any disagreements in respect of the Annual Budget. Subject to Section 9.05(b) below, if the Rangers Knicks and Licensor are unable to agree with respect to a particular cost within an Annual Budget within such period, the corresponding line item from the most recent approved Annual Budget will control with respect to such line item until such time, if any, that the Rangers Knicks and Licensor agree on such proposed line item; provided, that: (1) if such line item in the Annual Budget did not appear in the corresponding most recent approved Annual Budget, then Licensor shall not be entitled to payment or reimbursement for expenses in such line item and Licensor shall have no obligation to provide such product or service until the proposed line item is approved by the Rangers Knicks (not to be unreasonably withheld, conditioned or delayed); and (2) if such line item appeared in the prior Annual Budget, then Licensor shall be entitled to payment or reimbursement in an amount not to exceed the applicable line item of the prior approved Annual Budget multiplied by 104104 %. The Annual Budget for the 2019-20 Contract Year is attached hereto. (b) [*****]. (c) The Rangers Knicks Costs shall be consistent with the costs incurred for Other Arena Events, it being understood that costs will differ based on the nature and need of the events and circumstances outside of the reasonable control of Licensor (e.g., Force Majeure). The amount payable by the Rangers Knicks to Licensor for Game Day Services and VIP Club Services shall be determined on a monthly basis in accordance with Section 9.06. The RangersKnicks’ consent shall be required for any deviation from the approved Annual Budget and, without such approval, the Rangers Knicks shall not be responsible for any costs or expenses in excess of such line items in the approved Annual Budget.

Budgeting and Estimates. (a) Following reasonable consultation with the Rangers, Licensor shall provide the Rangers with reasonably detailed annual estimates of revenues and expenses by month and Home Game (the “Annual Budget”) related to Game Day Services, VIP Club Services, Suite 200 and any other revenues to be recouped and expenses to be paid by the Rangers under this Agreement (such costs and expenses, collectively, the “Rangers Costs”). The Annual Budget shall be provided at such times as may be reasonably required by the Rangers in accordance with the Rangers’ reasonable budgeting and forecasting processes. Upon receipt of the Annual Budget, the Rangers shall have a period of fifteen (15) days to review each estimate and forecast, and identify any objections it has to the Annual Budget. The Rangers and Licensor will then negotiate for a period of fifteen (15) days regarding any disagreements in respect of the Annual Budget. Subject to Section 9.05(b) below, if the Rangers and Licensor are unable to agree with respect to a particular cost within an Annual Budget within such period, the corresponding line item from the most recent approved Annual Budget will control with respect to such line item until such time, if any, that the Rangers and Licensor agree on such proposed line item; provided, that: (1) if such line item in the Annual Budget did not appear in the corresponding most recent approved Annual Budget, then Licensor shall not be entitled to payment or reimbursement for expenses in such line item and Licensor shall have no obligation to provide such product or service until the proposed line item is approved by the Rangers (not to be unreasonably withheld, conditioned or delayed); and (2) if such line item appeared in the prior Annual Budget, then Licensor shall be entitled to payment or reimbursement in an amount not to exceed the applicable line item of the prior approved Annual Budget multiplied by 104%. The Annual Budget for the 2019-20 Contract Year is attached hereto. (b) [*****]. (c) The Rangers Costs shall be consistent with the costs incurred for Other Arena Events, it being understood that costs will differ based on the nature and need of the events and circumstances outside of the reasonable control of Licensor (e.g., Force Majeure). The amount payable by the Rangers to Licensor for Game Day Services and VIP Club Services shall be determined on a monthly basis in accordance with Section 9.06. The Rangers’ consent shall be required for any deviation from the approved Annual Budget and, without such approval, the Rangers shall not be responsible for any costs or expenses in excess of such line items in the approved Annual Budget.

Budgeting and Estimates. (a) Following reasonable consultation with the RangersKnicks, Licensor shall provide the Rangers Knicks with reasonably detailed annual estimates of revenues and expenses by month and Home Game (the “Annual Budget”) related to Game Day Services, VIP Club Services, Suite 200 and any other revenues to be recouped and expenses to be paid by the Rangers Knicks under this Agreement (such costs and expenses, collectively, the “Rangers Knicks Costs”). The Annual Budget shall be provided at such times as may be reasonably required by the Rangers Knicks in accordance with the RangersKnicks’ reasonable budgeting and forecasting processes. Upon receipt of the Annual Budget, the Rangers Knicks shall have a period of fifteen (15) days to review each estimate and forecast, and identify any objections it has to the Annual Budget. The Rangers Knicks and Licensor will then negotiate for a period of fifteen (15) days regarding any disagreements in respect of the Annual Budget. Subject to Section 9.05(b) below, if the Rangers Knicks and Licensor are unable to agree with respect to a particular cost within an Annual Budget within such period, the corresponding line item from the most recent approved Annual Budget will control with respect to such line item until such time, if any, that the Rangers Knicks and Licensor agree on such proposed line item; provided, that: (1) if such line item in the Annual Budget did not appear in the corresponding most recent approved Annual Budget, then Licensor shall not be entitled to payment or reimbursement for expenses in such line item and Licensor shall have no obligation to provide such product or service until the proposed line item is approved by the Rangers Knicks (not to be unreasonably withheld, conditioned or delayed); and (2) if such line item appeared in the prior Annual Budget, then Licensor shall be entitled to payment or reimbursement in an amount not to exceed the applicable line item of the prior approved Annual Budget multiplied by 104104 %. The Annual Budget for the 2019-20 Contract Year is attached hereto. (b) [*****]. (c) The Rangers Knicks Costs shall be consistent with the costs incurred for Other Arena Events, it being understood that costs will differ based on the nature and need of the events and circumstances outside of the reasonable control of Licensor (e.g., Force Majeure). The amount payable by the Rangers Knicks to Licensor for Game Day Services and VIP Club Services shall be determined on a monthly basis in accordance with Section 9.06. The RangersKnicks’ consent shall be required for any deviation from the approved Annual Budget and, without such approval, the Rangers Knicks shall not be responsible for any costs or expenses in excess of such line items in the approved Annual Budget.

Budgeting and Estimates. (a) Following reasonable consultation with the RangersKnicks, Licensor shall provide the Rangers Knicks with reasonably detailed annual estimates of revenues and expenses by month and Home Game (the “Annual Budget”) related to Game Day Services, VIP Club Services, Suite 200 and any other revenues to be recouped and expenses to be paid by the Rangers Knicks under this Agreement (such costs and expenses, collectively, the “Rangers Knicks Costs”). The Annual Budget shall be provided at such times as may be reasonably required by the Rangers Knicks in accordance with the RangersKnicks’ reasonable budgeting and forecasting processes. Upon receipt of the Annual Budget, the Rangers Knicks shall have a period of fifteen (15) days to review each estimate and forecast, and identify any objections it has to the Annual Budget. The Rangers Knicks and Licensor will then negotiate for a period of fifteen (15) days regarding any disagreements in respect of the Annual Budget. Subject to Section 9.05(b) below, if the Rangers Knicks and Licensor are unable to agree with respect to a particular cost within an Annual Budget within such period, the corresponding line item from the most recent approved Annual Budget will control with respect to such line item until such time, if any, that the Rangers Knicks and Licensor agree on such proposed line item; provided, that: (1) if such line item in the Annual Budget did not appear in the corresponding most recent approved Annual Budget, then Licensor shall not be entitled to payment or reimbursement for expenses in such line item and Licensor shall have no obligation to provide such product or service until the proposed line item is approved by the Rangers Knicks (not to be unreasonably withheld, conditioned or delayed); and (2) if such line item appeared in the prior Annual Budget, then Licensor shall be entitled to payment or reimbursement in an amount not to exceed the applicable line item of the prior approved Annual Budget multiplied by 104104 %. The Annual Budget for the 2019-20 Contract Year is attached hereto. (b) [*****]Notwithstanding the foregoing, the Knicks agree that it shall have no approval rights over (i) any collectively bargained labor or employment costs or collectively bargained work rates, (ii) any staff or service that is deemed by Licensor, in its reasonable discretion, as necessary to the safety and/or security of any Knicks Event(s) or (iii) costs of goods for any Product purchased from an unaffiliated third party. (c) The Rangers Knicks Costs shall be consistent with the costs incurred for Other Arena Events, it being understood that costs will differ based on the nature and need of the events and circumstances outside of the reasonable control of Licensor (e.g., Force Majeure). The amount payable by the Rangers Knicks to Licensor for Game Day Services and VIP Club Services shall be determined on a monthly basis in accordance with Section 9.06. The RangersKnicks’ consent shall be required for any deviation from the approved Annual Budget and, without such approval, the Rangers Knicks shall not be responsible for any costs or expenses in excess of such line items in the approved Annual Budget.